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The inner workings of the business of art in India

By Kriti Saraswat-Satpathy
17 June, 2022

A primer on understanding the nuts and bolts of the Indian art world through its various stakeholders, from galleries to auction houses

While most art is subjective, it does require a keen eye and an unmatched passion, whether you are an artist, curator, gallery or an auction house. Most people who get into the business of art are in it for the creative aspect rather than the monetary benefits. Yet, in India, the last two decades have seen the emergence of newer art galleries, more exhibitions, a younger crop of artists and record-breaking auction sales. The COVID-19 pandemic may have put a momentary pause but the art scene in the country has bounced back with rising interest among new patrons to invest in art and understand its workings. We uncover the anatomy of the art world with the help of prominent stakeholders from within the industry.

The creative aspect

When an artist sets out to work, it can be purely for their own creative release as opposed to for an exhibition. The time taken to finish an artwork, too, is not always determined at the outset. “The creative process in itself is a journey which is infinite and indefinite. Even unconsciously, an artist’s creative mind is always active. The artwork is the result of this constant, ever-evolving creative process. Once the artist is convinced that the thoughts they wanted to articulate through the work have been achieved, the artwork is considered complete and can be showcased,” explains Puja Mondal, a visual artist who has showcased her work at several exhibitions.

Tyeb Mehta, Figure With Bird (1987)  auctioned at Rs. 24,27,24,824. Image: AstaGuru

S H Raza, Congo, (1965). Image: Saffronart

Many artists are represented by private galleries who want to own works from their oeuvre and showcase them at their exhibitions—either as a solo show, or as part of a group show with different artists. There are also instances where a gallery or curator putting together an exhibition commissions artists to work on a specific theme, allowing them to interpret it and express it through art. This, however, becomes a time-bound process.

How art galleries function

Galleries are perhaps the best places to discover artists, appreciate their work and meet like-minded people from the art world. While physical spaces remained shut during the many lockdowns since March 2020, the art world pivoted quickly by taking a digital approach through online viewing rooms and organising virtual art sales to raise funds, thus providing hope during bleak times. With the recent reopening of spaces, most galleries are back to curating exhibitions and workshops, and on-ground art fairs have restarted too. There’s also been a resurgence in the art world with new galleries opening across different cities.

So how does an art gallery run? In India, most of the galleries do not charge an entry fee to view their exhibitions, giving art enthusiasts enough incentive to go gallery-hopping as soon as new exhibitions open. “Most galleries sign contracts with artists to represent them over a period of time which works well for both parties. It becomes more of a symbiotic relationship where the gallery bears the cost of the show—including marketing, PR, opening night, production costs, handling sales, and so on, and the artist is free to work and showcase their creativity without bothering about these aspects. The gallery, in turn, takes a commission when the artwork gets sold,” reveals Samira Sheth, an independent art curator.

Puja Mondal, Oasis of calm during conflict (2022)

It is a balancing act as one cannot have too many overheads when running a gallery. While it is purely out of the love for art, the finances also need to be in check to keep the show going on. When asked about the monetary aspect of keeping a gallery functioning, Peter Nagy, director of Nature Morte gallery in New Delhi says, “Our costs are not that high; most of the money is used for renting the space, shipping of the works to the gallery and for staff salaries. We do not have to buy the works we show as they remain the property of the artist until they are sold. We also sell artworks from previous exhibitions that we keep in stock after a show ends.”

The role of a curator

So how do galleries decide on an exhibition? “Each gallery has a distinct programme and a stable of artists they represent. Our programming is a mix of modern and contemporary art,” says Shreemoyee Moitra, gallery manager at Akara Art, Mumbai. This helps them pivot in the right direction and fill their calendar with shows that aptly represent their gallery. A curator can help execute the exhibition by putting the show together for a gallery. “The role of a curator is an important and demanding one. We often depend on their trained eye and critical thinking to discover fresh talent, to bring out important, unique works, or to highlight certain fascinating nuances of the artist's practice which otherwise might get overlooked,” adds Moitra. “A gallery can choose to hire a curator on a long-term basis to curate its art programme, or pay them a curatorial fee for each show they work on. At times, a part of the sales commission from the artworks sold is also shared with the curator,” informs Sheth.

All about auction houses

When it comes to acquiring or selling art, galleries aren’t the only place to look at. There are auction houses that solely work on bridging the gap between prospective buyers and consignors. They conduct auctions several times a year where patrons can place their bids on different artworks after a verification and registration process. In December 2021, AstaGuru, an online auction house, received its highest bid for an artwork by Tyeb Mehta, that was auctioned for a little over ₹24 crore.

"WE OFTEN DEPEND ON THEIR TRAINED EYE AND CRITICAL THINKING TO DISCOVER FRESH TALENT, TO BRING OUT IMPORTANT, UNIQUE WORKS, OR TO HIGHLIGHT CERTAIN FASCINATING NUANCES OF THE ARTIST'S PRACTICE WHICH OTHERWISE MIGHT GET OVERLOOKED"
Shreemoyee Moitra

So how do auction houses acquire such rare pieces of work? “A lot of groundwork goes into acquiring works to be showcased at an auction. Apart from engaging with collectors and the estates of late artists, thorough research into the oeuvres of artists is also conducted. It is also common for artworks to reappear at auctions as they are acquired by seasoned collectors who keep changing and rotating their own collections. So collectors often buy as well as re-consign the artworks previously bought,” shares Sunny Chandiramani, vice-president of client relations at AstaGuru.


While the bids placed during an auction are at the discretion of the participating bidders, each artwork has an estimated price which is mentioned along with the rest of the details. But how is this value determined? Rhea Kuruvilla, digital marketing manager at Saffronart explains, “A number of factors come into play when determining the value of each artwork. This includes the history of the piece, its significance within the artist’s oeuvre, its standing in the art world, as well as the piece’s unique provenance. Additional factors that play a role in determining its value include who the artist is, the series it might be a part of, its size, medium and the year or period in which it was created.”

These days, art has become more accessible and democratic through artists receiving exposure on social media, and galleries all over the world showcasing exhibitions virtually. This has created younger and more collectors in the market, giving a boost to both sales as well as creativity.

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