Art Matters

(By Nalini S Malaviya)

Now that summer is here, everywhere art activities are on the decline. Fortunately in Bangalore, we are at the fag end of the warm season, but most other places across the country are feeling the heat as temperature continues to rise. As most of you must be aware by now, art exhibitions dwindle considerably in number during this period and start picking up only after June.

Recently, nothing much of interest has come my way, except for the following exhibitions, which should be worth seeing - select works by Gieve Patel at Gallery Chemould in Mumbai, The Silent Expression - paintings and prints by Kanchan Chander at Icon Art, Hyderabad, and the show Fables & History by Maya Burman and Binoy Varghese has been extended at Gallerie Nvyā in New Delhi.

I also wanted to share this little bit of information about a talk and presentation on Career in Art Education, which will be held tomorrow at Gallery BMB in Mumbai. The talk will be delivered by Phil Whittaker, Director of Sotheby’s Institute of Art, Singapore and will include an overview of the international art markets and a presentation on potential career opportunities in the global visual arts market. Sotheby’s Institute of Art organizes a number of professional courses in art throughout the year and these vary in duration from a few days to a fulltime master’s program. The reason that I have mentioned it as part of this column, even though it is not being held in Bangalore, is because I feel strongly about the lacunae in our arts education system. As I have often suggested in the past, there is a real need to revamp and upgrade our educational programs, especially those related to the art business. After all, the art business has grown phenomenally in the last decade or so, yet apart from the regular art history and painting courses, there are hardly any other programs that cater to the affiliated services linked to art, such as art advisory services or the business aspects of the art market.

Fortunately, there is a lot of discussion going on about professional courses that can be offered in conjunction with the conventional ones at a number of academic institutes, however, how many of these will get translated into reality, we will know only in the future.

(Published in Bangalore Mirror)

Art of the Matter

As you might have noticed, several art magazines have been launched in the recent past. A couple of weeks ago, The Bombay Art Society had a formal launch of its Indian Contemporary Art Journal in the city. Today, most art magazines are available at limited venues, for instance at galleries and a few other outlets. The editor of the Indian Art Journal revealed that they plan to retail the publication through popular bookstores, which is an excellent idea as it will greatly enhance accessibility and availability.

Interestingly, at this point not a single magazine is being brought out of Bangalore. On the other hand, Mumbai, New Delhi and Kolkata have several art publications to their credit. However, what we do have are writers and artists. In fact, there are many writers from the city who contribute to these publications, (it is another matter that many of them write for most of the magazines - no exclusivity here!)

Quite a few artists have put forth the need to have a dedicated art magazine that is brought out of Bangalore. A publication such as this may give a much needed impetus to the art scene here. Even a simple online version, to begin with might be a good idea. Apart from being a source of information to people interested in art, such a publication could focus on a larger number of artists in the area – smaller shows and upcoming artists can also be profiled. A wider circulation to other parts of the country would provide greater exposure to artists and galleries.

Incidentally, the number of galleries in the city is rather limited, even though there are many artists who reside here, but end up showing their works outside, or moving out of Bangalore in search of opportunities.

The problem, I am sure is not in bringing out a magazine, which is comparatively an easy task, but in maintaining it. The logistics and financial aspects of running an entire publication is a daunting process and needs a large amount of support in order to be sustainable. However, it is eminently doable and one hopes that one of the many corporate offices in the city may take up the challenge to take on the entire responsibility or at least fund it.

(Published in Bangalore Mirror)

Promoting the crafts

(By Nalini S Malaviya)

Most of the time, we are so involved in discussing and promoting the fine arts that we often forget those hundreds and thousands of craftsmen and artisans who create folk and tribal art, handicrafts and other hand made products. Making such products requires a tremendous amount of skill and hours of labor, and financial returns are low. In most cases, the skill and craftsmanship is passed on from one generation to the next, but because economic viability is poor, the newer generations prefer to opt for alternative sources of livelihood.

Madhubani, Pithora, Warli are just some of the folk art forms which can be used in interiors to decorate walls either through mural paintings, or smaller framed works which can be hung on walls. Incidentally, there are many corporate spaces which have integrated folk arts and crafts in their décor – either as a small mural on a cafeteria wall or as bright paintings that liven up cubicle spaces. As any form of support from individuals or organizations can make a huge difference in the growth and sustenance of this sector, proposals that address this need must be encouraged.

