Hurun Report launches the second edition of Hurun India Art List  in Association with Artprice.com

Backed by sales of his works at auction last year of INR 44.39 Crores, London-based Anish Kapoor, 66, tops the Hurun India Art List 2020 for the second year

New Delhi-based painter Rameshwar Broota 79, shot up 9 places to second place with sales of INR 11.89 Crores, followed by modernist painter Krishen Khanna, 95, in third place with INR 6.87 Crores

Mumbai-based artists Atul Dodiya, 61, and Jitish Kallat, 45, broke into the Top 10 for the first time

22% are women artists, led by modernist painter Arpita Singh

Atul Dodiya, Rameshwar Broota and Jitish Kallat saw sales of their works rise fastest

Total sales of the Hurun India Art List came to 108.71 Crores, down 63.4% compared with last year

Total lots sold was 444, down 161, led by Krishen Khanna with 41 lots

SH Raza and Francis Newton Souza, co-founders of the Progressive Artists' Group of Bombay, highest-selling deceased Indian artists with sales of 102.8 Crores and 90.6 Crores last year. Bhupen Khakhar’s ‘Two Men in Benares’ was the highest-selling individual artwork of a deceased Indian artist, selling for 22.39 Crores.

The most popular form of the art in Hurun India Art List 2020 is Painting (with 28 artists), followed by Sculpting (with 6 artists)

·         The works of Anish Kapoor, contemporary sculptor, registered the highest demand in terms of value (INR 44.39 Crores), while Krishen Khanna, modernist painter, registered highest sale of lots (41 lots) in the auction houses during the period under review.

·         Modernist painter Arpita Singh continues to remain the most successful Indian female artist. Singh’s artworks were cumulatively sold at INR 5.09 Crores in the previous year.

·         The youngest in the list is contemporary artist Valay Shende, aged 39 yrs.

·         Contemporary art style is the most favored one amongst other art styles by the artists. Abstract, traditional, surrealism, and modernist art styles also seem to have a growing influence on Indian art.

·         The most popular mode of presenting art is painting, followed by sculpting. Whereas, several artists are seen using more than one mode of expression. For instance, contemporary artist Subodh Gupta uses painting and sculpting both, in order to express his art.

·         17% live outside India.

·         New Delhi continues to remain the art capital of India with 19 of the list, followed by Mumbai with 12.

·         From amongst the artists who have a birthplace in India, Kerala led with 9, followed by Maharashtra and West Bengal, where 8 and 6 artists were born, respectively. 

(28-May-2020, Mumbai and Oxford, UK): The Hurun Research Institute today released the Hurun India Art List 2020, a ranking of the Top 50 Indian artists alive today based on the sales of their works at public auction in the year ending 31 December 2019. Artprice.com, the world’s largest compiler of art statistics, provided the data. This is the second edition of the Hurun India Art List.

Anas Rahman Junaid, Managing Director and Chief Researcher of Hurun Report India said, “Despite India now having more millionaires than ever before, Covid-19, the 2008 financial crisis and demonetization have all slowed down the art market here. I hope the Hurun India Art List, showcasing the most successful artists alive, can encourage India’s entrepreneurs to collect Indian art.”

“India’s art auction market still only represents 0.4% of the global art auction market, behind the USA, China and the UK, which enjoy 35%, 31% and 15% of US$13.3 billion market,” added Junaid.

Rupert Hoogewerf, Chairman and Chief Researcher of Hurun Global, said: “I think Indian art is undervalued, because the most expensive work of Indian art to be sold at public auction were paintings by Francis Newton Souza and VS Gaitonde for only US$4 million each, compared with the US$450 million paid for Leonardo da Vinci’s Salvator Mundi, the US$179 million for Pablo Picasso’s Les Femmes d’Alger (“Version O”) and the US$170 million for Amedeo Modigliani’s sculpture Nu couché. As India becomes richer, with more families with the ability to collect, the value of India art should increase.”

Table 1: The Top 10 in the Hurun India Art List 2020 is shown below

↑ Rank increase yoy ↓ Rank decrease YoY - No Rank change * New to Top 10

Source: Hurun Research Institute in Association with Artprice.com

For the second consecutive time, London-based sculpture Anish Kapoor (66) tops the Hurun India Art List 2020 with sales of his works at public auction of INR 44.39 Crores. Kapoor is known for using granite, marble, limestone and plaster to make geometric structures. Kapoor is the only artist to own the exclusive right to use the ‘blackest black’ pigment in the world developed by Vantablack. Kapoor received a knighthood during the Queen’s Birthday Honours in 2013 for his contribution to visual arts. A total of 39 of his artworks were sold last year.

