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Rivaz & Ives’ New Art Auction House Introduces Artist Resale Royalty (ARR) Framework as a Boost and Safety Blanket for Artists
Posted on January 18, 2022
New Delhi: 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 will feature a selection of high quality artworks by top modern masters such as Jamini Roy, NS Bendre, SH Raza, FN Souza, MF Husain, VS Gaitonde, Jehangir Sabavala, Akbar Padamsee, Prabhakar Barwe, Ganesh Pyne, among others. This includes some of these artists’ rarest masterpieces.
The auction if fully sold will reach over INR 25 crore. 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$186 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 now represents nearly 26% of the world art market. The development of the broader Indian artistic infrastructure is all the more essential in this scenario with a sense of trust and faith in Indian art and artists.
The fact that deRivaz & Ives have held three more online auctions over the next 30 days reflects the confidence of a section of art collectors and connoisseurs.
Briefing on the pioneering step of introducing a new artist resale royalty framework Neville Tuli, Chief Mentor, deRivaz & Ives, said that “This is a game-changing step for art India, ARR ensures that artists or their legal heirs receive financial credit for their work in 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 struggling art world, artists and their legal heirs across India. to get paid by 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 obtains during their lifetime the financial respect that is due to them. 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 global 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.