Dadiba and Khorshed Pundole, India's Art Auctioneers
Dadiba inherited his father's famous Pundole Art Gallery which by the time of Kali Pundole's passing had become one of India's best known galleries. Located in a Victorian building at Flora Fountain (now called Hutatma Chowk), the gallery was obliged to relocate when the building underwent extensive renovation. Dadiba and Khorshed moved the gallery to one of the stately Victorian buildings in Bombay's Ballard Estate. They decided to expand the business into an art auction house and renamed it Pundole's.
Parsiana published an article on Dadiba in their April 2014 issue, reproduced below.
Written for Parsiana by Parinaz Gandhi. Parsiana, April 2014
Attuned to art auctions
Now the walls are bare and he is sitting there with emptiness all around… But with art aficionados regularly coming back to him, Dadiba Pundole continues to gain ground. From running the 51-year-old Pundole Art Gallery in Bombay, to opening his new gallery in Dubai last year called Sovereign FZE, to establishing himself as a successful auctioneer with the launch of Pundole’s, Dadiba’s canvas is constantly changing. Just three weeks prior to the Parsiana interview on April 3, Pundole’s had conducted their seventh auction in the last three years. Like most of their earlier efforts, this time too "The Fine Arts Sale” was scheduled on the premises of the National Centre for the Performing Arts (NCPA). For the first time though the items were available for viewing not at the NCPA but at Pundole’s newly acquired 4,000 sq ft rented premises at Tanna House (in the vicinity of Sir Cowasji Jehangir Public Hall) from March 7-11.
Functioning from their refurbished heritage property "definitely becomes a lot easier and pleasurable,” states Dadiba who now devotes 80-90% of his time and attention to the auction business, whilst their iconic Pundole Art Gallery opposite Flora Fountain takes a back-seat. Media shy, wife Khorshed is focused on coordinating with customers. Having established a rapport with the art fraternity, she is content "to liaise with people and work behind the scenes to get things organized for an auction,” she says. Their new spacious abode will provide better care to the "high value property that keeps coming in,” notes Dadiba. Additionally with their library and research wing that facilitates the preparation of an attractive catalog that accompanies every auction also accommodated here, there is "consolidation” of all efforts under one roof, states Dadiba who was previously a senior consultant in Modern and Contemporary Indian Art to the international auction house Sotheby’s from 2005 to 2010.
It was in end 2010 that Dadiba was approached by NCPA chairman Khushroo Suntook who wanted him to sell paintings from the collection of Jamshed Bhabha whilst ensuring that no one questioned the sale price (see "Auctioning art,” Parsiana, May 21, 2011). With his Sotheby’s connections, Dadiba opined that a public auction would be the best form of transparency. Suntook who wished to urgently raise funds for the NCPA convinced Dadiba to hold the auction, albeit at short notice, instead of awaiting the next Sotheby’s auction. Fortunately, Robin Dean who is a specialist in Indian antiquities and Mallika Sagar Advani who had earlier worked for Christie’s were willing to support Dadiba for his maiden auction held in April 2011. The night after the auction when the core team was jubilating, one of them stated that an auction of Maqbool Fida Husain’s paintings would be something to look forward to. Wish fulfilment ensued in the next two years when they successfully auctioned an exclusive Husain repertoire. "It’s been a dream to some degree,” says Dadiba and feels it "almost uncanny the way things have fallen into place.”
The Husain auction in December 2013 was not without its share of hiccups though. Yielding to threats by the right wing fundamentalists the NCPA "threw us out.” Left with no option, Dadiba had to summon his resources and contacts to find alternative accommodation for the art pieces by Husain that were on view at NCPA and finally conduct the auction at The Chambers Terrace at The Taj Mahal Palace. Recalls Dadiba, "We too were bombarded with hate mail… Fortunately Khorshed is also a tough cookie.”
To help us understand the basics Dadiba states, "Auction houses have survived because of the three ‘D’s — death, divorce, debt.” Whilst Pundole’s have liquidated art materials when necessitated by death and debt, they have not had to deal with estate partitioned by divorce. "Our aim is to sell for the customer at a price at which we both are comfortable,” says 51-year-old Dadiba whose area of expertise is modern art. When needed, they hire external consultants like Mehernosh Heeramaneck who is knowledgeable on ceramics, china, porcelain and silver, and have occasionally even flown in overseas professionals. They understand well the psychology of sellers who feel their art pieces are worth much more, and buyers who feel they are being charged higher than the value of a piece. But once a reserve price is agreed upon, Dadiba addresses their anxieties with an assurance, "Let the market decide the value.” Any transaction less than Rs 40,000 means "we are going in for a loss.” As per their understanding with the customer they charge 10-15% commission for the art objects sold by them, usually 10% for fine art and 15% for decorative art.
Whilst not willing to accept just any old artefact, Dadiba sees their role as auctioneers is to "add value” to the reserve price expected by the seller. Their meticulously produced catalogs, printed in color on art paper, are meant to titillate the target audience. "Without a catalog you cannot have an auction,” Dadiba is emphatic, adding, "Most important is photography.” He refers to their having flown down photographers from the West because the locals being "conditioned to product shooting (for advertisements)” were not as adept at capturing works of art.
