Christie’s Restructures Classical Asian Sales to Focus on the Arts of India
Kanebridge News
    HOUSE MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $1,797,295 (-0.31%)       Melbourne $1,075,632 (-0.17%)       Brisbane $1,249,605 (-0.00%)       Adelaide $1,097,216 (-0.97%)       Perth $1,122,957 (-1.33%)       Hobart $865,909 (+0.08%)       Darwin $845,396 (-2.25%)       Canberra $1,062,919 (-0.56%)       National Capitals $1,207,421 (-0.51%)                UNIT MEDIAN ASKING PRICES AND WEEKLY CHANGE     Sydney $820,260 (+0.40%)       Melbourne $553,256 (+0.31%)       Brisbane $796,351 (-1.62%)       Adelaide $595,818 (+3.94%)       Perth $683,075 (-0.20%)       Hobart $581,624 (-0.60%)       Darwin $496,326 (+5.24%)       Canberra $499,963 (+0.25%)       National Capitals $650,385 (+0.27%)                HOUSES FOR SALE AND WEEKLY CHANGE     Sydney 13,543 (-93)       Melbourne 16,685 (+164)       Brisbane 7,546 (+68)       Adelaide 2,737 (+47)       Perth 5,954 (+96)       Hobart 847 (-33)       Darwin 130 (+7)       Canberra 1,219 (+19)       National Capitals 48,661 (+275)                UNITS FOR SALE AND WEEKLY CHANGE     Sydney 9,158 (-16)       Melbourne 6,926 (+89)       Brisbane 1,459 (-16)       Adelaide 413 (-7)       Perth 1,233 (+17)       Hobart 165 (+6)       Darwin 174 (-3)       Canberra 1,201 (+42)       National Capitals 20,729 (+112)                HOUSE MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $850 (+$10)       Melbourne $600 (+$5)       Brisbane $700 ($0)       Adelaide $650 ($0)       Perth $750 ($0)       Hobart $643 (-$8)       Darwin $720 (-$30)       Canberra $740 (+$20)       National Capitals $714 (+$)                UNIT MEDIAN ASKING RENTS AND WEEKLY CHANGE     Sydney $820 (+$10)       Melbourne $585 (+$5)       Brisbane $650 ($0)       Adelaide $550 ($0)       Perth $700 ($0)       Hobart $520 ($0)       Darwin $640 (+$30)       Canberra $595 ($0)       National Capitals $645 (+$6)                HOUSES FOR RENT AND WEEKLY CHANGE     Sydney 5,384 (-35)       Melbourne 6,776 (-135)       Brisbane 3,626 (-33)       Adelaide 1,453 (+34)       Perth 2,269 (+4)       Hobart 224 (+8)       Darwin 43 (-12)       Canberra 426 (+6)       National Capitals 20,201 (-163)                UNITS FOR RENT AND WEEKLY CHANGE     Sydney 8,462 (+24)       Melbourne 4,615 (+49)       Brisbane 1,888 (+11)       Adelaide 430 (+6)       Perth 659 (+2)       Hobart 79 (+1)       Darwin 74 (+2)       Canberra 650 (+1)       National Capitals 16,857 (+96)                HOUSE ANNUAL GROSS YIELDS AND TREND       Sydney 2.46% (↑)      Melbourne 2.90% (↑)      Brisbane 2.91% (↑)      Adelaide 3.08% (↑)      Perth 3.47% (↑)        Hobart 3.86% (↓)       Darwin 4.43% (↓)     Canberra 3.62% (↑)      National Capitals 3.08% (↑)             UNIT ANNUAL GROSS YIELDS AND TREND       Sydney 5.20% (↑)      Melbourne 5.50% (↑)      Brisbane 4.24% (↑)        Adelaide 4.80% (↓)     Perth 5.33% (↑)      Hobart 4.65% (↑)        Darwin 6.71% (↓)       Canberra 6.19% (↓)     National Capitals 5.16% (↑)             HOUSE RENTAL VACANCY RATES AND TREND       Sydney 1.4% (↑)      Melbourne 1.5% (↑)      Brisbane 1.2% (↑)      Adelaide 1.2% (↑)      Perth 1.0% (↑)        Hobart 0.5% (↓)       Darwin 0.7% (↓)     Canberra 1.6% (↑)      National Capitals $1.1% (↑)             UNIT RENTAL VACANCY RATES AND TREND       Sydney 1.4% (↑)      Melbourne 2.4% (↑)      Brisbane 1.5% (↑)      Adelaide 0.8% (↑)      Perth 0.9% (↑)      Hobart 1.2% (↑)        Darwin 1.4% (↓)     Canberra 2.7% (↑)      National Capitals $1.5% (↑)             AVERAGE DAYS TO SELL HOUSES AND TREND       Sydney 32.8 (↑)      Melbourne 32.3 (↑)      Brisbane 30.6 (↑)      Adelaide 26.4 (↑)      Perth 36.7 (↑)      Hobart 29.8 (↑)        Darwin 26.1 (↓)     Canberra 32.5 (↑)      National Capitals 30.9 (↑)             AVERAGE DAYS TO SELL UNITS AND TREND       Sydney 31.4 (↑)      Melbourne 30.6 (↑)      Brisbane 29.8 (↑)      Adelaide 24.1 (↑)      Perth 35.2 (↑)      Hobart 29.6 (↑)        Darwin 30.4 (↓)       Canberra 39.1 (↓)       National Capitals 31.3 (↓)           
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Christie’s Restructures Classical Asian Sales to Focus on the Arts of India

