HYDERABAD: DeRivaz & Ives, a newly launched arts auction house which has its presence in the city, will hold an online auction titled, ‘Indian Modern Fine Arts’, on January 21-22 to showcase some of the rarest masterpieces. Artworks by leading modern masters such as Jamini Roy, NS Bendre, SH Raza, FN Souza, MF Husain and many other prominent artists will be put up.
The art auction house has lined up three more online auctions in the next 30 days for art collectors and connoisseurs. “This is an important step for Indian art. Auction ensures that artists or their legal heirs are given a financial credit for their work in secondary public auction sales, ranging from 4 per cent to 2 per cent depending on the value of the secondary sale. The right to payment will last for the copyright period following the death of the artist,” says Neville Tuli, chief mentor, deRivaz & Ives.
He adds, “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 100 years ago, though only a few other countries like USA and UK followed suit. deRivaz & Ives’ decision to pay will encourage others and push India towards a more just and mature globalising art market.”