For any object "if you can build a story around it,” the value is enhanced, explains Dadiba. If a prospective buyer learns that a particular painting was commissioned for a person, it establishes the authenticity. He refers to some gold guineas which he expected would fetch a standard price. But when bidders know that it comes from a certain collection which is genuine, they are willing to pay a premium. "Material with good provenance makes a difference,” attests Dadiba. The Laura Hamilton estate sale last year fetched good prices because there were some bidders who had coveted the things she had. The American singer who had come to India during World War II and decided to make Bombay her home, had established and run the Malabar Boutique at the Taj for nearly five decades until the age of 94. In fact, she had specified in her will that she wanted Pundole’s to auction her treasures after her death and the entire proceeds from the auction to be donated to the J. R. D. Tata Trust to help deserving Indian women pursue higher studies in medicine and humanities.
Whilst some of their auctions have solely focused on the estate and assets of one individual, they also have mixed sales when they include artefacts from various owners. Pundole’s prefer to organize at least one fine arts auction and one decorative arts auction in a year. Despite the Bombay branch of Christie’s being in the same locality as Pundole’s, Dadiba maintains, "I believe there is room for everyone and lots more. With positive competition you up your game,” he observes. Earlier the city used to regularly witness disposal auctions organized by Bennett and Company who had several consulate members as their customers. Currently online auctions are a favorite with many. "I feel the physical model works better,” says Dadiba whilst admitting, "I am sceptical of technology though I am slowly realizing… (that) technology is the way to go forward.” Ask Dadiba for his views on Parsi customers and he promptly declares, "They are relatively easy and straightforward to deal with though they can be stubborn and cussed.” Further segregating them amongst the sellers and buyers, he comments, "We are possessive and sentimental as a people. We are basically hoarders and I include myself in this category. There is so much scrap in our homes we refuse to throw because we want to keep everything.” Parsis tend to say, ‘kévu majanu, asalnu chhè (how lovely; this is an antique)’ whilst others may say ‘kévu majanu, navu chhè (how lovely; this is new).’ Reaching the right balance is not always easy.” Preparing for the Bhabha estate auction (see "Heritage, history and hammer,” Parsiana, December 21, 2011) was "a pain and pleasure,” says Dadiba referring to the innumerable broken sets of crockery that were retained at the Bhabha homestead.
As buyers, Parsis are "very passionate yet practical about prices. If there is something they want, they will stretch themselves.” As the population base dwindles, he realizes they cannot compete or match the prices offered by non-Parsis.
His own prudence and knowledge was acquired at work. Dadiba happily relates that when he was in his First Year of Junior College, studying commerce in the morning shift at K. C. College he decided to work as a salesman simply because his parents never felt the need to give him any pocket money. To match the salary of Rs 150 that Dadiba was promised by a boutique, his father Kali, the founder of Pundole Art Gallery offered him the same sum. The deal being convenient to both, Dadiba started on the lowest rung of the ladder, being assigned routine chores and tasks in 1980. After some time when his salary was increased to Rs 400, he continued to receive Rs 150, whilst Rs 250 would be credited directly to his bank account. "The business of art never interested me then,” he confesses but was drawn to the subject once the art scene in Bombay started changing in the 1980s. He appreciates that his father was "easy-going, let me learn on the job.” The father’s golden advice was: "‘Keep your mouth shut when you don’t know.’ I follow that rule,” the son reports.
Kali, a plastic engineer, returned from London when his mother gave the sons an ultimatum that if they are not interested in continuing with D. R. Pundole and Sons, the business in watches and clocks (that was started by their grandfather Dadabhai in 1886) she would sell off the shop. Since his wife Freany was not happy in London, Kali opted to relocate to Bombay in the late 1950s and use their Fort premises to start a business in frames. In 1963 he launched the Pundole Art Gallery on the premises and entrusted the framing business to his sister Naju who oversaw this division until it was closed down in 1986. Just as Kali had enjoyed an enduring friendship with Husain, and struggled alongside the artists of that time, Dadiba too had earned the artist’s confidence and trust. In 1990, within a month of Dadiba’s marriage, Kali passed away after which Dadiba and his mother Freany who was earlier a teacher at the J. B. Petit High School for Girls were partners in the business. After Freany’s demise in 2008, Dadiba is now the sole proprietor. His sister, Lalé Sarbh, who would earlier manage the Gallery in the absence of any family member, now helps out on auction days.
Art exhibitions that were once a regular feature at Pundole Gallery may now be held at the new premises as also interactions with artists, workshops and other activities connected with art. At the Dubai Gallery Dadiba feels three exhibitions a year should suffice because he does not want to subject himself to unnecessary pressure. Their opening show on March 21 last year was titled "Navroz.”
His visits to the fire temple may be "very sporadic,” yet Dadiba, an ordained navar-maratab, does feel the need to wear the sudreh-kusti regularly. Referring to the three tenets of the religion he jests, "my thoughts may not always be good, my words may not always be good but my deeds are usually not bad!” His major grouse about the religion is that "no one knows what is truth and fiction; everyone gives you different stories.”
"Not a believer in rituals,” Dadiba feels they are "only meant to appease; to keep the religious class going; and to atone yourself of guilt…Religion has to change with the times. It has to evolve. What was good then, may no longer be applicable. Male domination has to go. If someone wants to genuinely join the faith he/she should be permitted. Why are we not being practical? The notion that ‘we are superior’ has to go. This was only because of the advantage of education.” What does he expect to see in the future? "I do not have a crystal ball,” he responds.
When he needs to take a break from the art scene Dadiba indulges in "fishing, cooking, lazing and dreaming.” Whilst not all his reveries may result in actions, they help him add new dimensions.