By ABBY SCHULTZ
Mon, Aug 28, 2023 8:45amGrey Clock 4 min

Christie’s will feature classical Indian art created from the third century through the beginning of the 20th century in a standalone sale for the first time this September.

The online auction is a break with the traditional approach of including Indian, Himalayan, and Southeast Asian art in one sale and responds to collectors of modern and contemporary Indian art who are “interested in following art history backwards,” finding links in the art of recent time to the faraway past, says Tristan Bruck, head of sale.

The previous model better suited “an old-fashioned collector who was buying works in all three sub-niches,” Bruck says. “A collector who bought Indian paintings, for instance, was likely to also go out and buy a Tibetan thangka (or tapestry).”

The Arts of India sale, open from 10 a.m. Sept. 13 to 9 a.m. Sept. 27, is paying particular attention to works that transition Indian art from the classical to the modern era, a period that until now hadn’t received close attention, he says.

Maqbool Fida Husain, Untitled (Naga), circa 1971
Christie’s Images Ltd. 2023

In the midst of the online offering, on the morning of Sept. 20, Christie’s also will hold a live sale in New York of mostly modern but also contemporary South Asian art, which is predominately from India in addition to Pakistan, Bangladesh, and Sri Lanka.

Christie’s expectation is that collectors who attend, or dial into the modern and contemporary sale via phone or online, might be intrigued to also take a look at the online sale, where earlier Indian works provide inspiration for colours, style, and themes by 20th-and 21st-century artists. The auction house will also display the works together in its Rockefeller Center galleries in New York.

Collectors “realize that this art wasn’t created in a vacuum,” says Nishad Avari, Christie’s head of South Asian modern and contemporary art. “There’s thousands of years of tradition that modern and contemporary artists in the region drew on and continue to draw from.”

Consider Maqbook Fida Husain’s Untitled (Naga), a massive work of five female figures and a serpent (or naga) painted around 1971. The painting portrays four of the women with breaks at the neck, hips, and knees, alluding to physical forms expressed in temple sculpture of the Gupta Empire from the fourth- to early sixth century, Avari says.

The painting, expected to achieve between US$700,000 and US$1 million, likely was created to commemorate the launch of a monograph of Husain’s work that was published by Harry N. Abrams, who acquired the painting, Christie’s said in a catalog note. Abrams, a vast collector who also published art and illustrated books about Old Masters through artists such as Robert Rauschenberg, had displayed the work in his offices and later in his family’s home for more than 50 years.