In this context, an initiative by the Vinod Gupta School of Management, IIT Kharagpur, which is organizing an event Saamanjasya 2010, deserves a mention. The forthcoming three day event aims to bring various key players responsible for social and economic growth together through a series of programs from 19-21st March. During the event, artisans will participate in Kalakaar Vikas, a program which will provide a platform to artisans to display their crafts before a large audience. This is being achieved by tying up with an NGO called Saarthi, which deals specifically with the welfare of artisans. Other plans include presenting the cause of these artisans before corporates, setting up meets for funding and providing technical expertise wherever possible. Overall, it seems to be a good initiative which could greatly benefit the artisans who are participating in the program.

However, it’ll be interesting to see how the proposals translate into action and what kind of monetary and other support artisans can gain from this venture. As a prototype the proposal has its merits, and if it works well it can be replicated elsewhere on a larger scale to include a greater number of affected people. As we all know there is an urgent need to focus on the revival of traditional arts and crafts that are on the decline, and corporate involvement can make a huge difference in the overall development and sustenance of indigenous crafts of India.

(Published in Bangalore Mirror)

The year that was

(By Nalini S Malaviya)

It’s that time of the year, once again, to look back, reflect and evaluate how the art scene progressed through the year. Art activities unfolded quite hesitantly this year with most of the auctions showing average results, while some fared very poorly, as well. Although, during the art summit, sales picked up but then became sketchy once again during the later months. Fortunately, the last Saffron Art auction which happened a couple of weeks ago, performed really well under the circumstances. The highlights of this year in terms of auction reults have to be the exceptional amounts fetched for works by Jogen Choudhury at the Sotheby’s auction and Manjit Bawa at the recently held Saffron Art auction.

In Bangalore, the art scene was quite diffident with very few exhibitions being organized by galleries. On the other hand, there was a phenomenal rise in self sponsored shows with many self taught painters exhibiting their works at rented spaces. Incidentally, most of the bigger artists preferred to defer their shows until next year or at least to the later part of this year.
In effect, one came across a lot of poor and average quality works, and repetitive ones by the same painters. Still, there were some interesting works for instance, digital collages by Sudarshan Shetty, photographs by Atul Bhalla, Gigi Scaria, Vivek Vilasini, installations by Sakshi Gupta and a few other group shows with a list of artists too long to mention here.. Interestingly, the art activity was quite feverish through the year even though sales in the primary market were practically nil. While, some galleries have started reporting an increase in sales (where buyers are primarily from outside Bangalore), others are yet to see any noticeable difference.

In a way the recession helped in putting things in perspective, for instance many artists realized the futility of compromising on quality, or how over production could lead to a lowering of their market worth. During this phase, most speculators lost a lot of money as many had hoarded art in order to create an artificial demand and to inflate prices of a few select artists. Also, investors who had bought art blindly on the advice of unscrupulous galleries and dealers, learned their lesson, albeit the hard way. One hopes that the experiences that one went through during the lean period will help buyers and investors in the future to be able to make better judgment when it comes to art.

(Published in Bangalore Mirror)

An arts education initiative

(By Nalini S Malaviya)

It cannot be denied that arts education in our country requires the necessary impetus in order to facilitate a more holistic environment for learning. Most schools follow the archaic system of having one or two classes of ‘music’ or ‘drawing’ in a week, however these are stand alone sessions that are not really integrated with the process of learning. The integration of arts education at the school level is a matter of grave concern and to address this issue, an arts education conference is being organized by the Goethe-Institut/Max Mueller Bhavan, Bangalore and the India Foundation for the Arts (IFA) later this week on 11 - 12th of December.

In the recent past, the film Taare Zameen Par, helped dramatically in creating awareness about the importance of arts in the process of learning. Although, the film highlighted the role of arts in facilitating learning in children with special needs, in fact, music, fine arts, theatre, puppetry and other creative practices are important tools that assist in the overall development of a child. And, with a little bit of an effort these can be adopted as part of the curricula in a conventional schooling system.

