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  • deRivaz& Ives sells art worth INR 11.86 Crores with first Modern Indian Art Online Auction

    Published on January 24, 2022

    The online auction saw 70% Lots being sold with artworks from legendary artists including Jehangir Sabavala, F.N. Souza and Prabhakar Barwe leading the way.

    Mumbai & New Delhi : The inaugural online auction by deRivaz & Ives, a newly launched Arts Auction House, made a notable online sale of INR 11.86 Crores, with a respectable average Lot Price of INR 56.48 lakhs and a 70% Sale of Lots. A total amount of INR 37.32 lakhs Artist Resale Royalty was collected to be shared with the Artists and/or Legal Heirs from the secondary sales of this public auction.

    DI.01-Jehangir-Sabavala-lot14-1962-Untitled-Oil on canvas-81×136.5cm

    The online auction highlights were artist Jehangir Sabavala’s painting from his ‘Sea, Sails & Sea- gulls’ period which was inspired by the language and syntax of his guru Andre Lhote’s synthetic cubism; F.N. Souza’s painting from his brilliant 1973 Manhattan Series executed within a richly coloured impasto heavy style, and Prabhakar Barwe’s critically acclaimed ‘Elements of Kitchen’ seeking the colourlessness within colour, and an emptiness within space.

    Other important artworks which did well were Gaganendranath Tagore’s pioneering cubist inspired painting; Jamini Roy’s Christ Coming Down from the Cross to the Virgins; Ganesh Pyne’s intricate early tempera on canvas ‘King & Queen’ and four out of five S.H. Raza’s sold well during his Centenary Year (1922-2022).

    When asked how he would rate deRivaz & Ives with the other Auction Houses today, Chief Mentor Neville Tuli, stated with a smile – “It is a small first step. In a five-horse race, we are sixth. But we did not fall, we finished the course, built a new platform from scratch, but for the first time in Indian art we created wealth for artists & their legal heirs from secondary market public sales. That is something important. That is a pioneering move. Others will be forced to follow. Further, we come out again two weeks from now, and then again after two weeks, and again, so we all will judge deRivaz & Ives much better by March end.”

    Table 1: Comparable Average Lot Prices for Auctions between Oct. 2021 and Jan. 2022. Auction House (Month of Auction) – Average Lot Price (INR)

    Astaguru (Dec2021) – 2.39 Crores

    Pundoles (Nov2021) – 96.50 Lakhs

    Saffronart (Dec2021) – 83.99 Lakhs

    deRivaz-Ives (Jan2022) – 56.47 Lakhs (1st auction)

    Artiana (Oct2021) – 35.88 Lakhs

    Astaguru (Nov2021) – 18.12 Lakhs 

    Yet despite the seeming record sales last year, the modern Indian art market has barely shifted its minor global position over the last twenty years. Even relative to its own global GDP (3.2%) share the Indian art market is barely 10 cents on the dollar to the position it should be holding. For example, with the global art market at approx. US$55 billion and the Indian art market at approximately US$185 million (INR 1400 Crores) one can clearly see India’s minor share and role. This needs to fundamentally change now.

    Further, deRivaz& Ives will be introducing major new technical innovations in the reporting and cataloguing of auctions by bringing in a much deeper role for scientific examinations of artworks with technical photography analysis so as to once and for all help root out much of the unaccountable and negligent chitter-chatter on Authenticity of artworks.

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