However, because two artists of the same generation have different price structures for their work, they often call for comparisons. Looking back a few years ago, it now seems strange why F N Souza was a fraction of the price of M F Husain [Images].

It is true that certain artists were undervalued. Moreover, the art market was depressed earlier. The steep rise in art prices in the last two years has brought to light the complex market dynamics which link the demand-supply equation and determine prices.

Other than condition, provenance, medium and rarity, the role of auction houses, an increasing number of both novice and discerning collectors, the role of the dealers, tastemakers and even the artist's own star power, are beginning to gain importance in determining prices.

When Picasso's blue period 'Boy With A Pipe' from 1905 sold for over $104 million last year, it took the art market by complete surprise. Although the picture was delightful, many questioned if it was important enough to become the most expensive painting ever sold at an auction.

The fact of the matter was that the picture was, perhaps, not the most valuable one that Picasso had ever done, but it certainly became the most expensive.

This is a classic example of how a good picture with an impeccable provenance, its freshness to the market (it was owned by the Whitneys for over 50 years) and its rarity made the painting a record breaker.

However, in our quest as collectors in search of the avant garde, we must remember that what is transcendent today may be banal tomorrow. The idea of beauty continues to change constantly.

Even though India's art market is not as mature as it is abroad, the fact sometimes is that it's not that the paintings are expensive but that money is cheap. And that's probably the reason why we find that price is a tool for validation and comparison, forgetting that higher prices should not be confused with higher quality.

Throughout the 15 years that I have been collecting, I have often asked myself what artist or work I consider better, regardless of the price. Is Tyeb Mehta the most important Indian artist? Or is Arpita Singh [Images] more important than Anjolie Ela Menon ? Should I choose a Ganesh Pyne or a Jogen Chaudhary? Husain or Souza? Surenderan or Subodh? Do we need to compare in the first place?

In the current Indian market context, there are a lot of superb artists and works of art that are yet to be discovered and those that still need to come to the auctions.