Roots And Wings

Sonali Bhagchandani discusses the rise of some auction houses.

- Sonali Bhagchandani

An auction house often goes beyond mounting a sale of artworks – patrons play a key role not only in generating value but also in preserving cultural history. This secondary market tends to occupy a niche position in the art business hierarchy; it complements the gallery, where art gets its first public airing.

For instance, the history of Pundole’s goes way back to 1963 when Kali Pundole founded the gallery that was devoted to modern Indian art, an uncommon venture for the time. His son, Dadiba, took over in 1990, and was soon approached by Sotheby’s to become their agent for the country. As international players expressed interest in the local market, Dadiba grew simultaneously on both fronts, ultimately venturing out on his own in 2010.

“Dadiba was in the rare position of having extensive knowledge of both the running of a gallery as well as knowing about the workings of the auction process,” says Khorshed Pundole, co-owner of Pundole’s and his wife. “In 2011, the National Centre for the Performing Arts (NCPA) approached him to raise funds through an auction of their founder Jamshed Bhabha’s collection. And thus, Pundole’s, the auction house was born.” Although the genesis of Pundole’s bespeaks a unique and organic evolution, the market and its potential have attracted quite a few players to the field.