Keep an eye on art trends

(By Nalini S Malaviya)

In the recent months there has been a definitive shift in the kind of art that is being displayed at exhibitions across major centers in the country. The works have evolved and become more experimental in nature. Interestingly, many mainstream artists too are experimenting with new mediums.
New media art or installations, video and digital art are increasingly seen now and are also gaining acceptance in a wider audience. Although, these new media works have been around for several years, their sales were limited to a select group of art collectors and connoisseurs. Some of the artists who are experimenting with new media are Gigi Scaria, Pushpamala N, Manjunath Kamath, Riyaz Komu, Shilpa Gupta, Vivan Sundaram, Surekha and Sudarshan Shetty. In fact, sales of this form of art has picked up in the recent months. Collectors are now on the lookout for newer concepts that have been presented through novel media. And, although, conventional art, such as paintings and sculpture continue to be popular with its patrons, it does appear that the trend is moving perceptibly towards newer forms of art.

International auctions too have been including new media art, but now that there are so many artists who are gravitating towards this genre, that collectors have to be cautious about evaluating the investment potential of each of these.
Still, this is an exciting phase for collectors and investors. There is a lot of activity happening in the field of art and the choices have widened too. And, there is every indication that the Indian art scene is looking up, and although at this point sales may not reflect this trend to that extent it should be a matter of time before the art market sees the loosening of purse strings. Reports and analyses regarding the amount of time it would take for the Indian art market to recover actively varies somewhat, there appears to be consensus that it should be soon enough.

(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)

Role of galleries in promoting upcoming artists

(By Nalini S Malaviya)

Most art galleries, now, are on the look out for young and upcoming artists for multiple reasons. One of the primary causes for this is that prices of senior and established artists are beyond the reach of the average buyer. But, on the other hand, most new artists complain about the difficulties they face in finding a foothold. It appears that there is a gap in the system where talented artists may not easily find promoters, and this is despite the fact that most galleries claim to be on the lookout for them.

In fact, most galleries and promoters who are serious about showcasing good art are extremely selective about who they pick. And, this works out well for both artists and buyers. It is important that galleries remain discerning as it ensures that only talented artists are promoted as emerging artists. But, unfortunately, while this may sound like a good principle to follow, it may not be always as straightforward. Often good marketing skills or efficient networking or other factors may play a role in who eventually gets promoted.

Still, it would be fair to say that the bigger galleries maintain a high level of standard in terms of their artists as it is crucial to their survival and their credibility. That is one of the reasons why buyers frequent galleries that have established credentials as the groundwork is somewhat over and a buyer can afford to take it comparatively easy in terms of choosing the artist. But, it would still be advisable that collectors and investors do their own research before investing in art. It is important to remember that at the end of the day an art gallery or promoter is likely to endorse their own artists. Therefore, to have a completely unbiased and balanced picture one should rely on independent sources.

(Published in Financial Times)

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)

The Indian art scene appears vibrant once again

(By Nalini S Malaviya)

After the remarkable success of the recently held India Art Summit there are many art connoisseurs who are now looking forward to the Art Expo 2009 happening in Mumbai this month. The second edition of the expo will be held on 25th to 27th September at the Nehru Center. At the moment, there are approximately 25 galleries participating in it, and a few speaker sessions have also been planned, spread across the three days. According to the organizers, the expo “is a perfect platform for launching Indian art in the international arena with meticulous selection of top galleries and well-conceived program of special exhibitions, seminars and other events.”

What makes such art events interesting, apart from the more immediate benefits such as networking, is that they offer a forum to discuss issues related to the business of art before a wider audience. Art collectors and investors also benefit hugely, not only in terms of access to information, but also in terms of access to a wide spectrum of art - all under one roof.
Talks by experts in the field, and an opportunity to interact with artists, gallerists, critics and other key members from the art fraternity add value to such events. Insights into various aspects related to the art market, such as world markets, evaluations, regulations and so on, make the event more interesting.

With the maturing of the Indian art market, and its remarkable growth in the last few years the current phase is going to be crucial in establishing credibility. The recent recessionary phase highlighted many gaps in the art market, and now that the market is poised, once again, to grow to the next level, it is in the larger interests of everyone concerned that better business practices are implemented to steer the growth in a healthy direction. In such a scenario major art events that invite participation from across the country and abroad can offer an excellent opportunity for discussing key issues along with the business side of the art scene.

If planned and executed properly such events can turn to be much more than just a networking opportunity and become a great learning experience for art connoisseurs.