In the background note released by the IFA, according to the Universal Declaration on Cultural Diversity, Paris in 2001, ‘Culture and the arts, in their broadest sense, are a critical mediatory force in the quest for understanding, empathy and dialogue between divergent thoughts, dogmas, ideologies and world-views.” This conference is an extension of Kali-Kalisu project that deals with the empowerment of school teachers through arts pedagogy training workshops, and through it the organizers hope to articulate frameworks and directions for arts education in the country. Some of the topics that will be discussed include the current legislative scenario and arts education, the structures of the arts education, arts and early childhood education, language, poetry and creativity, puppetry, music and movement arts.

In my opinion, an initiative such as this will not only help in creating the basis for supporting arts education, but also in creating wider awareness that will help in the actualization of various proposals that focus on the holistic development of every child. Legislations, children’s rights and bills, and proposals to ease pressures of examinations are all steps towards the right direction, but these have to be combined with a broader approach that stresses on the role of arts in providing quality education.

(Published in Bangalore Mirror)

The fine art of collecting

(By Nalini S Malaviya)

Now, that once more there is an interest in art, there are people who are looking at art either as a financial investment or as a collectible. To begin an art collection it is important to identify the motives behind it. One of the main reasons why people collect art is that they are passionate about it.

There are collectors who buy representative art from various periods or they focus on a specific school, style of painting, era or artist. Again, it is important to be clear whether the collection is going to be a private one or if it could be put on public display at a later date. It is also essential to realize that an art collection, unlike one comprising of smaller collectibles needs a lot of space, and special care in terms of lighting and maintenance.

Once you have identified the kind of collection that you are looking at building, you can begin by making a list of artists or works that you wish to acquire. In fact, there are some people who might begin collecting in a small way and then get so passionate about it that they decide to convert it into a more organized and larger collection. There are some people who prefer to collect only modern art or contemporary works, or old prints or only new media works. Sometimes, the choice of the collector is governed by considerations such as budget, available space, and time required to dedicate to such an activity.

Whatever the reason behind collecting, the process of buying art can be an exciting and rewarding one. However, there will be times, when one is forced to overlook personal tastes in favor of more intelligent choices, which would benefit the entire collection as a whole.

When one is collecting art, irrespective of the initial investment, the overall value of the collection is bound to go up with time. Therefore, it is important that you do the necessary research and take the time to build one that will be significant in terms of historical content and also its financial worth.

(Published in Financial Times)

Understanding art prices

(By Nalini S Malaviya)

Now that the art market is beginning to look up, there is a lot of interest in understanding the intricacies of the market. The pricing of artworks has been a component that often requires a greater understanding of the market dynamics in order to analyze it. And, even then it may not appear entirely rational, as it is not completely deterministic or quantifiable.
Many people fail to comprehend the logic behind art prices and their upward movement due to its multivariate nature, there are a certain amount of elements that influence it. Also, it is important realize that there is a difference between the commercial price of an artwork and its value. The price of an artwork is determined by physical attributes such as market conditions whereas the value is its perceived worth or a subjective opinion of the viewer.
Typically, the price of an artwork depends upon the medium and size of the work, previous price points, its rarity and the artist. Art prices in the primary market are driven essentially by the artist and the gallery, whereas prices in the secondary market are often driven by demand. For instance, in an auction there is a reserve price which is estimated for a given piece of work prior to the auction, and its subsequent sale price could be much higher, sometimes in multiples of the reserve price. The sale price is driven up by the demand and may be a result of competitive bidding.
It has also become common to estimate prices of an artwork based on per-square-inch / foot or centimeter. And, some auction houses tend to follow this system of computation as a basis. However, there are no standard formulae to evaluate the price or value of an artwork, and hence the discrepancies that are seen in the market.
As a buyer it would be wise to crosscheck comparative prices before making a decision, but at the end of the day, if there is a particular piece of art that you wish to own, be prepared to pay for it.
(Published in Financial Times)

Allocate appropriate budget when investing in art

(By Nalini S Malaviya)

There are many people who would like to buy art but are unclear as to how to go about it. Lacking exposure to the world of art, they are unsure about artists, prices, which galleries to go to and the value of artworks. On the other hand, there are numerous collectors who keep succumbing to practically every new work of art. The excitement of collecting new and different works of art can even become addictive unconsciously.

