Modern Artist Graph

Note: The graphs have been illustrated after tracking auction prices from all domestic and international auctions and secondary market records to give an approx price movement of these artist over the given period. Some analysis are followed by recomendations and forecasts for the artist in question - these are the opinions of the analyst.

S H Raza
Two of Raza’s canvases feature in the top 10 most expensive Indian paintings sold at auction until 2014: Saurashtra and La Terre for Rs.15.9 crores and Rs.18.8 crores. Selling in totals over $8 million in 2013 and Rs.128 crores in 2014, his number of lots unsold reduced by 15% since 2012. Raza has been regaining his momentum in the market since 2011, steadily increasing his number of lots sold by 31% in 2013 securing a higher rank of 240 on global artists’ auction turnovers. His market is gaining increasing buoyancy along with greater average prices. 71 of 79 lots were sold in 2013 while 91 out of 120 lots were sold in 2014.
S H Raza
VS Gaitonde
As reflected in the graph, Gaitonde is currently at his highest level of performance in his sales history in 2013- 2014. In 2013 his turnover totalled at ₹ 70 crores with only 10 lots being sold. The sale of Untitled, 1979 at Christie’s Bombay in December 2013 for Rs.23 crores is the highest value for an Indian painting at auction. These results exponentially increased his turnover since 2012. With less than 30 works coming up for auction in the past 8 years, nonetheless an 80% increase in auction values was observed from 2010 to 2014. Impressively no lots were bought-in in 2013 or 2014. 2014 recorded a lower total revenue of Rs. 30 crores with the selling of just three lots: Painting No.3, 1962 at Sotheby’s New York for Rs. 15.3 crores, Untitled, 1971 at Christie’s New York for Rs. 5.8 crores and Untitled, 1998 at Christie’s Bombay for Rs. 6.6 crores.
VS Gaitonde
M F Husain
His total annual auction turnover increased 39% from 2012-2013 while his annual number of lots sold also increased by 34%. His turnover dropped by over Rs.10 crores in 2014. His bought-in lots had spiked by 72% in 2012 but have now reduced by 3% to an average of 29% of his lots being bought in for 2013. Volume of Husain’s works in the market have increased from 2012-13 along with the average values decreasing. Many collectors have been offering good quality canvasses at auctions which has increased the availability of these good works but at high prices. His highest value achieved in 2013 was Rs.2, 45, 82,600 for his Untitled, 1970 at Christie’s New York and his Untitled (Horses) for Rs.2.3 crores at Christie’s, London.
M F Husain
Tyeb Mehta
Four of Tyeb’s paintings feature in the 10 most expensive Indian paintings sold. Mahisasura being the second most expensive Indian painting sold at Rs.19 crores at Christie’s, Bombay 2013 as well as Untitled (Bull), 2000 for Rs.13 crores making it the seventh most expensive Indian painting. In 2014 his Untitled (Falling Bull), 1999 sold for Rs. 17.8 crores at Christie’s, Mumbai. Figure on Rickshaw and Bulls sold at Christie’s, London in 2011 for Rs.14 crores and Rs.12 crores respectively. Due to the limited supply of works created, with lots selling in single digits per year, Mehta was the only artist who did not see a down turn after the recession until 2010. Although there was a drop in 2007 due to limited supply prices have gone up slowly but from 2005 levels seeing a 140% increase in investment. 6 of his 7 lots were sold in 2013 while 5 out of 6 were sold in 2014.
Tyeb Mehta
F N Souza
Souza’s Birth, 2005 is the 10th most expensive Indian painting, selling at Rs.11.2 crores at Christie’s, London in 2008. Even though his price index from 2013-14 has fallen by 8% in the first half of the year, his annual auction turn-over has increased 71% since 2012 along with a 1% increase in the lots sold and a decrease to 19% of lots being bought-in .As seen in the graph, his performance is steadily increasing, demanding higher average prices for works. Over 130 paper works were sold at auction by Saffronart in September 2013, a copious catalogue one would say, but merely 47 canvasses were offered in total by all auction houses in 2013 and 35 selling in 2014. His total turnover increased two-fold in 2014, recording Rs. 52 crores as compared to 2013. His lowest canvas revenue has been in 2009, recording approximately Rs. 18.4 crores.
F N souza
Ram Kumar
Like other modern masters Ram Kumar hit his peak in 2007 and managed to stay in the positive despite a crumbling economy. However his prices did witness a steady decline from 2008 to 2012. In 2013 however, his prices shot right back up and although it didn’t reach his pre global crises level it manage to bounce back significantly. This sharp increase had a pendulum effect as the prices of the artist fell back down. This however is thought to be temporary and will be picking up again in the coming future.
