Newly launched Art Auction House deRivaz & Ives introduces Artists Resale Royalty (ARR) Framework as a boost and security blanket to Artists
The auction themed ‘Indian Modern Fine Arts’ will showcase some of the rarest masterpieces by the leading modern masters of Indian art
Kolkata, January 19th, 2022: deRivaz & Ives, a newly launched Arts Auction House will be hosting their inaugural and this year’s first Art Auction themed ‘Indian Modern Fine Arts’. The online auction on www.derivaz-ives.com will be open through January 21st & 22nd between 10am to 8pm (IST). To browse published E-catalogue click here, to browse Lots click here and to sign-up please click here.
A top selection of 30 lots of fine art by the leading modern masters such as Jamini Roy, N.S. Bendre, S.H. Raza, F.N. Souza, M.F. Husain, V.S. Gaitonde, Jehangir Sabavala, Akbar Padamsee, Prabhakar Barwe, Ganesh Pyne, among others will be open for online bidding. These comprise some of the rarest masterpieces by these artists, including artworks of S.H. Raza highlighted in his Centenary Year.
Despite the record sales last year, the Indian art market has barely shifted its minor global position over the last twenty years. Even relative to its own global GDP (3.2%) share the Indian art market is barely 10 cents on the dollar to the position it should be holding. For example, with the global art market at approx US$55 billion and the Indian art market at approximately US$185 million (INR 1400 Crores) one can clearly see India’s minor share and role.
The failure is stark when compared to China’s meteoric rise since 2000, as China stands at nearly 26% of the world’s art market today. The development of the larger Indian arts infrastructure is all the more pivotal in this scenario with a renewed sense of confidence and faith in Indian art and artists.
The fact that deRivaz & Ives have lined up three more online auctions in the next 30 days reflects confidence on part of the art collectors and connoisseurs.
Briefing about the pioneering step of introducing a new Artist Resale Royalty Framework Neville Tuli, Chief Mentor, deRivaz & Ives, stated that, “This is an important step for Indian art, ARR ensures that artists or their legal heirs are given a financial credit for their work in secondary public auction sales, 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 setting laws in place for their creators, this radical move sets the tone for the art world, artists and their legal heirs across India who have been struggling to get a share from secondary public auction resale; it is long overdue.”
He further added that, “Artists take decades to evolve their craft. A very small proportion of them achieve their due financial respect when alive. Only their one-off primary market sale financially rewards them. France, the mother of modern art, instituted their droit de suite system of Resale Royalty over one hundred years ago, though only a few other countries have followed her since, such as the USA & UK. DeRivaz & Ives decision to pay ARR will encourage others and push India towards a more just and mature globalising art market.”
It will be interesting to observe how other artists like musicians, theatre artists, singers, writers, etc. are reacting to this. Truly, an innovation that will impact many lives.