There are some collectors who keep buying works from every new series of a particular artist for a variety of reasons. They either like that artist’s creations a lot, or because they know the artist personally they find it difficult to decline his latest works.
Then there are those who begin collecting in a small way, but in a few years time they get so involved and passionate about it that they find themselves unable to stop. This may happen even at the cost of their budgets going awry. With every new purchase they tend to stretch themselves, and slowly over a period of time this grows beyond control. Collecting art by well known names is a reflection of one’s status and there are many buyers who invest in them just for this purpose. Peer pressure can also be the driving factor in many cases. Then there are those collectors who are forever on the look out for newer artists and cutting edge works. They look for artists from a purely financial investment angle.

Therefore, while some may consider art as a frivolous expenditure, there are a large number of people who invest in art for various reasons. However, it is important to apportion a budget to art investment and remain within its limits. Just as you would invest a percentage of your disposable income on various conventional assets, follow the same rules when buying art, at least wherever applicable.

(Published in Financial Times)

Art on wheels

(By Nalini S Malaviya)

A car completely covered with copper trimmings and intricate designs is not a common sight. But, this is exactly what you see when you arrive at Sara Arakkal’s gallery in Whitefield. The gleaming copper reflects the afternoon sunlight, highlighting the elaborate patterns that have been so painstakingly worked upon the body of the car. Artist Yusuf Arakkal’s brainchild; he has spent the last five years in conceptualising, designing and converting his old Fiat car into a work of art. There is an interesting story behind this car. Arakkal reveals, “I got this car – a 1956 Fiat Millicento in 1986 in exchange of a couple of paintings and a sculpture from art collector Harish Padmanabha. It so happened that Harish came over to collect the paintings and we decided to have a drink to celebrate the occasion. On the way we stopped at the car workshop and the moment I saw this champagne-grey coloured car I just fell in love with it. I asked Harish if he wanted to sell it and he agreed. We settled for it and I drove back home in this car.”

This was Arakkal’s first car in Bangalore and understandably, he has been very attached to it, and when it started to wear out, he was reluctant to part with it. Fortunately, the artist in him took over and he decided to convert it into a sculpture-cum-installation. As he wanted to retain the original classic shape of the car, he toyed with several ideas before deciding to use copper sheets to cover the car completely. Not an easy task as the final product had to be artistic as well as aesthetic.

According to Arakkal, almost a ton of copper has gone on the car in the process of altering it. A team of highly skilled craftsmen have worked on it for the last few years. A pattern inspired by wheels has been used on either side of the body of the car. Synonymous with the mobility of the vehicle and as a symbol of development and progress, the wheels are also inspired by a series of paintings Arakkal did in the 1970s. Special care has been taken to retain the patina of copper and several coats of sealant have been used to protect it from oxidation or weathering effects.

This converted vehicle - an artomobile is soon going to Delhi and will be showcased on the lawns of a new art gallery. Well, one thing is certain, this car is sure to catch your eye.

(Published in Bangalore Mirror)

Investing in art

(By Nalini S Malaviya)

A recent report on the state of the stock market highlighted that the Sensex was climbing up in the last couple of months based on the fact that a few stocks were performing exceptionally well. A similar trend is seen in the art market, too. In the past, when prices of certain artists shot through the roof it not only created a wider market for art, but riding on this wave most of the other artists, too, hiked up their rates. And, in fact, a majority of them succeeded to a large extent. It was seen that anything related to art was on a high during that period.

However, as an investor it is important to realize that not every painting or sculpture will fetch the same returns. Incidentally, a few years ago, students and new artists were able to price their works beginning at Rs. 5,000. But soon after, the starting prices were close to Rs. 20,000. In a way, the base price itself has gone up considerably.

One question that has always emerged is that how does one evaluate whether a work of art is actually worth the quoted price. Apart from logical factors such as rarity and quality of the work, historical value, the artist’s name and its worth from a collector’s point of view, one finds that pricing is predominantly driven by demand, or, its perceived investment value.

In that respect, claims that were rampant a few years ago regarding appreciation in investment potential of art were not entirely true. Not every painting or artwork fetched the same amount of projected returns. In fact, a very small percentage of artists saw a large appreciation in price. Now that interest in art is once again rising, it helps collectors and investors to be aware of these points. Just as one invests in stocks after a lot of research, one must do the same to invest in the right kind of art. But, in case money is not a criterion, and one is not looking for a financial investment, then obviously one can just go and buy anything that is appealing.

