Investing in art is always a long-term proposition. This asset class - it is perceived as one these days - is quite different from money market instruments or commodities for that matter. It involves aesthetics, preservation and a keen eye for potential. It is therefore essential to keep in mind a few facts about art before buying an artwork, if you have its investment aspect in mind.
To begin with, an artwork does not lie in a demat account. It will be displayed in your home or office for a few years. It is therefore absolutely essential that you like the piece you are buying, apart from its projected market value. This apart, it is also advisable to buy a ‘marketable artwork’, going by the current trend.
Another aspect that you need to keep in mind while buying an artwork is the artist himself. An upcoming but promising artist’s works will not be as expensive as an established and senior artist. Some knowledge about art will help as you can identify potential and buy works that will appreciate over time, at a good price. It is therefore necessary to study artists and read-up on reviews before buying an artwork.
Yet another factor you need to dwell on is the sort of work you are buying. Oil and acrylics on canvas cost a little more but are also likely to fetch higher returns when you resell them. A good frame will ensure the durability of the artwork as well. In addition, you need to take steps to protect your artwork adequately while on display at your place.
Many people buy an artwork, display it for a couple of years and sell it to buy another one. This way, they have a variety in their decor - workspace or home - and get a return on their investment too. While this is a good strategy, knowing some basics about art investments will ensure you make the right choice.
(Published in Financial Times)
14 Nov 2007
5 Nov 2007
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)
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)
31 Oct 2007
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)
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)
11 Oct 2007
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)
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)
Subscribe to:
Posts (Atom)