Manjit Bawa
Manjit Bawa
Bawa known for his vibrant and silkscreen like canvases, has performed poorly since 2012. After taking a significant toll during the onset of the recession with prices falling by 100%, investment in the artist in 2005 would have seen a return over 200% by 2012. A major part of this return has come in 2011 due to a sudden demand in paintings and along with quality works up for auction. Post 2012 Manjit’s market fell by 180%, due to a very limited supply of lots being sold. However, the market price recovered well in the following years and currently stands at 130% higher than 2005 figures. Considering the quality of works and limited supply, Bawa is one to look out for in 2015-2016, with high values commanded by ‘star’ lots.
Manjit Bawa
Sakti Burman
Sakti Burman’s prices have been fluctuating immensely since 2005. 2006 saw a 250% increase in performance but 2007’s oversupply of his works plummeted his prices. He has been trending in the negative since 2009 with some respite to ground 0, a 100% increase in 2013. 2013 also saw a reduction of lots sold by 47% along with bought-in rates decreasing by 55%. 2014 saw a meagre increase in performance with sales at Astaguru and international auction houses. With global interest in the artist expanding, he is a good buy currently, with prices stabilizing, predicted to increase as the market expands. His primary market prices are higher than the secondary market prices and thus better to buy his works at auctions than from a gallery. Based on current auction prices, Burman’s performance could sky-rocket in the near future, making him a strongly recommended buy.
Sakti Burman
KG Subramanian
K.G Subramanyan peaked in 2006 improving his performance by 200% from base year 2005. After this the artist has been performing dismally, reaching its lowest point in 2011, underperforming into the negatives as reflected in the graph. With very few paintings at auction and reduced number of bought-in in 2013, the average prices of his works increased. Although once again in 2014 the price dropped to just 20% above the base year price. However, the artist is predicted to have good returns in the impending future, a revival from his disappointing records.
KG Subramamianh
Badri Narayan
Badri recently has gained momentum in the market, but has a select buyer base. His market hit a high point in 2008 with his water colours selling at record prices. The prices came down as fast as they went up, making a great recovery by 2011, unlike most of his counterparts with average prices at auction increasing by 160%. 2013 saw almost a 100% increase in average prices which was maintained through to 2014. With the number of lots being sold decreasing recently though their demanding prices have increased. With modest prices continuing in 2015, Narayan is a recommended buy.
Badri Narayan
Bikash Bhattacharya
Bikash is regarded as the top realistic artist in Modern Indian art. His paintings have a very limited supply but the high price increase is due to a large Calcutta based art fund which was acquiring paintings between 2006 and 2007. With the closures of art funds in the country in 2008 his prices plummeted, falling to base 0 for 2008 and 2009. There was increasing demand for his smaller works which are acquiring good prices at auction, with his over-all performance increasing 100% from 2012-2013 as seen in the graph. The artist did register a drop in average prices in 2014 however this is thought to be temporary and with limited supply of lots coming to auction, Bhattacharya is one to keep an eye on in the coming years.
Bikash Bhattacharya
J Swaminathan
Swaminathan has had a very unstable progression. With positive and negative fluctuations of 100% seen between 2005 and 2009, he dipped in 2011 to recover by 150% in 2013. Due to the numerous and major fluctuations, investment in the artist have been meagre. With number of lots being bought-in increased in 2012, yet his average prices are ascending as seen in the graph. 2013 depicts a steeper rise in the performance of the artist, making it seem as a good investment. However, in 2014the artist witnessed another dip in prices and based on his past performances one should be wary while buying a Swaminathan.
Swaminathan
Akbar Padamsee
Akbar Padamsee saw his lowest point in 2007 at -40% recovering only 3 years later appreciating 100% by 2011. He saw an equivalent fall yet again in 2012. In 2012 the bought-in rate of lots increased with average prices falling, with only one painting commanding up to Rs. 5crore as reflected in the graph. In 2013, number of lots sold increased by 60% with lots bought-in remaining the same, his performance greatly improved. This continued into 2014 where the average price stood 110% higher compared to 2005. His star lots are commanding high prices which are a good buy, though the quality of other works is subjective.
