The first art auction of this year will take place online on January 21-22, 2022. This will be the inaugural auction of deRivaz & Ives, a new fine art auction house.
The online auction at www.derivaz-ives.com will offer a selection of high quality works of art by the greatest modern masters such as Jamini Roy, NSBendre, SH Raza, FN Souza, MF Husain, VS Gaitonde, JehangitSabavala, Akbar Padamsee, PrabhakarBarwe, Ganesh Pyne, among others. This includes some of these artists’ rarest masterpieces.
Despite last year’s record sales, the Indian art market has barely changed its minor global position over the past twenty years. Even relative to its own share of global GDP (3.2%), the Indian art market is barely 10 cents on the dollar from where it should be. For example, with the global art market at approx. At US$55 billion and the Indian art market at around US$185 million (INR 1400 Crores), one can clearly see India’s minor share and role.
The failure is flagrant compared to the meteoric rise of China since 2000, when China today represents nearly 26% of the world art market. The development of the broader Indian arts infrastructure is all the more crucial in this scenario with a renewed sense of trust and faith in Indian art and artists.
That deRivaz & Ives have lined up three more online auctions in the next 30 days reflects the confidence of a section of art collectors and connoisseurs.
Briefing on the pioneering stage of introducing a new artist resale royalty framework. Neville Tuli, Chief Mentor, deRivaz & Ives, said: “This is a significant milestone for Indian art, ARR ensures that artists or their legal heirs receive financial credit for their work in sales to secondary public auctions, 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, putting laws in place for their creators, this sweeping move sets the tone for the art world, artists and their legal heirs across India who are struggling. to obtain a share of the resale at secondary public auctions; it is long overdue.
He further added that “artists take decades to evolve their craft. A very small proportion of them get the financial respect they deserve during their lifetime. Only their unique sale on the primary market rewards them financially. France, the mother of modern art, instituted its resale royalty system of Resale Royalty over a hundred years ago, although only a few other countries have since followed, such as the United States and the United Kingdom. -United. DeRivaz & Ives’ decision to pay ARR will encourage others and push India towards a fairer and more mature globalized art market”
It will be interesting to observe how other artists like musicians, theater, artists, singers, writers, etc. react to this. Truly, an innovation that will impact many lives.