(Published in Financial Times)

Art is back

(By Nalini S Malaviya)

If sales at the India Art Summit are anything to go by, one can conclude that art is once again back in demand. And, the good news is that buyers now have the means to pay for it. According to art summit sources, sales worth approximately Rs 25 – 26 crores were made during the 4-day modern and contemporary art fair, held in the capital. More than 40 thousand footfalls were recorded to indicate that these many people visited the fair. These reports indicate a reawakening of interest in art, and is a positive sign for the Indian art market in general.


At the second edition of the Art Summit held earlier this month many buyers were spotted finalizing deals. In comparison to last year, this year’s event managed to gather top galleries from the country, showcased the biggies from the Indian art world, and also managed to convert a lot of interest into sales. An important point to remember is that at the moment art prices are comparatively less than what was seen last year. This, in fact, makes it a good time to buy art.

As galleries from Mumbai, New Delhi, Chennai, Bangalore, Kolkata and a few from abroad, participated in the summit, it meant that there was a wide selection of art on offer. With the cash register ringing, galleries and artists have come away happy. The sales happening after a particularly dull period in recessionary times gives more reason for cheer. And now that experts feel that the economic scene is looking up, it is all the more reason for buyers to turn to art for investment purposes. After all, as in any other investment, it makes sense to buy when the prices are low.

Hopefully, the next edition of the Art Summit will be bigger and better with more focus on emerging artists and increased participation from the well known international art galleries.

(Publsihed in Financial Times)

Art for the Masses

(By Nalini S Malaviya)

As you move from one gallery to another, many a time you come across paintings that look similar and seem to have been produced in bulk. Surprisingly, these are not created by hobby artists, but artists with a proper fine arts background, and qualifications. There is a huge market for this kind of art, and that is probably the biggest reason why many artists tend to cater to this section.

As we all know, galleries play an important role in promoting and showcasing art, and most of them tend to build their own clientele in accordance with the art that they patronize. For artists too, it becomes difficult to find a way into bigger galleries that can promote them in the right circles. And, therefore, many of them get ‘attached’ to galleries, and end up producing the same kind of art, year after year. Most of these artists get trapped in this cycle, and are unable to break out of this mould, mainly in terms of altering the direction of their art. Several times one finds that the artists have the potential to do better work, but due to a lack of forum to present their work, they get stereotyped in their art. Minor variations, here and there might be made; but overall there is no change in content or technique over the years. Most of the buyers for this segment of art are those who are not properly clued into market trends, who tend to patronize one or two galleries, or those that are not looking at art as a serious investment option.

Gallery support is vital in the promotion and the development in the business of art, and unless gallerists themselves are aware of the various aspects related to the finer points of art, they cannot do justice to their artists or their clientele.

(Published in Financial Times)

India Art Summit – an opportunity for networking

(By Nalini S Malaviya)

The second edition of the India Art Summit kicking off two days from now, promises to be a meeting ground for members of the art fraternity. A mix of curated projects, gallery stalls, educational programmes, art films and speaker forums, the summit offers its visitors plenty of opportunity to get initiated into art and into interact with artists and connoisseurs. Art collectors, investors, critics and other members of the art community from across the country are looking forward to the art extravaganza. However, how much of this enthusiasm is affected by the H1N1 flu and the resultant travel advisories remains to be seen.

According to Neha Kirpal from the India Art Summit, "It's the one time of the year that every member of the Indian art community convenes, participates, and benefits from coming together. The exchange and dialogue happens on many levels - while discussing trade in the art fair, debating issues in the speakers' forum, informal chats over coffee, or wine, or an evening out at one of the fifteen collateral events"

This year 54 galleries, including 17 from around the world – from UK, China, Philippines, Germany, UAE and USA are amongst those who are participating. In this edition, the international speaker forum includes topics related to the economic and social implications of globalism and globalization, emerging markets, valuation of art, and conversations between artists and critics. The panel of speakers includes curators, critics, artists, collectors and representatives from museums and galleries from the world over. The Sculpture Park is going to be another major attraction that utilizes an open-air space at the entrance of the fair, where large-scale outdoor sculptures and installations will be showcased. The Purple Wall Project is a curated project that has been specially conceptualized and will be exhibiting installation art and a Video Lounge that will showcase video art by contemporary Indian as well as international artists.

A wide cross-section of art both conventional and conceptual will be on display thus offering collectors and investors a unique opportunity to not only enhance their understanding of art, but to also discover latest trends in international art.