(Published in Financial Times)

Four of a kind

(By Nalini S Malaviya)
At the recently held art summit several works of art competed with one another to catch the visitor’s eye. Anish Kapoor’s installations were of course the biggest draw at the fair. Then, names such as Ravinder Reddy whose iconic Head in a brilliant red and Subodh Gupta, whose large scale installation made out of utensils created an impact right at the entrance. While, Nataraj Sharma’s humongous installation made out of metallic wire and tiny airplanes and Manjunath Kamath’s digital montage were outstanding. Apart from these well known names there were several others that were truly brilliant and that stood out either because of the thought process behind them, or they were just so spectacular that they could not be ignored. Although there were many that grabbed my attention, I have listed four of these below.

Sandata ni Lila by Lirio Salvador
A sculptural assemblage by an artist from Philippines is essentially a guitar made out of scrap that stood against the wall at The Drawing Room, a contemporary art gallery based in Philippines. The stringed instrument was made out of gears, mixing bowls, utensils and door handles, and the interesting part of this assemblage was that visitors were encouraged to pluck at the strings. The musical instrument was a creative fusion of art and music.


One Thousand Tears by Suchitra Gahlot
This installation comprised of a thousand 10 ml bottles containing artificial tears and a typewriter. Based on the replies that one thousand people gave to the question “Why did you cry last?” the vials were labeled. This installation caught my attention with its simplicity and poignancy.


Black River by El Anatsui
A massive installation on the wall spanning approximately 8 feet by 12 feet made out of aluminum bottle caps and copper wire was displayed at the Sakshi Gallery. This stunning piece of work could not be ignored by any stretch of imagination.


Supercalifragilisticexpialidocious by Princess Pea
At the Rob Dean Art – a U.K. based gallery one encountered a fun and quirky series of photographs and installations that used a cartoon character to create the artworks. The stall was buzzing with activity with the artist wearing a ‘cartoon head’ while posing with the visitors, and offering everyone cupcakes. Although, the theme of the project was based on the angst that the artist faced in her growing up years as she was very thin, and was always reminded that her head was too big for her body. However, the treatment was fun and made literal use of cartoon figures. This one caught ones attention with its sense of humor, and the novelty of execution.

(Published in Bangalore Mirror)

Investing in art

(By Nalini S Malaviya)

A couple of years ago when people had Rs.2-5 lakhs as disposable income they were more than happy to invest in art. It was not uncommon to find people walking into galleries and soliciting their help in buying art. Most of these people had limited knowledge about art and relied completely on external sources to make a judgment. However, when the recession happened, it caused a lot of heartburn and many of these investors, who were looking at short term gains found themselves in a quandary. Unable to sell the work at even the cost price, they lost confidence in art as an investment instrument, and also blamed their advisors for the situation they found themselves in.

Now that the market appears to be looking up, a similar situation could surface again, but, hopefully buyers who have burnt their fingers are likely to be extremely cautious now. It is important, as in every financial investment situation, that the investor be in a position to make an informed decision. The buyer should be more proactive, collect all vital information and use good judgment to come to a decision regarding art. Especially, when one spends so much money on art, it does not make sense to rely on any one gallery, dealer or consultant to take a decision for them.

In fact, it is ridiculous to compare investing in art directly with investing in stocks and shares. Although, there may be certain broad similarities, but as financial products they are extremely different and involve different dynamics.

One can remember that as an investor in art one should
- Do ones own research
- Think long term
- Be aware of the shortcomings and pitfalls of investing in art
- Use only spare liquidity in art
- Invest in art only after investing in conventional asset classes

(Published in Financial Times)

A photography show - Bangalore

(By Nalini S Malaviya)

A few days ago a photography show In Focus previewed at Hatworks Boulevard where six photographers presented their recent works. Photography as a fine art form is still in its nascent stages in the country, and, as this exhibition was organized by a mainstream art gallery, it sounded promising enough to tempt one to venture forth in the evening traffic. And, it turned out to be a very interesting show with excellent images on view.