A very large and important Pichvai of Vishvarupa Amidst A Lotus Pond, India, Rajasthan, 18th-19th Centuries
Courtesy of Christie’s Images Ltd. 2023

Going further back in time within the Arts of India sale is a Pichvai painting of Vishvarupa—a form of the god Krishna—painted in the 18th to 19th century. The work, originally a temple banner, is a traditional Indian form and concept, “but by the 19th century you can see artists are working with different types of perspective,” Bruck says. They are also using a more modern color palette, with vibrant pinks and blues, and the canvas is large—about six by eight feet.

“This could go in a gallery with the modern works, which are on these large canvases,” Bruck says. The painting “tells a great story alongside 20th-century work, being able to see the origin of a lot of these concepts.”

The Pichvai—a term that refers to devotional folk art paintings—is estimated to achieve at least US$120,000.

Another popular category are so-called company-school paintings that came out of India’s princely courts beginning with the imperial Mughal around 1600 through to the 19th century, when they were commissioned by British administrators, Bruck says.

Each court had its own style that may have been influenced by other courts and changed over time, he says. The works, often called miniature paintings because of the small, precise figures and scenes they depicted, were typically created in albums, or series, making them highly collectible.

Until recently, a group of collectors had focused solely on this sector somewhat in isolation, but Bruck says, Christie’s is seeing an “explosion of interest” in court painting albums, such as an illustration from the “Bharany” Ramayan series that is being offered in the upcoming sale.

A collector “can see what the other pages from that album have sold for and sort of put them together as an album in [their] mind and ideally collect more than one or try to get a few from the set,” Bruck says. The fact they exist within series also gives collectors confidence in what to pay, he adds.

Sayed Haider Raza, Rajasthan, 1983
Christie’s Images Ltd. 2023

The Bharany Ramayan work in the sale, titled The Monkey Army Intruding Upon a Demon’s Cave, from “Punjab Hills, Kangra or Guler, first generation after Nainsukh or Manaku,” from 1775-1780, is being offered for a minimum of US$80,000. A Patna court painting of a marriage procession at night, from around 1810 and painted in a more European style, is being offered for a minimum of US$10,000.

For many collectors, those price points are more accessible than, for example, the estimated US$250,000 they would pay for a work by Sayed Haider Raza, whose Rajasthan, 1983, is included in the modern and contemporary sale. The structure and primary-colour palette of Rajasthan, in fact, is intentionally drawn from court paintings, Avari says.

“The way in which their discrete sections, cells, in which he paints and the way in which he surrounds it with the red border is a direct reference to Pahari or Rajasthani (court) painting,” he says.

When collectors can see the court paintings that inspired a modern work they own, and they can acquire them for far less, “why not hang them side-by-side?” Avari says.



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Former New Hampshire Gov. Chris Sununu delivered a warning to Treasury Secretary Scott Bessent during a recent visit to Washington: Already-high airfares will surge if the war in Iran doesn’t end soon.

Sununu, a Republican who represents some of the biggest airlines as president of the industry group Airlines for America, has for weeks sounded the alarm to Trump administration officials about the economic fallout from high jet fuel prices. The war, Sununu has argued, must come to a close soon, or things will get worse.

Administration officials have gotten the message.

Privately, President Trump’s advisers are increasingly worried that Republicans will pay a political price for the rising fuel costs, according to people familiar with the matter. Many of those advisers are eager to end the war, hoping prices will begin to moderate before November’s midterm elections.

The fallout from the U.S.-Israeli attack in late February has slowed traffic through the Strait of Hormuz, a vital shipping lane, triggering a sharp increase in oil, gasoline and jet-fuel prices.

That means consumers are grappling with high costs ahead of the summer travel season, as they consider vacation plans.