(Published in Financial Times)

India Art Summit – an opportunity for networking

(By Nalini S Malaviya)

The second edition of the India Art Summit kicking off two days from now, promises to be a meeting ground for members of the art fraternity. A mix of curated projects, gallery stalls, educational programmes, art films and speaker forums, the summit offers its visitors plenty of opportunity to get initiated into art and into interact with artists and connoisseurs. Art collectors, investors, critics and other members of the art community from across the country are looking forward to the art extravaganza. However, how much of this enthusiasm is affected by the H1N1 flu and the resultant travel advisories remains to be seen.

According to Neha Kirpal from the India Art Summit, "It's the one time of the year that every member of the Indian art community convenes, participates, and benefits from coming together. The exchange and dialogue happens on many levels - while discussing trade in the art fair, debating issues in the speakers' forum, informal chats over coffee, or wine, or an evening out at one of the fifteen collateral events"

This year 54 galleries, including 17 from around the world – from UK, China, Philippines, Germany, UAE and USA are amongst those who are participating. In this edition, the international speaker forum includes topics related to the economic and social implications of globalism and globalization, emerging markets, valuation of art, and conversations between artists and critics. The panel of speakers includes curators, critics, artists, collectors and representatives from museums and galleries from the world over. The Sculpture Park is going to be another major attraction that utilizes an open-air space at the entrance of the fair, where large-scale outdoor sculptures and installations will be showcased. The Purple Wall Project is a curated project that has been specially conceptualized and will be exhibiting installation art and a Video Lounge that will showcase video art by contemporary Indian as well as international artists.

A wide cross-section of art both conventional and conceptual will be on display thus offering collectors and investors a unique opportunity to not only enhance their understanding of art, but to also discover latest trends in international art.

(Published in Financial Times)

Art education : Need of the hour

(By Nalini S Malaviya)

The Indian art market has grown extensively in the last decade and our artists have received widespread recognition, both within the country and abroad. During this expansion phase the number of artists, dealers and galleries has increased substantially, and, so has the demand for ancillary services such as art advisory including valuation, appraisals and authentication etc. Similarly, art writing and curatorial services are also much in demand. There is a great need to have programmes relating to art laws and various other business of the art market.
Unfortunately, professional courses related to these fields are either non-existent or constitute a dismal number in the country. Although, there are many fine art colleges and institutes, most of them offer conventional art education programmes.

In fact, students and professional who have the inclination and financial backing opt for niche programmes abroad. London, US and even Singapore make excellent destinations for those who are looking at specialized courses relating to various aspects of art. The lack of educational facility in India translates into fewer professionals who are equipped to cater to a market that is poised to grow further. Investors are forced to rely on people who lack the requisite expertise. At a micro level, short term art appreciation courses will benefit investors and art connoisseurs who are looking at expanding their knowledge base.

What is surprising is that despite a spurt in demand not much has been done to tap the potential in this sector. Osian’s has recently come out with OLE – Osian’s Learning Experience – courses that are based on arts and culture. However, as these will be launched in October, it remains to be seen how tailored these courses are in terms of existing requirements.

As the business of art will continue to grow further it makes sense to offer quality and world class education to ensure Indian art emerges as a vibrant and ethical sector.

(Published in Financial Times)

Reasons for buying art

(By Nalini S Malaviya)

In the last few years awareness about art has increased substantially, and these days, most people are familiar with artist’s names, local galleries and prominent auction houses as events, art shows and auction reports are widely publicized in the media.
The number of people who are buying art has also grown with time, although their reasons for owning it might be different. Most people still buy art for dressing their walls – to match the sofa or a particular wall colour. However, the budget that is utilized for this particular purpose is usually limited and is generally well under a lakh. The buyer, here, focuses primarily on colours and aesthetics. The major draw in this case is pleasant portraits or colourful abstracts. Then there are buyers who are more aware and maybe slightly more experimental in their choice. They may opt for line drawings or limited edition prints, but generally choose works by better known artists. But here, too, the emphasis is on complementing interiors with art.

Another segment of buyers are drawn towards big names and for them trophy art is a way to impress their peers. It goes without saying that money is no object for this category of buyers.
Then there are buyers who begin collecting in a small way and then find themselves unable to resist the next painting that appeals to them. Before they realize it, their walls and closets are overflowing with art and yet they cannot make themselves stop. To indulge in an expensive hobby such as collecting art, it is obvious that ones finances must be in extremely good shape.

The last segment of buyers is those that have an analytical and precise approach to buying art. They survey trends, go through catalogues, check price curves diligently before coming to a decision. Their main purpose is to ensure that they have made a sound financial investment.

Well, whatever may be the reason for buying art, the fact remains that it is good for the art market in general.