Most of these photographers have a fine arts background, and with an exception of a couple of them, they have exhibited their works widely. The visuals that they have presented capture delicate nuances derived from and related to urban living. Their inspiration ranges from crystalline reflections in still waters, the rapidly evolving skyline, graffiti on walls, and other urban phenomenon – concrete and emotional. For instance, Gigi Scaria first creates his own sculpture / installation which he then transports to the chosen site before photographing it. And, his sculptures are in fact elaborately detailed artworks that are crafted with meticulous precision. On the other hand, Atul Bhalla, a multifaceted artist, continues his penchant with water, where delicate reflections in the depths of water evoke a sense of beauty and contemplation that is almost surreal.

Preeti Sood, who is a trained printmaker based in the UK has photographed walls with peeled plasters and posters. The images not only capture visual textures but combined with graffiti and torn lettering / pictures give an entirely new identity to the images. Rachel Immanuel is a graphic artist, and this is the second time she is exhibiting in Bangalore. Her intense black and white images are an exploration of the complexities and conflicts arising out of urban dichotomies.

Bangalore based Vivek Vilasini focuses on the absurd in the most unusual of circumstances. In a dump yard outside London he finds a stone statue of Buddha and a replica of the Statue of Liberty along with heavy artillery. The incongruity of the combination or co-existence of the varied objects cannot escape the viewer. While, Shankar Natarajan presents the fragility of relationships - the alignment of the profiles of the protagonists poses and answers questions that are loaded with a sense of expectancy. Overall, the exhibition is definitely worth a visit.

(The exhibition continues till July 25 at Crimson Art Resource, Bangalore)

(Published in Bangalore Mirror)

Faking It

(By Nalini S Malaviya)

Last week, I was asked to look at a book, Faking It, which is an art crime novel, written by Amrita Chowdhury. Currently, Amrita is working as the Associate Director of the India Research Center division of Harvard Business School and this is her first foray into fiction. Passionate about contemporary Indian art, Amrita has set her fast paced novel in the art corridors of Mumbai. According to Amrita, she herself is an avid art collector, and as Indian art is doing so well across the world, this was a good time to set her fictional story around the Indian art scene.
The novel is about a finance expert, Tara Malhotra, who, against her wishes, is uprooted from the United States to Mumbai. Struggling to find her footing in Mumbai, indulging in extensive party hopping and high-end shopping, she ultimately decides to set up her own art gallery. But, for that to happen she needs to have that perfect piece of art in her personal collection to impress her social peers. So, when an opportunity presents to buy a newly found work by Amrita Sher-Gil she succumbs hook, line and sinker, spending all her savings in the process. And, as luck would have it, the painting turns out to be a fake. The second part of the novel is a chase around town (car chases to the airport included!) to nab the forgers, and eventually, to trap the kingpin behind this multi-million dollar racket.

The book turns out to be quite informative about the business side of Indian art and is full of little details on how the market functions, but I’m not sure how an art-unfriendly reader will respond to it. The vacuous life of a socialite as she flits from one party to another and buys every designer label in sight, paints a pathetic picture of a returned-from-abroad Indian who tries to compensate for the sense of isolation and displacement. While, the second part of the book portrays how the protagonist evolves and comes into her own.

It would not be fair to compare this book with Dan Brown’s Da Vinci Code or even Jeffrey Archer’s False Impression – both of which have art as the basic premise. Nevertheless, Faking It is a perfectly enjoyable read that focuses completely around Indian art. A breezy, easy going style of narration manages to keep the reader sufficiently interested to keep turning the pages to the very end.

After reading the book, it is very likely that you may want to take a look at some of the works by Amrita Sher-Gil or by one of the numerous artists mentioned in the book (from the Bengal school or the Progressive art group), in which case you could take a walk through NGMA, Bangalore and you are sure to find most of these artists there.

(Published in Bangalore Mirror)

Is the art market on a recovery path?

(By Nalini S Malaviya)

There are faint indications that interest in art is once again on the rise. With the stock market improving in the last few weeks, there is a perceptible change in the financial situation and buyers are now showing a renewed interest in art. As financial markets are invariably interlinked, it is not surprising that once again attention is shifting to art. Although, the change is marginal, yet it is a good sign compared to the past several months where conditions had worsened to the extent that footfalls and sales in galleries were close to negligible. Most auctions that took place in this interim phase too performed poorly.

At least now, there are enquiries about interesting shows and specific artists. Although, this is still very early to predict if the market is on the revival path, there is a strong possibility that things could improve. It is still early days and how much of this interest translates into financial tractions one will have to wait and watch.