Rameshwar Broota (79) holds second place, with total sales of INR 11.89 Crores. A New Delhi based artist, Broota’s work revolves around paintings of male bodies. His artwork named ‘Anatomy of that Old Story’ is believed to have fetched the highest value amongst his other artworks that were sold in the previous year. Broota has also been the head of Triveni Kala Sangam, an art and cultural education centre in New Delhi.

With the total sale of INR 6.87 Crores this year, modernist painter Krishen Khanna (95) is the third most accomplished living Indian artist. 41 of his works have been sold in the past year. Amongst his artworks that were under the bid last year, his painting named ‘Drowning Girl’ was the highest achiever. One his renowned works is his contribution to ‘Tash Ke Patte’ (Deck of Cards), an artwork that was made by 100 artists, and it had collectively made US$365mn in 2017. Most of Khanna’s work is figurative. Bordering on the narrative, his work captures moments in history, much as photographs do.

Raqib Shaw (46) comes fourth with his works grossing a turnover of INR 5.42 Crores in a total of 8 lots last year. Kashmir-born Shaw’s highest grossing piece was sold for INR 2.90 Crores and his most revered piece of work is the ‘An ode dissolving silk of dusk’. Shaw combines images of fantasy, sexuality, beauty, and violence to create intricate and labor-intensive paintings and drawings. He is currently based in the UK.

At the fifth place, Arpita Singh (83), is the highest-ranked female Indian artist. Singh’s works have been sold for a total of INR 5.09 Crores in 9 lots. A figurative artist and a modernist, Arpita Singh is known for using traditional Indian art forms and aesthetics. Her highest grossing piece was worth INR 2.05 Crores. Some of her most well-known paintings are ‘Child Bride with Swan’ and ‘Girl Smoking Cigarette’, showing her inclination to create women-centric works.

With 22 works gone under the hammer, Sakti Burman (85) is the sixth most successful artist with his work cumulatively fetching INR 3.69 Crores. His artwork installation named ‘Vehicle for the Seven Seas’ was the one that received highest pricing last year. The Paris-based artist, who is both a sculptor and a painter, conducted his first solo exhibition in 1954 in Kolkata and has since exhibited widely across the world. Burman’s paintings often evoke a surrealist feel, referencing multiplicities of time and place. His art draws extensively from Hindu and European mythology.

New Delhi-based contemporary painter and sculptor Subodh Gupta (56) takes the seventh place in the Hurun India Art List 2020. 8 of his works sold through auction fetched a cumulative successful bids worth INR 3.62 Crores. His art incorporates around every day Indian household objects themed to celebrate the lifestyle middle-class India. Gupta’s most famous work is the ‘Line of Control’.

Mumbai-born contemporary artist Atul Dodiya (61), ranks eighth in the Hurun India Art List 2020. During the period covered under the Art List, Atul has sold his artworks for INR 3.19 Crores. Out of those, his artwork named ‘Honeycomb’ was sold at INR 0.99 Crores. In May 2019, Atul received the honor of representing India at the 58th International Art Exhibition of La Biennale di Venezia, popularly known as Venice Biennale, held in Venice, Italy.

Accomplished painter and sketcher, Thota Vaikuntam (78) holds the ninth place in the Hurun India Art List, 2020. Vaikuntam, whose 33 works have grossed more than INR 2.72 Crores last year, is a recipient of several national and state level awards from the Govt. of India. Hailing from rural Andhra Pradesh, people of his village - women, in particular, are central characters of his paintings.

Jitish Kallat (45) is one of the young contemporary artists from the Hurun India Art List, 2020. He holds the tenth position in the Art List, the total realized value of his art being INR 2.57 Crores. From amongst his total eight artworks that were sold during the period covered under the research, the highest value realized was INR 0.71 Crores. His artworks include several art forms ranging from painting, photography, sculptural installations, and so on. They are known to represent the present as well as historical time frames.

Table 2: Top 5 gainers in the Hurun India Art List 2020

Source: Hurun Research Institute in Association with Artprice.com

The above table sheds light on the artists that have gained the maximum with respect to sale value of their artworks. Contemporary artist Atul Dodiya is the highest gainer, with a whooping 440% increase in his sale value of artworks. It is worth noticing, that Dodiya, along with Jitish Kallat, yet another contemporary artist, has also made it to the list of top 10 artists this year (refer Table 1), in the Hurun India Art List.

Geographic distribution of Auction Sales of Indian Artists

Only 27% of the total artwork (28.89 Crores) was sold at public auction in India.  The highest value was sold at London-based auction houses, followed by the US and HK.