(Published in Financial Times)

Modern artists remain in demand

(By Nalini S Malaviya)

Although, art prices for both modern and contemporary artists have fallen substantially in the last few months, it appears that the demand for certain modern artists continues to rule the market. Most buyers look for specific artists when they scout the market to make an investment in art, and a majority of them look for artists that form the biggest brands. The reason behind the trend is that as the demand for these artists does not follow seasonal changes, it is easier to resell their works.

Most of these modern artists have been a part of numerous international auctions and their works have reached a stable graph both in terms of quality and pricing (although, their auction price points are much lower than what is seen by their western counterparts). Recently, too, it was noticed that at auctions held in India and abroad, the modern artists were much more in demand compared to the contemporary artists.

Collectors who own works by the top most segment of modern artists are happy to wait out the recessionary period as they are sure that prices will go up in the future. Or, when approached by prospective clients the sale figures they quote remain on the higher side. This is yet another instance where the seller dictates terms. In fact, negotiations, if held, are minimal.

Still, one can see that buyers are not on a wild spending spree – images are carefully evaluated before the sale actually happens. It also implies that awareness about art and its pitfalls has percolated extensively and made the buyer more discerning. This single factor alone will help the art market immensely, after all, when buyers will demand quality, the artist and the dealer will have no option but to comply.

The demand for modern artists may persist for some time as the buyers continue to play safe, but soon, when the market begins to revive at a faster rate, and there is lot more liquidity to play around with, interest in contemporary art is likely to shoot up again.

(Published in Financial Times)

Art as a prized possession

(By Nalini S Malaviya)

More than anything else, art has emerged as a prized asset to be owned and flaunted. This is evident from the fact that buyers and collectors ask each other not what are they buying, but, who are they buying? The bigger the artist the greater the snob value, if you have his work in your possession. Investment and aesthetic value not withstanding, a work of art, rather, the signature on the canvas can make a dramatic difference to the owner’s social standing.

An artwork can define a space completely, and if it is a known and an established artist it becomes more than a conversation piece. A prized possession that can be displayed with pride it defines the status of the owner. This is probably one of the reasons why buyers tend to look for work by specific artists. The demand begins with the name of the artist - works are sifted through and zeroed upon, rather than the other way round.
As one goes up the social ladder, the status is reflected in the choice of art. One may begin by buying a painting worth Rs.10,000 in the initial stages. The budget then progressively increases and can go on to a crore or more at the end of the spectrum. Owning a masterpiece is a way of signaling of having arrived in the big league.

Most people who begin collecting art and have the liquidity to support their high-end preferences, tend to buy works by old masters. However, the collector who has been buying art for sometime tends to collect contemporary artists as well. As buyers continue to pick up art, they not only gain more knowledge and experience about art, but also grow in confidence and this is reflected in the choice of their art.

(Published in Financial Times)

Auctions indicate uptrend in art market

(By Nalini S Malaviya)

Several auctions of Indian art held in the last few days indicate that there is a perceptible change in scenario now. The mood is upbeat and sales indicate that there is a definite demand for rare and quality works.
The Saffron Art online auction saw 72% of the lots being sold where 54% of the lots were sold above the higher estimate. The sale of 85 Modern and Contemporary Indian works sold, grossed a total of Rs. 10.4 crores (USD 2.2 million). Works by V.S. Gaitonde, Subodh Gupta, M.F. Husain, Akbar Padamsee, Ram Kumar and F.N. Souza were amongst those that fetched the highest bids. Similarly, the Christie’s auction in London grossed $2.43m sales where an oil on canvas work by M.F.Husain painted in 1960 from his Ragamala series, fetched the top hammer price of £330,000 (approximately US$539,000), although it was significantly lower than the pre-sale estimate.

At the Sotheby’s sale of Indian art held in London last week, an ink and pastel work ‘Day Dreaming’ by Jogen Chowdhury fetched a record £373,250 (Rs 2.9 crore). Another work by Francis Newton Souza ‘Orange Head’ also fetched three times the pre-sale estimate at the auction. The auction reports indicate that the market for modern artists appears to be going strong as compared to the contemporary artists. At both Christie’s and Sotheby’s sales, the number of works were fewer as compared to earlier auctions and estimates were also on the conservative side for many of the works. These auction reports show that there is a positive mood in the market and buyers are willing to spend on good art. It may be too early to predict if the trend will continue but for the moment the situation looks encouraging.

Next in line is the Indian auction house, Osian’s with its ‘Select Masterpieces of Indian Modern and Contemporary Art’ sale on June 30. The auction brings together a range of historically important works comprising 58 lots with a total estimate of Rs 22-28 crore. The results from this auction too will help in clarifying the picture further.