It also appears that this time, buyers are likely to be more cautious in investing heavily in art. In the recent past, there were several instances where investors found it difficult to off load their artworks at the prices at which they had bought. Readers will remember that in the last couple of years, art prices were at an all time high and it was not easy for investors to exit during the recession that followed soon after. Investors who had held onto their works are in fact in a better shape, as with the improvement in the financial markets, art prices too will rise.

Investors who have gone through this ‘boom and bust’ period will now tread cautiously. According to most analysts, it is unlikely that art prices will witness a similar short term surge in the near future, but as a long investment art should still be a fairly safe option.

(Published in Financial Times on Jun 14, 2009)

Is the art market on a recovery path?

(By Nalini S Malaviya)

There are faint indications that interest in art is once again on the rise. With the stock market improving in the last few weeks, there is a perceptible change in the financial situation and buyers are now showing a renewed interest in art. As financial markets are invariably interlinked, it is not surprising that once again attention is shifting to art. Although, the change is marginal, yet it is a good sign compared to the past several months where conditions had worsened to the extent that footfalls and sales in galleries were close to negligible. Most auctions that took place in this interim phase too performed poorly.

At least now, there are enquiries about interesting shows and specific artists. Although, this is still very early to predict if the market is on the revival path, there is a strong possibility that things could improve. It is still early days and how much of this interest translates into financial tractions one will have to wait and watch.

It also appears that this time, buyers are likely to be more cautious in investing heavily in art. In the recent past, there were several instances where investors found it difficult to off load their artworks at the prices at which they had bought. Readers will remember that in the last couple of years, art prices were at an all time high and it was not easy for investors to exit during the recession that followed soon after. Investors who had held onto their works are in fact in a better shape, as with the improvement in the financial markets, art prices too will rise.

Investors who have gone through this ‘boom and bust’ period will now tread cautiously. According to most analysts, it is unlikely that art prices will witness a similar short term surge in the near future, but as a long investment art should still be a fairly safe option.

(Published in Financial Times on Jun 14, 2009)

Is the recession affecting art?

(By Nalini S Malaviya)

Now that the recession has become a hard reality and has hit the art market also significantly, one wonders if this will change the way we look at art. One reads of efforts where cadavers stripped of skin and coated with resin to preserve them are displayed as art, or when butterflies pinned on a canvas and dead animals preserved in formaldehyde solution are presented as art or when an unmade dirty bed is paraded as a work of art, one wonders what next? And, in fact, some very bizarre and sensational artworks have sold for millions of dollars at auctions. Art that generates controversy has become a surefire way to make a name.

What is amazing is that people have come up with these ideas and have managed to market it so well that they have persuaded others that it is art. And, what is more surprising is that people have not only been convinced about its credibility as a form of art, but have also spent good money on it. The fact remains that till just a few months ago practically anything and everything could be paraded as art and it would succeed in finding a gullible buyer.

Well, art happens to be one area where hype seems to play a major role. It is noticed that most people are drawn to the name of the artist rather than the artwork itself. It appears that the trend seems to be reversing, one finds that there are hardly any takers for artists such as Damien Hirst now. Prior to the recession the contemporary art market seemed to have gone completely haywire. Speculation, manipulation and hype were some of the causes that inflated the market substantially. At the moment, whether it is good judgment that is affecting the sale of such works, or whether it is a genuine lack of funds that is affecting the market - to know that one will have to wait and watch.

One hopes that in the current phase as most artists and buyers have become quality conscious there will be a change in trend for the better. However, as long as there are vested interests and a hyperactive media, hype will never go away, but surely with time buyers will become more evolved and will be able to separate art from the chaff.

The art market scenario

Numerous reports on the current recession and the situation of the art market have been emerging constantly, and while some suggest that the art market is fairing not as badly as one would have expected, there are others that go on to emphasize the sorry state of affairs. Still, the general consensus appears to be that the recession has helped tremendously in the art prices coming down to more logical levels. In the last few years the millions of dollars that were being spent on art thanks to all the hype, had boosted the art market artificially. This trend has slowed down now substantially and at the moment there is little demand for big names or hyped up works, and the few odd sales that are happening have been at much lower rates.

