Is The Art Market Stabilizing?

(By Nalini S Malaviya)

In the last few months there has been a lot of interest and curiosity surrounding the art market. The past five years saw a phenomenal growth in the market where prices rocketed upwards, but then there was a stabilization of sorts recently. However, speculation continues whether the market is recovering or is the slump likely to continue for some more time. The recent held auctions by Sotheby and Christies seem to have reaffirmed faith in Indian art. In fact, the senior group of artists have performed exceptionally well, and this seems to indicate a renewed confidence in Indian art, which is likely to be substantiated in other forthcoming auctions as well.

The domestic market, too, appears to be thriving well. There seems to be a lot of emphasis on the young and upcoming artists. Artworks priced in the range of 1-5 lakhs or even as high as 10 lakhs are in the spotlight. This is especially true when these works have been done by the next generation of promising artists.

The price correction has been a leveller of sorts and has also helped in making the buyers more quality conscious. As the awareness has grown, buyers have become more demanding. The emphasis on quality strikes a welcome note. Artists now, hopefully, will be forced to slow down, pay more attention to detail as well as take their time to turn out creative works. It will also act as a filter to separate the genuine artists from the commercially-minded ones.

With more focus on the younger artists and a greater interest in the lower price range, art will also become more affordable to a wider buyer base. This by itself should give an impetus to the market, renew interest and strengthen it somewhat. Newer trends may find a larger audience. Apart from conventional artworks, newer mediums and styles may also find wider acceptance. Lower prices may continue for sometime, but it is likely to have a positive impact on the overall art market in the years to come.

(Published in Financial Times)

Importance of the Right Frame

(By Nalini S Malaviya)

A beautiful frame serves to draw attention to a work of art. But more than the decorative value of a frame, it is important to invest in the right kind of frame that will support the painting without damaging it in any way. We have seen in the past that artworks on paper are particularly fragile in nature and can get damaged easily. A good quality paper forms the basis of a good quality artwork, and is an essential element that contributes to the longevity of a painting on paper. However, if a poor quality wood or backing material is used for framing a painting that has been done on the best quality paper, it will eventually defeat the purpose.

If wood is used for framing, it is essential that it is pre-treated and seasoned appropriately. Wood can be highly susceptible to wood borers and other kind of pests that can spread to the painting and damage it irreparably. A bad quality backing for the painting can shrink or warp and again damage the artwork. If the wood is not properly seasoned, moisture can get in between the glass front and the painting. This can encourage mould to grow. Poor quality mats will yellow with age and may also become brittle over time, which in turn can affect the painting or drawing. The acrylic or glass cover should also be of good quality, for instance an ultraviolet (UV) protective glass can be used. This will protect the painting from the harsh effects of UV light to prevent it from turning ‘yellow’ or fade with time. The freshness of colors and pigments will also be maintained over the years. One should also avoid using adhesive tapes such as a masking tape, which can damage the mat with time.

If maintained properly, a good watercolour or drawing can last for a long time and one can enjoy its beauty and the freshness of colours for a long time to come.

(Published in Financial Times)

Art on Paper

(By Nalini S Malaviya)

These days artworks on paper are increasing in popularity because they are generally more affordable than oils and acrylics on canvas. When buying paintings on paper it helps to remember a few points. Typically paper is a fragile medium and gets damaged very easily. When artists use paper that is of inferior quality it affects the lifespan of the work drastically, thereby affecting your investment value. The acidic content of ordinary paper makes it darker with time and it will also tend to yellow or fade over the years. Therefore, when one buys a drawing or sketch, or watercolour that has been done on paper, it is important to check that it has been done on good quality acid-free paper.

Paper collages are also becoming very popular as a medium of expression with some artists. These collages are sometimes done with scraps of paper torn from newspapers and magazines. We are all aware how fast a newspaper yellows with exposure to sunlight. These publications are short lifespan products and are not suitable to be used for fine arts.

The quality of paper is determined by the raw materials that are used, and generally inexpensive paper is likely to be of inferior quality. When you are spending Rs.50,000 or more for a work of art, the idea behind it is that it should turn out to be a solid investment over time, and should last well over the years. But, a low-grade paperwork will not only lose colour, it can also become brittle or creased.

