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India's 1st online art auction opens for bidding

DeRivaz & Ives, a newly launched Arts Auction House will be hosting their inaugural and this year’s first art auction which is themed ‘I...

DeRivaz & Ives, a newly launched Arts Auction House will be hosting their inaugural and this year’s first art auction which is themed ‘Indian Modern Fine Arts’. The online auction on will be open through January 21 and 22 between 10am to 8pm.

A top selection of 30 lots of fine art by the leading modern masters such as Jamini Roy, N.S. Bendre, S.H. Raza, F.N. Souza, M.F. Husain, V.S. Gaitonde, Jehangir Sabavala, Akbar Padamsee, Prabhakar Barwe, Ganesh Pyne, among others will be open for online bidding. These comprise some of the rarest masterpieces by these artists, including artworks of S.H. Raza highlighted in his Centenary Year.

Despite the record sales last year, the 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 (Rs 1400 crores) one can clearly see India’s minor share and role.

The failure is stark when compared to China’s meteoric rise since 2000, as China stands at nearly 26% of the world’s art market today. The development of the larger Indian arts infrastructure is all the more pivotal in this scenario with a renewed sense of confidence and faith in Indian art and artists.

The fact that deRivaz & Ives have lined up three more online auctions in the next 30 days reflects confidence on part of the art collectors and connoisseurs.

Briefing about the pioneering step of introducing a new Artist Resale Royalty Framework Neville Tuli, Chief Mentor, deRivaz & Ives, stated that “This is an important step for Indian art, ARR ensures that artists or their legal heirs are given a financial credit for their work in secondary public auction sales, ranging from 4% to 2% depending on the value of the secondary sale. The right to payment will last for the copyright period following the death of the creator/artist. With several industries including the music industry setting laws in place for their creators, this radical move sets the tone for the art world, artists and their legal heirs across India who have been struggling to get a share from secondary public auction resale; it is long overdue.”

He further added, “Artists take decades to evolve their craft. A very small proportion of them achieves their due financial respect when alive. Only their one-off primary market sale financially rewards them. France, the mother of modern art, instituted their droit de suite system of Resale Royalty over one hundred years ago, though only a few other countries have followed her since, such as the USA & UK. DeRivaz & Ives decision to pay ARR will encourage others and push India towards a more just and mature globalising art market.”

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