Sixty-three per cent of Americans said they put a great deal or a good amount of blame on Trump for the increase in gas prices, according to a new poll conducted by NPR, PBS and Marist.

More than 8 in 10 Americans said struggles at the gas pump are putting strain on their finances.

Jet-fuel prices roughly doubled in a matter of weeks after the war began, and they have remained high. Airlines have said that will add billions of dollars of additional expenses this year, squeezing profit margins.

U.S. airlines spent more than $5 billion on fuel in March—up 30% from a year earlier, according to government data.

Carriers have been raising ticket prices, hoping to pass the cost along to consumers, and they are culling flights that will no longer make money at higher price levels.

In March, the price of a U.S. domestic round-trip economy ticket rose 21% from a year earlier to $570, according to Airlines Reporting Corp., which tracks travel-agency sales.

So far, airlines have said the higher fares haven’t deterred bookings and they are hoping to recoup more of the fuel-cost increases as the year goes on.

Earlier this week, Trump said the current price of oil is “a very small price to pay for getting rid of a nuclear weapon from people that are really mentally deranged.”

Secretary of State Marco Rubio told reporters that if Iran got a nuclear weapon, the country would have more leverage to keep the strait closed and “make our gas prices like $9 a gallon or $8 a gallon.”

Trump has taken steps in recent days to bring the war to an end. Late Tuesday, the president paused a plan to help guide trapped commercial ships out of the Strait of Hormuz, expressing optimism that a deal could be reached with Iran to end the conflict.

Crude oil prices fell below $100 a barrel on Wednesday, after reports that Iran and the U.S. are working with mediators on a one-page framework to restart negotiations aimed at ending the conflict and opening the strait.

Sununu said Trump administration officials are conscious of the economic fallout from the war: “They get it…and I think that’s why they’re trying to get through the war as fast as they can.”

But he cautioned that it could take months for prices to return to prewar levels.

“Ticket prices won’t go down immediately” after the strait is fully reopened, Sununu said. “You’re looking at elevated ticket prices through the summer and fall because it takes a while for the prices to go down.”

Since the initial U.S.-Israeli attack in late February, Sununu has met in Washington with National Economic Council Director Kevin Hassett, representatives from the Transportation Department and senior White House officials.

A White House official confirmed that Hassett and Sununu have discussed the effect of increased fuel prices on the airline industryThe official said the conversation touched on how the industry can mitigate the impact of high jet fuel prices on consumers.

“The president and his entire energy team anticipated these short-term disruptions to the global energy markets from Operation Epic Fury and had a plan prepared to mitigate these disruptions,” White House spokeswoman Taylor Rogers said, pointing to the administration’s decision to waive a century-old shipping law in a bid to lower the cost of moving oil.

Rogers said the administration is working with industry representatives to “address their concerns, explore potential actions, and inform the president’s policy decisions.”

A Treasury Department spokesman pointed to Bessent’s recent comments on Fox News that the U.S. economy remains strong despite price increases. The spokesman said Treasury officials have met with airline executives, who have reaffirmed strong ticket bookings.

“We’re cognizant that this short-term move up in prices is affecting the American people, but I am also confident, on the other side of this, prices will come down very quickly,” Bessent told Fox News on Monday.

The war has already contributed to one casualty in the industry: Spirit Airlines. Company representatives have said they were forced to close the airline because the sustained surge in jet-fuel prices derailed the company’s plan to emerge from chapter 11 bankruptcy.

The Trump administration and Spirit failed to come to an agreement for the company to receive a financial lifeline of as much as $500 million from the federal government.

Transportation Secretary Sean Duffy has argued that the Iran war wasn’t the cause of Spirit’s demise, pointing to the company’s past financial struggles, as well as the Biden administration’s decision to challenge a merger with JetBlue.

Other budget airlines have also turned to the federal government for help since the U.S.-Israeli attack. A group of budget airlines last month sought $2.5 billion in financial assistance to offset higher fuel costs, and they separately wrote to lawmakers asking for relief from certain ticket taxes.

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