The overall feeling is that genuine art and artists will survive this downtrend. Speculation should also decrease, at least temporarily, and that should help in the stabilization of the art market in the long run. With lesser manipulation and a genuine interest in art being the root cause of sales it will ensure that only the serious players remain. Well, this might be the scenario at the moment, but ultimately how the market revives and operates may be determined by factors that will influence the situation in the next couple of years.

But, one noticeable factor in the recent past has been the renewed focus on quality by both the artist and the collector. In fact, now collectors are extremely conscious about the kind of works they buy. Where earlier an artist’s name was sufficient to induce a sale, and there was a frenzy to grab every work that came along - there would even be a waiting period to collect works by particular artists. This trend was bound to change, and now buyers are trying to ensure that they invest only in top quality works. The biggest gainers in this entire cycle have been upcoming artists who had begun to make their names just before the recession began. Their pricing has been the biggest draw, and both galleries and buyers are watching out for them.

(Published in Financial Times)

Straying Off Course

(By Nalini S Malaviya)

Of late, there have been several queries regarding courses in art appreciation and workshops on painting and sculpture. It just goes to show how the awareness and interest in art has grown in proportion to the art market. There is an ever widening audience that wants to know more about various aspects of art, but, unfortunately, avenues to fulfill these remain rather limited. Most art colleges offer a fixed set of conventional courses which cover full time programmes in various branches of fine arts such as painting, applied arts, sculpture and art history amongst others. However, with the growth in the art mart, there has been a spurt in demand for affiliated services such as art advisory services. Also, there is a need for courses that address the business aspect of the market. Art writing, curation, investment, valuations, appraisals are some of the key areas that need to be addressed through specifically designed programmes for art professionals. Of these, to the best of my knowledge, there are very few courses that are offered either as a degree diploma, or a certificate course in any of the fine art institutes in the country. There is no shortage of fine art colleges (comparatively speaking) in the country, but these are geared towards conventional disciplines rather than towards professional courses that support ancillary services relating to the business of art. What this means then is that the art market is buzzing with professionals lacking in necessary qualifications and this further adds to the chaos that characterizes the Indian art market.

A look at an international auction house’s official website reveals short term courses in Art Law, Ethics and the Art market, Art Valuation, and a number of other equally relevant courses, while semester programmes in Art and Business, and masters in various aspects of contemporary art are offered. It appears that the business of art is taken extremely seriously and efforts are made to plug the gaps that may occur due to lack of knowledge. As an auction house it makes a lot of business sense as well to address these topics. In India we are lacking behind sorely in imparting professional education in most fields and the same is happening in fine arts too. On the other hand, the business segment in art has grown exponentially, while the number of professionals who can authenticate art, provide valuation or information on copyrights and other legal issues are negligible. One can only hope that such programmes tackling the business side of the art market are initiated in the near future, as this will establish greater credibility and confidence in the market.

Valuation of art

(By Nalini S Malaviya)

Every art collector, at some point or the other, likes to know the financial worth of his art collection. The monetary valuation of an artwork comes in useful not only in estimating the monetary worth of a collection, but also when art needs to be sold. Again, it forms a crucial element for the purpose of insurance and wherever property assessments have to be done or when estate issues are involved. In such cases it is important to get a fair estimate from an independent source.

Today, when prices have corrected drastically, many people who are attempting to sell their artworks privately have to resort to some kind of a valuation which gives an idea about its current market price. Having a reasonable base price as reference helps the seller in making a prudent decision regarding the sale of the artwork. A valuation may also be necessary when an heir is in doubt about the value of an inherited artwork. Many corporate collections and private individuals as well opt for a valuation of their art collection as it gives an estimate regarding the total financial worth of the collector.

The process of valuation should be done by experts in the field as it is a fairly complex procedure, involving several factors such as, comparison of data of various price points, significance or rarity of the work, condition of the artwork and current market estimates. Incidentally, most auction houses provide this service.

Generally, in case of private sales most people tend to approach either galleries or independent consultants for a fair market evaluation. The important factor here is that one should obtain the services of an expert who is unbiased and has no stake in the financial worth of the artwork.

The Indian art market has grown phenomenally in the last few years and although there is a slowdown at the moment, valuation of art is one field that is bound to see a lot of demand and growth in the near future.

(Published in Financial Times)