Restoring a paper artwork is an extremely tedious and expensive process, and may still not be able to match the original quality ultimately. In fact a good quality paper should take care of elements such as ageing, resistance to light and strength.

Normally, some artists come out with a range of artworks on paper in order to make it more affordable. However, it is equally important that they ensure that the quality of the paper makes it long lasting. When you are spending thousands of rupees as investment, do not hesitate to check and confirm the quality of materials used.

(Published in Financial Times)

Limited Edition Prints - III

(By Nalini S Malaviya)

Having discussed the various kinds of prints and the terminologies associated with them, we now look at the factors that need to be considered before investing in prints. There is a line of thought that believes that one should start investing in art with prints, since costs are less, and as you gain knowledge and confidence over time, you can start investing in original works. On the other hand, some people believe that since offset prints are produced in large quantities they serve only a decorative purpose and have a negligible investment value. Therefore, inves-tors must be careful to pick up prints that will appreciate over the years.

courtesy: affordindianart.com

The golden rule to follow when buying a print is to look for one that is produced in limited numbers. An ideal number would be 10 to 20, and you must look for artists who produce such prints. In fact, there are a few artists who make only 10 edition prints and then also sell the print plate painted, so no further prints can be taken. Another thing to watch out for is the 'platemark' and the counter signature of the artist. Very few artists give out authenticity certificates for etchings, however getting one helps.

Art consultant Umesh U V says that from an investment point of view, some intaglio etchings are appreciating in value sharply. Artists Laxma Goud and Viraj Naik’s works are popular with investors. Some of them are even showing a growth rate of about 50 percent every six to nine months. The resale value of a print is generally very good but depends heavily on the subject of the image. For instance, Laxma Goud's 'goat and woman' series are most sought-after. Similarly, Viraj Naik's mystic creatures and Rini Dhumal's emperor series are good investments. Also, serigraphs by Raza and Ramkumar are coveted while Husain's smaller edition serigraphs do well. The trick then is to do a proper research and consult experts before investing in prints. There have been numerous cases where posters have been passed off as limited edition prints. In fact, there have been instances where such posters have been sold for more than Rs 25,000 to unsuspecting buyers. It is therefore important to know the difference.

(Published in Financial Times, Bangalore)

Affordable Art Options - Limited Edition Prints

(By Nalini S Malaviya)

Prints as we discussed earlier offer a good investment opportunity at a fraction of the cost of an original painting by the same artist. Here is a low-down on some of the other kinds of prints.

Giclee
It is a French word and is pronounced as ‘zhee-clay’. According to the wikipedia it is an invented name for the process of making fine art prints from a digital source using ink-jet printing. The name was originally applied to fine art prints created on Iris printers in a process invented in the early 1990s but has since come to mean any high quality ink-jet print. As there is no screen involved, a giclee offers excellent resolution and a rich color density.

Intaglio
It is a printmaking technique, where a design is incised on the surface of a metal plate such as copper or zinc. An intaglio print is created by applying pressure on the paper from a plate where the design is recessed or etched on its surface. Due to the pressure applied in transferring the design to paper, intaglios have a platemark or rectangular ridges that can be seen on the paper. Etching, engraving, aquatint are part of intaglio process.
In an etching, a metal plate is covered with a layer of wax and then a design is drawn over the wax with the help of an etching needle. This plate when immersed in acid etches on the design on to the plate (the acid corrodes the line of the design), while the wax resists the acid. This is also called a line etching. Aquatint involves a process similar to etching, however the end result is finely dotted areas rather than lines.

Limited edition prints are signed and numbered (S/N) by the artist. The lower the number of prints the better its investment value, however the higher the number of prints the more affordable it is.

Artist Proof (A/P)
A limited number of prints (often 20 or less), these are signed by the artist and highly coveted. In the olden days, these were considered to be a quality check in terms of color and other aspects done by the artist at an early printing stage. Now, these are the same as the final edition prints but are still in demand by art collectors and investors, since they are so limited in number.