Hurun Report launches the Hurun India Art List 2021

Backed by sales of his works at auction last year of INR 20.64 Crores, London-based Anish Kapoor, 67, tops the Hurun India Art List 2021 for the third year

A work by Kolkata-based figurative artist Arpita Singh, 83, sold for INR 5.28 Cr, the most expensive work in the last year by a living Indian artist

New Delhi-based painter Krishen Khanna, 96, shot up to the second place with sales of INR 9.00 Crores, followed by modernist painter Rameshwar Broota, 80, in third place with INR 8.79 Crores

 Jogen Chowdhury, 82, Anjolie Ela Menon, 81, and Nalini Malani, 75, broke into the Top 10

18% are women artists, led by modernist painter Arpita Singh

Paresh Maity, Laxma Goud and Arpita Singh saw sales of their works rise fastest

Total sales of the Hurun India Art List came to 81.28 Crores, down 25% compared with last year However, total lots sold was 470, up 26, led by Sakti Burman with 120 lots

Painting was the most popular form of the art sold by artists on the Hurun India Art List 2021 with 33 artists, followed by Sculpting, with 4 artists

·       The works of Anish Kapoor, a contemporary sculptor, registered the highest demand in terms of value (INR 20.64 Crores).

·       Modernist painter Arpita Singh remains the most successful living Indian female artist. Singh’s artworks sold for INR 7.62 Crores.

·       The youngest in the list is abstract painter Siddharth Parasnis, aged 44 yrs.

·       With 33 entrants, painting dominates the list, followed by artists with multiple styles, from which there were 12 entrants. Sculpting contributed 4 artists to the Hurun India Art List 2021.

·       Sakti Burman, registered the highest sale of lots (120 lots) in the auction houses during the period under review.

·       18% live outside India.

·       With 16 from the list, New Delhi continues to remain the art capital of India, followed by Mumbai with 10.

·       With 10 entrants born in West Bengal, the state contributed the most number of artists in the list, followed by Kerala and Maharashtra, where 8 and 7 artists were born, respectively.

(12-August-2021, Mumbai and Oxford, UK): The Hurun Research Institute today released the Hurun India Art List 2021, a ranking of the Top 50 Indian artists alive today based on the sales of their works at public auction in the year ending 31 December 2020. This is the third edition of the Hurun India Art List, with data from ArtPrice.com

Anas Rahman Junaid, Managing Director and Chief Researcher of Hurun Report India said, “Price of Indian art is not representative of India’s rich cultural heritage that span over 1000s of years. This status quo presents a lucrative opportunity to collect the works of India’s Most Successful Artists. Cash-outs from the flurry of IPOs, startups exits, and exponentially expanding Hurun India Rich List, indicate that India is witnessing the fastest wealth creation in its history. I hope the data from Hurun India Art List encourages Indian entrepreneurs/ wealth creators to collect more Indian art.”

Table 1: The Top 10 in the Hurun India Art List 2021 is shown below

↑ Rank increase yoy ↓ Rank decrease YoY - No Rank change * New to top 10 List Source: Hurun Research Institute, Artprice.com

For the third consecutive time, London-based sculpture Anish Kapoor (67) tops the Hurun India Art List 2021 with sales of his works at a public auction of INR 20.64 Crores. Kapoor is known for using granite, marble, limestone and plaster to make geometric structures. A total of 65 of his artworks were sold last year. Anish Kapoor Foundation is converting the 18^th century Palazzo Manfrin into a gallery, artist studio, and archival deposit.

With the total sale of INR 9.00 Crores, the banker turned modernist painter Krishen Khanna (96) rises to the second spot in Hurun India Art List 2021. 36 of his works have been sold in 2020. Amongst his artworks that were under the bid last year, his untitled painting was the highest achiever. Khanna was to hold an exhibition at London’s Grosvenor Gallery in Mayfair in May, “thanks” to Covid, he is now holding a virtual exhibition sitting in his Gurugram home, where viewers can even see him paint.

Rameshwar Broota (80) slips to third place, with total sales of his works registering INR 8.79 Crores. A New Delhi based artist, Broota’s work revolves around paintings of male bodies. His artwork named ‘Silent Structures’ fetched the highest value amongst his other artworks that were sold in the previous year. During an interview with Hurun India, Broota said “If the publicity is happening by itself, like your Hurun India Art List where you have ranked me, it feels good that I am going ahead, people like my work and acknowledge it.”

In fourth place, Arpita Singh (84), is the highest-ranked female Indian artist. Singh’s works have been sold for a total of INR 7.62 Crores in 9 lots. A figurative artist and a modernist, Arpita Singh is known for using traditional Indian art forms and aesthetics. Her highest-grossing piece was worth INR 5.28 Crores. In addition to becoming the no.1 woman on the Hurun India Art List 2021, Singh also is the overall topper on the list based on the value of a single work sold.

Gujarat-born Figurative artist Jogen Chowdhury (82), ranks fifth in the Hurun India Art List 2021. During the period covered under the Art List, Jogen has sold his artworks for INR 6.09 Crores. Out of those, his artwork named ‘Couple Ii’ was sold at INR 2.00 Crores.