Graph 3: Geographic distribution of Auction Houses by Country of Hurun India Art List

Source: Hurun Research Institute in Association with Artprice.com

Table 4: Hurun India Art List 2020 – India and China Comparison

It is interesting to compare the key statistics based on the respective art lists of two of the most dynamic and fastest growing economies the world. Some key data below:

Source: Hurun Research Institute in Association with Artprice.com; Hurun China Art List 2020

Contemporary artist Anish Kapoor claims the top spot in terms of best result or best value realized for an artwork sold during the year. Interestingly, the artists whose works created highest turnovers are also those with some of the best results.

Table 5: Hurun India Art List 2020 – Most Expensive Individual Work

Source: Hurun Research Institute in Association with Artprice.com

Of the total 444 works of art sold, the lots sold by top 5 artists comprise 37% of the total art lots sold.

Where they live

While Kerala is the origin of the majority of the artists from the list, New Delhi is undeniably the most preferred city to pursue their careers. Following is Maharashtra, where Mumbai is the abode to all the individuals in the list from the state. Outside of India, most of the artists on Hurun India Art List 2020 chose

France and London as their place of residence. Europe is the most preferred continent to settle for most of the Indian artists from the list.

Table 6: Residence of Hurun India Art List 2020

Source: Hurun Research Institute in Association with Artprice.com

Table 7: Place of Origin in Hurun India Art List 2020

Source: Hurun Research Institute in Association with Artprice.com

Women in the list

Some notable female artists made their way into the Hurun India Art List, 2020, and have found fame for their creative works both in India and abroad. The list features 11 female artists whose works have grossed some of the highest sales figures at auctions around the world.

Table 8: Hurun India Art List 2020 – Women Artists

Source: Hurun Research Institute in Association with Artprice.com

Art Forms

As per Hurun India Art List, Contemporary painters dominate the Indian art space this year as well. When it comes to the form of art, more than 50% of the artists in Hurun India Art List 2020 prefer painting. Rameshwar Broota, Krishen Khanna, and Raqib Shaw are some of the top painters as per this year sales made at public auctions. 30% have chosen multiple modes of expression which include painting, etching, sketching, sculpting, murals and installations.

Table 9: Hurun India Art List 2020 – Mode of expressing Art

Source: Hurun Research Institute in Association with Artprice.com

When it comes to the style of art, contemporary dominates the list with 54% artists from Hurun India Art List 2020 using the art style. Contemporary art refers to art influenced by the happenings of the present day. Contemporary artists often reflect and comment on modern-day society. Viewers, instead of looking for the aesthetics, look for realistic depiction of the society. Anish Kapoor, Subodh Gupta, and Atul Dodiya are some of the leading contemporary artists on our list.

Modernist art is the art lying in a time-frame between the 1860s and 1970s which seeks a new alignment between the experiences and values of modern industrial life. Modernists in our list are Krishen Khanna and Arpita Singh.

Surrealism is the artistic and literary movement from the 1920s which sought to liberate thought, language, and human experience from oppressive boundaries of rationalism. The artists illustrate the unconscious characterized by bizarre, dream-like imagery and colour choices or techniques. Some top artists in our list depicting this art style are Rameshwar Broota, Raqib Shaw and Sakti Burman.

Abstract form of art is that which moves away from visual references and does not attempt to give an accurate depiction of reality. The artists simplify and schematize the objects in their works. Abstract art is often seen as carrying a moral dimension; In that it can be seen to stand for virtues such as order, purity, simplicity, and spirituality. Himmat Shah, Paresh Maity and Shobba Broota are some of the well-known abstract artists in our list.

Indian folk and classical art is, as the name suggests, a form that depicts Indian people, particularly rural, in their daily lives. Thota Vaikuntam and A Ramachandran are the top two artists in the lists representing this style.

There is another category of art style that can be seen in the list, which is a mixture of Indian Traditional and Contemporary art. Jagannath Panda and Rina Banerjee are the two artists from the list whose art depicts this particular style.

Interesting Facts

·         The partition of the Indian sub-continent has had several lasting effects on the masses. One of the witnesses of this period is Krishen Khanna. Khanna, who was born in Pakistan during the pre-independence period, reflected this chaos in some of his early paintings.

·         Goa-born Francis Souza’s artwork named Birth is the most expensive Indian painting that has been sold till date. It was auctioned in Sept 2015, when it fetched INR 26 Crores on sale.

·         Kapoor’s artwork named Orbit is the tallest art sculpture in the UK, with a height of 115 meters. This was an artwork created by him for the 2012 London Olympic Games.

Government honors

Numerous artists in the list have been bestowed with honors and awards at state, central and international levels for their contribution to the art and admirable dedication and passion to their profession. In the Hurun India Art List 2020, we see 10 artists who have received one of the two highest civilian honors in India: Padma Shri and/or Padma Bhushan, and/or Padma Vibhushan. It is notable that 3 artists from the list are recipients of both Padma Shri and Padma Bhushan.

