Signature style or experimental works?

Many artists believe in sticking to one particular genre of painting, even a theme and continue to work with it over the years. They perfect their style, their command over the subject and technique. They deal with the theme in a similar manner and continue to create works that has only slight variations – as it may appear to a viewer. While this may appeal to some, others may find it boring or repetitive.

Buyers often wonder if they should buy an artist’s signature style or look at something more experimental. It could be new media, a new concept or something that is radically different. The answer is very subjective, if you like a signature work then you should definitely buy it. If the artist is well known or a brand by himself, the price will definitely appreciate over the years. But, if it is a work that puts you off for its monotonous look then it is better to opt for more variety and go for an experimental or non-traditional work. Just as people differ in their choice of décor for their homes, art is also a reflection of one’s taste. What appeals to one may repel the other. Contemporary artists are doing well at the moment and their works are also generally more experimental.

But, from the point of view of investment most signature works are fairly safe and are likely to appreciate with time. Also, one must remember, if you are talking about modern artists these are likely to do better in the long run, even if the contemporary market seems to performing well currently.

What about experimental or rare works by these well known artists? Are they a good investment? That again depends. Even a doodle by Leonardo da Vinci or Picasso has tremendous value, but our Indian artists are yet to reach that stage. But in all probability it does appear that they will soon command prices that may not be at par with their Western counterparts but will definitely reach greater heights compared to their current status.

(Published in Financial Times)

Art of Framing

Recently, I gave 3 artworks for framing. One of them - a pen and ink drawing had been lying unframed in a brown paper envelope for the last 5 years. Fortunately for me, it seemed in fairly good condition, however the edges were slightly frayed. Many of us buy paintings and if there is no place to hang them, we tend to stack them in the cupboard or against the wall in a corner, and then forget all about them. Paintings are delicate and fragile, and they are very susceptible to atmospheric conditions. We will talk more about care and conservation of paintings in future, but before that we should know a little bit about framing. Framing is not only about beautifying an artwork; in fact, a good frame should help in its preservation as well. When you spend thousands on an artwork, you should give some thought and money in choosing the right frame. A good frame supports the painting, prevents it from bending or distorting and also protects it from moisture, ultraviolet rays and dust (when it has a glass front).

It is important to go to the right framer, who will help you choose the right frame. He will be able to guide you on whether you need a mount, should the painting be glass protected, do you need ultraviolet-resistant glass, what are the cost implications and so on. He will also ensure use of acid-free matte, pre-treated backing boards and wood for the frame (however, synthetic frames are more popular now).

For my black and white drawing the framer suggested a white mount and a simple black frame. Why not a heavy ornate frame? The reason is that a thin strip of black frame will demarcate the space on the wall, and will draw attention to the drawing, and at the same time not detract from it. A beautiful work of art should speak for itself, an ornate, or an over embellished frame will only add clutter.

So how do you choose a frame? Opt for a frame that will complement the painting. A frame that is too bulky or embellished can completely overshadow the artwork. In fact, many art collectors usually opt for simple and minimal frames that will provide the necessary hardware support without becoming overwhelming. So, the next time you invest in a painting, make sure you frame it properly to protect your investment.

(Published in Bangalore Mirror)

Art Market - Ethics

As most buyers will testify there are numerous problems that plague the art market when it comes to pricing. One keeps talking, hearing and reading about the lack of transparency in the art market. Prices of artists vary from gallery to gallery and from one city to another. This difference is usually much more than what one would expect due to transportation or other costs related to logistics.
Credibility of the seller is another very essential factor that needs to be considered when buying art. As most people are aware there are numerous fly by night art dealers and consultants who are quick to cash on to the growing popularity of the art mart. Out to make a quick buck some dealers charge commissions that are ad hoc and do not hesitate to hike the price of a particular artwork according to its demand. One wonders if that is ethical? On the other hand, auction prices are completely driven by demand – the more the demand the higher the hammer price. In which case some may argue that if a buyer is willing to pay more in any secondary market then why not utilise the situation to one’s advantage.