Akbar Padamsee
Anjolie Ela Menon
Anjolie has experienced minor fluctuations since 2005, performing better than most of her contemporaries. With the artist evolving in styles, her buyer base has increased greatly, known well with collectors. Her medium sized works are achieving higher prices. Though number of works brought to auction is the same in 2012 and 2013, the latter saw her receiving the Lifetime Achievement award by the NCT government as well as a sharp increase in average prices seen in the graph. Although 2014 was poor in terms of the average price the artist did manage to break therecord for the most expensive painting sold by her- ‘Yashodha & Krishna’ auctioned for Rs. 89 lakhs in AstaGuru’s Modern & contemporary Indian art auction, September the 8th 2014.
Anjolie Ela Menon
Prabhakar Barwe
Barwe saw a great decline in the market in 2008, falling 100% and then further in 2011. Number of lots at auction increased in 2011 along with the bought-in rate and decreasing average prices. Number of lots at auction has been the same for 2012-2013 with buy-in rates continually decreasing. The average price fell again in 2014 and have dipped below the 2005price level. For his modest prices and meagre upswing in his market, the artist is still not a viable option with an unstable market. One to stay away from in the near future.
Prabhakar Barwe
Paritosh Sen
Paritosh Sen peaked in 2008 after which he has not been able to recover to his one-time glory. His oscillating performance has greatly reduced confidence of the artist in the market. 2012 saw a rise of his average prices, with the same number of lots sold in the previous year as well as in 2013, with a 50% decrease in his performance and average prices. This trend continued through to 2014 and so it would be advisable to put Sen on the back burner for now until he regains his momentum in the market.
Paritosh Sen
Manu Parekh
Manu Parekh peaked in 2007 increasing his performance by 400% from 2006 and subsequently crashed with the same degree in 2009. He has had a slow recovery over the past four years, increasing only 50%. He is a good buy in 2015 with modest prices, still being one of the most undervalued modern artists. He is highly recommended based on current auction prices and one expects a strong escalation in performances, 2015-2016.
Manu Parekh
Krishen Khanna
K Khanna experienced a huge dip in price levels in 2009, while 2010 saw price levels bounce back and 2011 saw a stronger market. Number of lots at auction greatly reduced in 2012 with an increase in bought-in lots, although prices did not fall as much. In 2013 Khanna’s works have reached a higher per square value as there have been numerous smaller works at sale from 2012-2013. In the following year prices have plummeted and it is expected that Khanna’s performance is likely to plateau in the near the future.
Krishen Khanna
Rameshwar Broota
Rameshwar Broota has not experienced a negative market in the past nine years. He has had a limited supply at auctions, keeping average prices low. Even though he recovered in 2011 he has slumped by 100% in 2013. The prices did recover minutely in 2014 however, demand for the artist has been dwindling, with rare lots commanding high prices which keep his market afloat. For now Broota would not be a good buy.
Rameshwar Broota
Paramjit Singh
Paramjit Singh is one of the weakest Modern artist. His market has been kept alive due to selective galleries, especially in Delhi, with the rest of the country still slow to respond to his works. His landscapes have been demanding higher prices than his surrealistic works with limited lots at auction. His performance has improved since 2011 with 2014 registering a sharp increase of 170%. His future prospects are very bright, gaining mass popularity in the sub-continent due to the decorative nature of his works.
Paramjit Singh
Arpita Singh
Arpita Singh has had vast fluctuations in the market, peaking in 2009 with a record price of Rs. 9.5crore, being the 15th most expensive Indian painting sold. Her per square foot prices have been decreasing for three consecutive years as seen in the graph. Most of her works are sold through selected galleries, limiting supply and bought-in rates at auction have also increased in 2011-2013 with 2012 being highest. 2013 did reflect aslight improvement in price however in 2014 the artist price dropped sharply yet again. With such a volatile market the future holds negative prospects for the artist in 2015-2016.
Arpita Singh
Arup Das
Arup Das is one of the most undervalued senior artists. 2011 saw the artist’s market gain mass support and peaked with a price jump of 100%. There is very limited supply of the artist in the market who attracts Indian buyers due to his Indian mythological works. He slumped in 2012 with bought-in rates doubling and prices falling. 2014 has seen a significant improvement with prices reaching 110% of 2005 figure. However one doesn’t envision the artist’s market stabilizing and expects a negative trend in the near future.
Arup Das
KM Adimoolam
A very popular artist in 2007, Adimoolam has seen an extensive fall since then. His market is very scrupulous and mostly popular in Indian auctions, namely Saffronart. 2011 was the worst year for him as prices were trading negative to 2005 levels, but a 2013 Saffronart auction saw price levels bounce back appreciating 100% in 2 years. However, in 2014 the prices saw a negative growth as prices fell below 2005 figure. With prices still modestly low and a smaller pool of promoters of the artist, it would be a good time to buy. For those looking to sell will have to wait until his prices reach their true value.