Table 10: Civilian Honors

Source: Hurun Research Institute in Association with Artprice.com

Artists who have passed away

Hurun Report Chairman and Chief Researcher Rupert Hoogewerf said: “The fact that exactly half of the Top 50 best-selling Indian artists are alive today is a global phenomenon.  Despite so many great Indian artists throughout the ages, of the Top 50 that sold best at public auction in the last year, half are alive today shows that this generation of Indian artists is truly special.”

Anish Kapoor ranks 13^th in the list of the Top 50  

Table 11: Top 25 India Artists Who Have Passed Away

Below mentioned are the artwork sale details of artists who have passed away.

Source: Hurun Research Institute in Association with Artprice.com

Table 12: Hurun India Art List 2020

↑ Rank increase yoy ↓ Rank decrease YoY - No Rank change * New to Top 50

Source: Hurun Research Institute in Association with Artprice.com

Methodology

The Hurun India Art List 2020 has been researched and compiled by the Hurun Research Institute with all data drawn from Artprice.com. The list relates to artists who were born in India or who have made India their place of work.

Hurun Report and Artprice.com have estimated the realized gross amount from sales of the top 50 Indian artists over the past year. Artprice.com has collected data from some top auction-houses and agencies in the industry. The artists have sold their works all over the world in different periods, which may make it easy to miss out on some auctions and even some artists. Nevertheless, Hurun Report’s team of researchers have ensured a thorough and multiple cross-checking of information to reach the most accurate values of sales with an objective to identify the most influencing stars in the art space.

For the purpose of curating the Art List, Hurun Report has worked closely with Artprice.com, one of the world’s foremost online art price databases. Artprice.com is a French website created by Thierry Ehrmann which aims to give “unique access to Fine Art information” and is a marketplace for art enthusiasts to buy and sell artworks. Artprice has displayed works of over 700,000 artists and has a vast collection of close to 126 million artworks, some of which date back to the 1700s.

Copyright of this report belongs to Hurun Report India. Any third party brands, names or trademarks contained in the report belong to the relevant third parties.

About Hurun

Hurun Report is a leading media and events group established in London in 1999 with a strong presence in China and India. It is widely recognized world-over for its research and lists, and its comprehensive evaluation of the wealthiest individuals across the globe. Hurun Report is the largest compiler of rich lists globally.

Hurun Report Inc. has three divisions: Hurun Events and Media; Hurun Research Institute; and Hurun Investments, with a portfolio ranging from media to education.

Investment

Hurun Investments has a portfolio of 20 companies with a market value of US$50 million, with investments into tech, media, design, education as well as a vintage car race and a tailor.

About Hurun Report India

“Passionate About Indian Entrepreneurship”

Hurun Report India commenced operations in 2012 and has been bringing to light stories of successful and emerging Indian entrepreneurs ever since, felicitating them at a bouquet of Hurun events hosted pan-India.

Hurun Report India serves as India’s definitive voice celebrating wealth creation, innovation and growth. This year, Hurun further expanded its repertoire by releasing the Hurun Global Rich List 2020, a ranking of the 2,817 US dollar billionaires, so-called ‘Nine-Zero Club’, currently in the world and the seventh India Rich List which ranks the 953 richest individuals in India, allowing for comparisons between some of the most dynamic economies in the world. The purpose of this list is to try and tell the story of modern India through the eyes of an entrepreneur.  For the full details, please refer to on www.hurunindia.net

About Artprice.com by Artmarket.com

ArtMarket.com is listed on the Euronext Paris SRD L.O. (Euroclear: 7478 - Bloomberg: PRC - Reuters: ARTF)

Artprice.com by ArtMarket.com is the global leader in art price and art index databanks. It has over 30 million indices and auction results covering more than 728,000 artists around the world. Artprice Images® gives unlimited access to the largest Art Market resource in the world: a library of 126 million images or prints of artworks from the year 1700 to the present day, along with comments by Artprice’s art historians.

Artprice.com permanently enriches its databanks with information from 6,300 auctioneers and publishes a constant flow of art market trends for the world’s principal news agencies and approximately 7,200 international press publications, as well weekly articles published online in the ArtMarketInsight section, to keep its users updated on what’s trending on the art market.  For its 4,500,000 members (members log in), Artprice gives access to ads posted by members. This space represents the world’s leading Standardised Marketplace® for buying and selling art. These sales take place under two systems: either fixed price sales or auction-sales (regulated by paragraphs 2 and 3 of Article L 321.3 of theFrench Code of Commerce).

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