(Published in Financial Times)

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)

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)

Brand value of art

(By Nalini S Malaviya)

Brand value has become immensely important in art - the association with a high end brand is seen as a status symbol, and as a product to be flaunted before others. Most potential buyers tend to relate to a known artist’s name just as one would respond to brands of watches, bags or clothing. A must have for any art connoisseur; these are artists equated with quality, consistency and lasting value, which is what places them at par with international brands. Some of the other features that are equated with a brand - recall value and the promise to deliver start to work here as well. And, that is where collectors are willing to go the extra dollar or rupee to own one.

Although art as an investment instrument has caught on immensely in only the last few years, the fact remains that most people still have limited knowledge regarding artists and their works. It is noticed that artists who are featured regularly in the news or the page 3 section are known more in the ‘non-art’ circles. Sometimes the association with a familiar name even leads to purchases of artworks as the average buyer is more likely to invest money in an artist who is perceived as a known entity. Although this cannot be equated directly with brand value, but, there is a link and an association with recall value. In creating a brand image, apart from talent, PR skills, marketing and media hype play a huge role. And, global recognition adds to the brand value. Most artist brands are those who have established themselves over the years – they have sustained themselves and have created a niche for their particular brand of art.

M. F. Husain, S. H. Raza, F. N. Souza are huge brands amongst the moderns, whereas artists like Subodh Gupta, Jitish Kallat, Bharti Kher and T V Santosh lead the category amongst the contemporary. With these artists, the investment aspect is clearly safe and risk free, however, as their prices run into several lakhs to crores of rupees, the amount of money required cannot be afforded by all. Clearly in art too, to own a brand one needs to have deep pockets.

Good time for quality works to emerge

(By Nalini S Malaviya)

With summer approaching there is a slow down of sorts in art activities. As has been the trend in the last couple of years there are fewer art exhibitions that are organized during this period. Apart from that the economic recession too has hit the art market in a big way. Some galleries have even closed shop completely, or partially. There have been instances where certain branches in some cities have closed down, or where some galleries are now opening only by prior appointment. Footfalls have reduced drastically in galleries, and gallery sources reveal that walk-ins are a rare sight these days.

What can a buyer or artist do during this phase?
This is a disconcerting time for people who are interested in art – there are fewer art shows to attend and thereby reduced interaction with other art connoisseurs. On the bright side, this happens to be a good time for those who buy art - either for its investment value or simply because they are passionate about it. Prices are low now and that is an added incentive for many buyers. And, there are works by many young artists on sale, practically everywhere. Due to the relaxed pace of affairs, most artists are also producing better quality works. This is also a good time to learn more about art. One can attend lectures or workshops wherever possible and visit museums. Reading about art always helps.

In the recent past, there has been considerable interest in young and upcoming artists who are talented. However, it is important for such artists to produce a substantial body of work and plan for a long term career. There are a sufficient number of people who are looking at commissioning artists with specific requirements and artists could keep an eye open for opportunities as well. As an artist one should also experiment more during this phase.

The good thing about this phase is that some exceptional works will get created in the process. As quality will take precedence over quantity, it will benefit the art market as a whole.

(Published in Financial Times)

Art prices more realistic now?

(By Nalini S Malaviya)

In the recent past prices of paintings and sculptures have fallen considerably, and are much more realistic now. Buyers who have never bought a single work of art ever before are now looking at art from a fresh perspective. Although, art dealers and galleries are pushing art less aggressively at the moment, there are still a sufficient number of buyers who continue to invest in art. This number is drastically less compared to the scene a few years ago, but nevertheless it exists. It has been noticed that paintings that were priced over a crore a few months ago have now fallen significantly.

It also appears that most artists have reconciled to this new phase of the economic downturn, and have adjusted their prices accordingly. Galleries and dealers are also open to negotiations and are encouraging artists to price their works reasonably. However, there is a small percentage of artists who continues to be in denial about their market rates, or it could be that they have the luxury to ignore the market trend. Some of them are opting to not sell their works at all and appear to be waiting for the market to look up again.

It is also seen that a large number of works are being put up for resale. Contemporary artists, whose prices escalated exponentially in the last few years, have reached a much more stable phase, now. But, there are limited buyers who are willing to spend that amount of money on this category of artists. In fact the trend has completely shifted to young and upcoming artists, and to art that can be classified as ‘affordable’. This is a good phase for an informed buyer. The frenzied pace to pick up art, which was seen earlier, has now been replaced by a more judicious approach. Buyers are attracted towards price and quality, and not necessarily in that order.