KM Adimoolam
G. R. Santosh
G.R Santosh is a renowned artist who has unfortunately seen very few lots being offered at auction since 2007. An artist popular amongst Indians and NRI’s in America, his secondary market has a brief and inconsistent history. With lots only coming to auction by 2013, his market jumped by 100%. 2014 too witnessed an exponential growth as figures hit 250% in comparison to 2006 figures. With an artist known for his spiritual and religiously symbolic works, he is an artist to keep an eye on in the near future.
G. R. Santosh
Jehangir Sabavala
Sabavala’s market has been performing brilliantly in the recent past, recording almost 300% jump in 2014. With demand for his high-quality and rare works continually increasing he has seen a great recovery since 2008-2010 levels. With number of lots being bought-in reducing greatly and average prices for canvases increasing, he is definitely an artist to be in investing in 2015-2016.
Jehangir Sabavala
Satish Gujral
Gujral’s market has seen many fluctuations since its onset in 2005. Peaking in 2007 his market plummeted due to the global market downturn in 2008. His recovery has taken four years, with increasing demand in the sub-continent. Especially popular in auctions by Indian auction houses, his market is continually growing. His average prices have been increasing though the number of lots being offered has decreased in past two years. His market is predicted to remain stable in 2015-2016.
Satish Gujral
Hari Ambadas Gade
One of the six founding members of the Progressive Artists' Group,H. A. Gade’sworks reflect ascientific inclination in their geometrically structured landscapes which arose from his interest in science and mathematics. Unlike many of the other artist H. A. Gade’s price level is a poor reflection on the ability of such an artist. This display is down to the fact that the artist achieved a very high price level in 2005 and has since been unable to reach those levels. However, that did seem to have changed, although temporarily, as the 2013 performance put the price level above the 2005 figure. In 2014 the artist witnessed another slump in prices as the figure dipped back below the 2005 figure. It is important to note that in order to provide a more uniform and realistic price range for any given artist we consider one type of medium in case of H. A. Gade it’s the oil on canvas.
Hari Ambadas Gade
Lalu Prasad Shaw
Lalu Prasad Shaw is well known for is simplistic yet sophisticated artworks. Since 1956 Shaw has exhibited his works widely both in India and abroad and has picked up numerous awards including the National Award in Graphic Art, India in 1971. Demand for his artworks come largely from Indian buyers who contribute around 55% to his total sale revenue. Like many of the modern artist Lalu Prasad Shaw managed to maintain a positive price level during the global recession, albeit a slight drop. The artist saw his price reach an all-time low in 2011 when they dipped 11% below his 2005 price level. However, the artist performed phenomenally in 2013 with his price level crossing 300% compared to his 2005 figures. In 2014 the prices fell down again although unlike 2011 have managed to stay in the positive.
Lalu Prasad Shaw
Thota Vaikutam
More popularly known for his vibrant and elaborately dressed men and women men and women Telangana region, Thota Vaikuntam has a quite a fan following among Indian buyers. They constitute around 82% of his total buyer base. He reached his peak in 2006 when his price level soar over 600% in comparison to his 2005 figures. Although he wasn’t immune to the global crash he like many other modern artist managed to maintain a positive price level throughout the years.
Thota Vaikutam
Jogen Chowdhury
Jogen Chowdhury is one of the prominent artist who’s popular among auction houses and features in most of them. His individualized crosshatch style is popular not just among domestic buyers but also internationally. In fact, 52% of his buyer base are located in United States. Although the artist maintained a positive price level for most of the years, the artist did see his price reach a new low in 2012 when they reached 41% below the 2005 figures. 2013 has seen the artist make a comeback and although 2014prices dipped back into negative, his price level is expected to improve further and reach good level by 2015.
Jogen Chowdhury
Ganesh Pyne
Ganesh Pyne’s works are poplar all-round the globe for its "poetic surrealism", fantasy and darkimagery which are themed around Bengali folklore and mythology. Performance of this artist like many around him peaked in 2006 when his price level crossed 120% mark in comparison to 2005 figure. However, Ganesh Pyne was one among a few modern artists who suffered during the global recession when his priced dipped 40% below the 2005 level. Slowly but steady the artist has made a comeback and his current price level is 50% higher compared to 2005 figure.
Ganesh Pyne