The buzz is that things are gradually improving, but we still need to wait and watch.

This observation is made by art writer Jhupu Adhikari in The Financial Chronicle column.

The columnist noted: “Buyers have become few and far between and the winter auctions at the end of last year, were rather disappointing. As at previous auctions, Indian art will also be on sale at the summer auctions and the prices as estimated appear to have come down considerably, compared to last year’s estimates. For art collectors this may be the best of times to pick up some really good works, at lower prices. The summer auction season really began on May 24 with Christie’s Hong Kong show, but it is their London show scheduled for June 10 that is being seen as a true reflection of the state of the art scenario.”

Dhoomimal’s recent charity auction on behalf of Rotary’s Polio Eradication Project, might be considered a pointer to sluggish art market in India. Most big names failed to attract the buyers who appeared were buying works to be put up in their homes and essentially for a cause.

Sotheby’s auction had over 80 works by Indian artists. Among the most important works on offer were a set of ink & wash paintings by Nandalal Bose and one by Jogen Chowdhury. Christie’s auction in London had a good selection of works by leading Indian painters including M. F. Husain is up for auction. Part of his Ragmala series fared reasonably well. At Christie’s auction in London, the estimated values of the works appeared to be less than earlier estimates of similar works.

Saffronart also had an online auction. It had a wide variety of works to choose. Estimates of various works appeared to be low including pen & ink works, mixed media and other mediums. Many appeared to be as low as between Rs 30,000 and Rs 1.5 lakh.