(Nalini S Malaviya)
According to recent trends there has been a perceptible shift in the buying pattern and contemporary art has emerged strongly as a viable avenue for investment. And, although modern artists continue to do well, the focus on contemporary art has resulted in the remarkable growth of this sector. One finds that the serious art collector is more inclined to invest in contemporary artists. What makes this an attractive proposition is that contemporary art often combines unique concepts with innovation in execution and medium. Plus, as contemporary art is doing well at international auctions, it is a win-win situation for the artist and the collector.
The buyer profile has also broadened and there are a greater number of people from a younger age group who are developing a passion for art. The younger profile brings fresh sensibilities and their buying pattern tends to be more accepting of newer concepts and mediums. With buyers coming of age and changing mindsets there is greater interest in art that is often unconventional and even radical.
Overall, the awareness about art, its intrinsic value and its investment potential has increased dramatically over the last few years. Viewers are now more open to all kinds of art. Artists too are in an experimental mode and one gets to view different kinds of art in small and big cities, especially the latter. With greater exposure to art, there are artists too from small towns who are not afraid to think big – they surprise the viewer with their innovative concepts.
Although, there are limited takers for conceptual art, there is greater appreciation for it now as compared to say, two years ago. In fact, many collectors especially those aged under 40 who are saturated with conventional art are increasingly turning to new media and contemporary thought in art. On the other hand, conventional art which is more decorative in nature is still very popular with traditional mindsets.