In Conversation with Manjari Sihare | The Case of Sotheby’s and Frieze 91

Emerging Trends and Shifts in the Contemporary Art Ecosystem

Evolution of South Asian art in the global context

In the past 20 years, the secondary market – the auction house – has organized and matured worldwide, with dedicated sales of the category in New York, London, Delhi and Mumbai. In the last few years, there has been a market boom with many South Asian artists’ work reaching record-breaking, multi-million-dollar prices. For example, in March 2023, Maqbool Fida Husain’s Bulls achieved $2.8 million at Sotheby’s, the world auction record for the artist. In the early-mid 2000s, the South Asian art market experienced a boom as well, which subsequently crashed with the onset of the global economic recession in 2008-9. Today, we are seeing a sustainable development of the market based on a strong foundation of institutional support and responsible investing practices in both modern and contemporary artists. At the forefront of this support has steadfastly been the Kiran Nadar Museum of Art (KNMA) and their partnerships across the world such as with Reina Soa, Madrid, the Barbican, London, Centre Pompidou, Paris and Public Art Fund, New York.

The primary market has also seen massive growth, not just in India but across South Asia and the world. Celebrating the quality and quantity of South Asian art galleries and exhibitions continues to cultivate evolution and growth in the market. Since just 2008, the India Art Fair, Kochi-Muziris Biennale, Dhaka Art Summit, Colombo Art Biennial, Serendipity Arts Festival, Lahore Biennale and Mumbai Art Fair, for example, have launched, contributing to a robust scene.

Rise in independent practices within the art industry

I denitely support a more democratic approach in the art market. Every art lover, collector, curator, artist, gallery, auction house and art institution adds to the maturity of the market, rather than dilutes it. New commercial and non-commercial initiatives innovate and challenge how we think about the category, from art production to curation to critical theory, as well as the market. The entire art ecosystem supports and builds upon each other, and we all benet from an expansive fellowship.

Demand for South Asian art in the collector’s market

The South Asian narrative is more important than ever. By recognizing our shared histories – artistic, political, social, linguistic and geographic – we can bring the region together. The art market contributes to this awareness and unity. Even without a dedicated pavilion to a South Asian country, the presence of the region’s art is stronger than ever at the Venice Biennale 2024. From a major exhibition of Maqbool Fida Husain presented by KNMA to showing Pakistani artists Anwar Jalal Shemza, Zubeida Agha, Sadequain and Salman Toor and Indian artists such as Bhupen Khakhar, Ram Kumar, B. Prabha, Jamini Roy, Amrita Sher-Gil and Monika Correa, representation is expanding on this global summit scale. At the Dhaka Art Summit 2023, KNMA and the Samdani Art Foundation, two of South Asia’s largest private art organizations, collaborated on an exhibition connecting India and Bangladesh, a transnational partnership that serves as an example for the world.

In Sotheby’s most recent modern and contemporary South Asian auction in New York in March 2024, lots by Bangladeshi and Pakistani artists from the collection of his Excellency Jamsheed K. Marker and Diana J. Marker led the sale. Mr. Marker was one of most distinguished diplomats ever, representing Pakistan in the US and across Europe and Asia and Africa, and these artworks traveled to each embassy with him and his family. Mr. Marker embodied the nest of what South Asia has to oer: an Indian-born Pakistani diplomat, amassing a collection of Bangladeshi art and sharing it with the world.

Tips for young collectors

I recommend that young collectors stay updated and engaged in the market by visiting exhibitions, reading about South Asian artists and their journeys and checking out auction house catalogs. Get to know contemporary artists and learn about their practices in real-time.

A digital world

The digital world is an essential part of Sotheby’s auctions. Since COVID-19, clients and auction houses alike have fully adapted to and integrated the digital world, and 94.7% of bidding has been online since March 2020. This shift is also reected in our cataloging which is available on our website and app, as well as a PDF. In addition, the auction website overview pages are one of many ways we highlight lots and the stories behind the collectors and artworks in the sale.

Editorial and video content also has increased viewership. Since March 2024, the video about the Virginia and Ravi Akhoury Collection at the Akhoury home has garnered 401,000 views on Instagram and 3,000 views on YouTube, and counting. Though people are slowly coming back to the galleries and auction room, Sotheby’s digital space is a crucial and more accessible mode to showcase, market and sell modern and contemporary South Asian art.