With 120 works gone under the hammer, cumulatively valued at INR4.34 Crores, Sakti Burman (86) ranks sixth on the 2021 list. His artwork installation named ‘In the Balcony` was the one that received the highest pricing last year. The Paris-based artist, who is both a sculptor and a painter, conducted his first solo exhibition in 1954 in Kolkata and has since exhibited widely across the world. Burman’s paintings often evoke a surrealist feel, referencing multiplicities of time and place. His art draws extensively from Hindu and European mythology.

New Delhi-based contemporary painter and sculptor Subodh Gupta (57) takes seventh place in the Hurun India Art List 2021. 11 of his works sold through auction fetched cumulative successful bids worth INR 2.66 Crores. His art incorporates everyday Indian household objects themed to celebrate the lifestyle of middle-class India. Gupta’s most famous work is the ‘Line of Control’.

An accomplished painter, Anjolie Ela Menon (81) holds eighth place in the Hurun India Art List, 2021. Menon, whose 13 works have grossed more than INR 2.28 Crores last year, is a recipient of Padma Shree from the Govt. of India in 2000.

Nalini Malani (75) is the third female artist in featured in the top 10 of Hurun India Art List, 2021. He holds the ninth position in the Art List, the total realized value of her art being INR 2.16 Crores. From amongst his total nine artworks that were sold during the period covered under the research, the highest value realized was INR 0.65 Crores.

Raqib Shaw (47) comes tenth with his works grossing a turnover of INR 1.99 Crores in a total of 5 lots last year. Kashmir-born Shaw’s highest grossing piece was sold for INR 1.28 Crores and his most revered piece of work is the ‘Fall of the Jade Kingdom II - Paradise Lost II’. Shaw combines images of fantasy, sexuality, beauty, and violence to create intricate and labor-intensive paintings and drawings. He is currently based in the UK.

Table 2: Top 5 gainers in the Hurun India Art List 2021

Source: Hurun Research Institute, Artprice.com

The above table sheds light on the artists that have gained the maximum sale value for their artworks. Figurative artist Paresh Maity’s works have cumulatively gained the most, with a 122% increase in the sale value of artworks.

Geographic distribution of Auction Sales of Indian Artists

37% or INR 30.47 Crores of the total artwork from artists on this year’s Hurun India Art List was sold in India, followed by the USA (29%) and UK (13%).

“Sale in the Indian auction houses for the top 50 artists went up by 10% this year- this is a welcome sign. The ideal scenario would be at least 50% of Indian art auction happening through Indian auction houses, with participation from both Indian and international collectors”, said Anas Rahman Junaid, MD and Chief Researcher, Hurun India.

Graph 3: Geographic distribution of Auction Houses by Country of Hurun India Art List

Source: Hurun Research Institute, Artprice.com

India and China Comparison

It is interesting to compare the key statistics based on the respective art lists of two of the most dynamic and fastest-growing economies in the world.  

“Chinese art prices are light years ahead, as of now. The exponential wealth creation in the India that could drive art collection could help Indian art price catch up with Chinese prices. I hope the Hurun India Art List encourages Indian entrepreneurs to collect more Indian art”, said Anas Rahman Junaid, MD and Chief Researcher, Hurun India.

Table 4: Hurun India Art List 2021 – India and China Comparison

Source: Hurun Research Institute, Artprice.com; Hurun China Art List 2021

Most Expensive Individual Works

Arpita Singh claims the top spot in terms of best result or best value realized for an artwork sold during the year. Interestingly, the artists whose works created the highest turnovers are also those with some of the best results.

 Table 5: Hurun India Art List 2021 – Top 10 Most Expensive Individual Works

Source: Hurun Research Institute, Artprice.com

Of the total 470 works of art sold, the lots sold by the top 10 artists comprise 63% of the total art lots sold.

Where they live

While West Bengal is the origin of the majority of the artists from the list, New Delhi is the most preferred city to pursue their careers. Following is Maharashtra, where Mumbai is the abode to all the individuals in the list from the state. Outside of India, most of the artists on Hurun India Art List 2021 chose London and Paris as their residence. Europe is the most preferred continent to settle for most of the Indian artists from the list.

Table 6: Residence of Hurun India Art List 2021

Source: Hurun Research Institute, Artprice.com

Table 7: Place of Origin in Hurun India Art List 2021

Source: Hurun Research Institute, Artprice.com

Women in the list

Some notable female artists have won recognition for their creative works both in India and abroad. The Hurun list features 9 female artists.

Table 8: Hurun India Art List 2021 – Women Artists

Source: Hurun Research Institute, Artprice.com

Art Forms

As per Hurun India Art List, Contemporary painters dominate the Indian art space this year as well. When it comes to the form of art, more than 66% of the artists in Hurun India Art List 2021 prefer painting. Rameshwar Broota, Krishen Khanna, and Arpita Singh are some of the top painters as per this year sales made at public auctions. 24% have chosen multiple modes of expression which include painting, etching, sketching, sculpting, murals and installations.