As a buyer one needs to be alert about multiple aspects when buying an artwork. Fakes as well as price differences and credentials of the dealer are just some of the elements that one needs to consider. Recently, we had discussed how the Internet and online support groups could help in checking and validating prices of artworks. The same methodology can be used to check the credentials of a gallery or a dealer.

However, one must remember that art appreciation is something that is largely subjective. Other things (dealer credibility, authenticity of the artwork) being equal, it does come down to how much you like a piece of art, and how much you are willing to pay for it. And, even if art is a viable investment option, today, one should not lose sight of the fact that its real value does come from its aesthetic appeal.

Year of auctions ahead

The year has just started and already there is a lot of action in the art market. Art house Osians held an auction commemorating 100 years of Indian contemporary and modern art on January 19, where prices picked up after last year’s lull in the market. J Swaminathan and S H Raza commanded Rs 3.1 crore each, while a Tyeb Mehta went for Rs 2.6 crore, and M F Husain fetched Rs 2.2 crore.

Then, an auction of fine art and other artworks was organised by Bid and Hammer on January 24. Incidentally, Bid and Hammer is a new auction house, which debuted with this auction. However, at the time of writing this column the results were not officially disclosed. Next in line is the forthcoming auction by Emami Chisel Art, which has 89 lots by 70 artists. It has names like Tyeb Mehta (Kali III), F.N. Souza (Manor House), M F Husain (Safdar Hashmi), S H Raza (a rare landscape), J. Swaminathan, Bikash Bhattacharjee (Over The Dark Clouds), Manjit Bawa's (oil on canvas), Amrita Sher-Gil (two charcoal drawings) and Akbar Padamsee (a bronze head). What is interesting is that apart from the regular artists who feature in auctions – both domestic and international - there are also a few artists who are first-time entrants in an auction. According to the Emami Chisel’s website, the low estimate for the auction is Rs 15 crore, while the high estimate is Rs 22 crore.
Incidentally, one of the paintings titled Safdar Hashmi by M F Husain was the first painting by an Indian to cross the Rs 10 lakh mark in 1987. The debut auction by Emami Chisel Art will see a physical-cum-online bidding. The previews for this auction will be held in Delhi, Mumbai and Kolkata and the online bidding starts on February 10, while the hammer comes down in Kolkata on February 23.
The number of auction houses and auctions on Indian modern and contemporary art is likely to grow. As the art market continues to stabilize, the buyer base will expand, and the interest in Indian art will also increase. And, of course, buyers will become more confident in investing in art as it will become more attractive as an investment option.

(Published in Bangalore Mirror)

Compare prices before buying

The biggest advantage of the Internet for art collectors and other buyers is access to information and the opportunity to compare prices. Recently, a prospective buyer found that a painting he was interested in cost differently on two online art galleries. As both the galleries could not have had the same painting one deduced that they were probably from the same series with minor variations. What was amazing was that the prices could vary so much - more than double. Eventually, it turned out that one was a ‘primary’ price and the other the ‘secondary’ one.

In the art market too, there is a primary and a secondary market similar to what exists in the stock market. The primary sale is the initial or the first sale of an artwork whereas when it is resold it is called the secondary market. In a resale the seller may raise the price substantially to improve his profit margins but unless there is a real demand in the market for either that artist or that particular work the sale may materialize or not. Therefore it is safe to say that the secondary price is driven completely by demand.

It therefore goes without saying that if one is not alert about cross-checking and verifying data, one may end up overspending. The Internet as well as specific online groups offer a unique opportunity to select artworks, research on the artist, compare prices and solicit advice from specialised networks - all for free. In fact, this offers a tremendous advantage to new and unsure buyers who can gain from others’ expertise. Right from information about the investment potential of an artist, his current market value and availability to reputation of online galleries and websites, these networks offer a valuable support system to its members. However, one must not completely depend on virtual sources to collate all relevant information. Remember, it is difficult to evaluate motives and credibility through only online communication.

The best way one can utilize online groups and supports is to use it as a learning tool and build your own information base. Over time, you will find yourself gaining in confidence and will be able to take independent decisions relating to art investment.

(Published in Financial Times)