People have undergone huge shifts in all aspects of their lives over the past two years. The world and its economy are still reeling in the after-effects of the pandemic. The auction market, however, has valiantly stood its ground and continued to stride Forward in the current year.
“The key support levels from the wider community of collectors have been critically important in helping the market endure a less severe contraction. The number of collectors has risen significantly owing to the progressive trajectory of the market. It has also fostered a secured environment for collectors to explore different avenues. Such insights contribute greatly to the overall business strategy of the industry as a whole. As such, we have been expanding our operations and hosting auctions across various segments such as vintage jewellery and silver, timepieces, rare books, vintage and classic cars, memorabilia and collectables,” said Siddhanth Shetty, vice president, business strategy and operations, AstaGuru.
Shetty indicates two indicators of healthy market growth which are:
a) Inevitable expansion in auction categories and an increment in the number of lots presented in an auction.
b) Increase in the number of auctions conducted every year.
“Contemporary art is another avidly sought-after segment among buyers. The standalone auction that we hosted this year in this category was our largest contemporary offering to date, featuring 120 lots. This was followed by our biggest Collectors Choice Auction in November this year. As opposed to an average of 100 lots which we generally feature in this auction format, our November edition featured 160 lots,” he said.
“This surge in the number of lots is mainly attributed to the rising interest in modernist works among Collectors,” said Shetty and added, “We end the year with Modern Indian Art main-sale, slated for December 27-28 featuring works by Indian Modern masters such as Jehangir Sabavala, Tyeb Mehta and Rameshwar Broota to name a few. A substantial number of the presented lots will be making their auction debut this month.” Over the years, the auction market has consolidated and strengthened its positioning among buyers from around the world. The community of patrons and collectors continue to be on the rise with an increased awareness of the domain.
The continual upward progression of the market coupled with a positive buying sentiment has resulted in a strong footing for collectors and auctioneers alike. According to Shetty, it is highly plausible that 2022 will follow suit with bidders keen to acquire artworks with continued fervour and enthusiasm.
This month, a substantial portion of the lots presented will make their auction debut. The auction market’s position among international buyers has been strengthened over the years.
With increased knowledge of the auction market, the community of collectors and patrons continues to grow. Both auctioneers and collectors have enjoyed a solid footing due to the steady upward trend of the market.