Table 9: Hurun India Art List 2021 – Mode of expressing Art

Source: Hurun Research Institute, Artprice.com

Interesting Facts

·       Jayasri Burman ranked 40th Hurun India Art List 2021 married to Paresh Maity ranked 13th in the list; she is also the niece of Sakti Burman who ranked 6th in the list.

·       In October 2021, Anish Kapoor the number one on the Hurun India Art List is set to exhibit his paintings for the first time in 40 years.

·       In April 2021, Bose Krishnamachari (rank 35), president of Kochi Biennale Foundation curated a platform to showcase the artwork of 267 artists across 6 venues to make art accessible to all.

Hurun India Art List by Medium

Oil-based art from the Hurun India Art Listers registered the biggest success in the auction houses last year. With 6 of the top grossers for the respective artists, Acrylic takes the number 2 spot. Interesting to see other mediums such as Bronze, Tempera and Casein, which is very often used for “underpainting” by the artists.

Table 10 Hurun India Art List 2021, by the medium used in the bestselling art of the respective artists

               Source: Hurun Research Institute, Artprice.com

Surface

With 25 artists, Canvas takes the number 1 spot, followed by Paper (10) and Bronze (3)

Table 11: Listed below are some of the preferred art surfaces by Hurun India Art Listers, sorted by the number of top-grossing work for the respective artist

Source: Hurun Research Institute, Artprice.com

Government honors

Numerous artists in the list have been bestowed with honors and awards at state, central and international levels for their contribution to the art and admirable dedication and passion to their profession. In the Hurun India Art List 2021, we see 5 artists who have received one of the two highest civilian honors in India: Padma Shri and/or Padma Bhushan. Notably, 2 artists from the list are recipients of both Padma Shri and Padma Bhushan.

Table 10: Civilian Honors

Source: Hurun Research Institute, Artprice.com

Hurun India Art List 2021

↑ Rank increase yoy ↓ Rank decrease yoy - No Rank change yoy * New to 50

Source: Hurun Research Institute, Artprice.com

 Methodology

The Hurun India Art List 2021 has been researched and compiled by the Hurun Research Institute with the data drawn from Artprice.com. The list relates to artists who were born in India or who have made India their place of work.

Hurun Report and Artprice.com have estimated the realized gross amount from sales of the top 50 Indian artists over the past year. Artprice.com has collected data from some top auction-houses and agencies in the industry. The artists have sold their works all over the world in different periods, which may make it easy to miss out on some auctions and even some artists. Nevertheless, Hurun Report’s team of researchers have ensured a thorough and multiple cross-checking of information to reach the most accurate values of sales with an objective to identify the most influencing stars in the art space.

For the purpose of curating the Art List, Hurun Report has worked closely with Artprice.com, one of the world’s foremost online art price databases. Artprice.com is a French website created by Thierry Ehrmann which aims to give “unique access to Fine Art information” and is a marketplace for art enthusiasts to buy and sell artworks. Artprice has displayed works of over 700,000 artists and has a vast collection of close to 126 million artworks, some of which date back to the 1700s.

Copyright of this report belongs to Hurun Report India. Any third party brands, names or trademarks contained in the report belong to the relevant third parties.

About the Hurun Report

Hurun Report promotes entrepreneurship through its lists and research.  Best-known for its rich list series, 500 most valuable companies series and unicorn series, Hurun last year hit 8 billion views on the Hurun brand, up 50% yoy.

Hurun Report Inc. has three key divisions: Hurun Research, Hurun Conferences, and Hurun Media.

About Hurun India

“Promoting Entrepreneurship Through Lists and Research”

Hurun India commenced operations in 2012 and has been bringing to light stories of successful and emerging Indian entrepreneurs ever since, felicitating them at a bouquet of Hurun events hosted Pan-India.

Hurun India serves as India’s definitive voice celebrating wealth creation, innovation, and growth. Last year, Hurun further expanded its repertoire by releasing the Hurun Global Rich List 2021, a ranking of the 3,228 US dollar billionaires, the so-called ‘Nine-Zero Club’, currently in the world, and the ninth India Rich List which ranks the 827 richest individuals in India, allowing for comparisons between some of the most dynamic economies in the world. The purpose of this list is to try and tell the story of modern India through the eyes of an entrepreneur. For the full details, please refer to on www.hurunindia.net.

The Hurun India Philanthropy List ranks the most generous individuals in India and is now on its 5th anniversary. Indians give much more generously than many have previously understood.

The Hurun Real Estate Rich List ranks the top real estate developers in the country and is now on the 4th anniversary.

In 2018, Hurun Report launched the Hurun India Women Rich List, aimed at celebrating the success stories of some of the most amazing women wealth creators and inheritors.

In 2019, Hurun India Art List was launched, aimed at tracking some of the most successful artists who are alive today by way of cumulative auction prices. This we believe is a watershed moment in the art history of India, where we expect more entrepreneurs to start collecting.

In 2019, Hurun Luxury Consumer Survey was debuted to understand and speak about the spending habits of ultra-high net worth individuals.

In 2020, Hurun India Unicorn Index was debuted to track and speak about the top young wealth creators of the country.

For the full details, please refer to on www.hurunindia.net