15 Mar 2008
14 Mar 2008
13 Mar 2008
Paper Tigers
I recently read a report that talked about how artworks on paper are gaining ground with investors, especially works by Indian artists. The article went on to elaborate on the history and tradition of Indian art on paper, and also listed the prominent Indian contemporary and modern artists who have a significant number of works on paper.
Good quality art paper is probably as good as canvas. But art on paper, especially low grade paper, can have a significantly short life. This is not to say that all artists are using substandard paper, but as an investor you should be aware of what you are buying. In fact, these days most artists take utmost care when it comes to using quality materials – pigments, canvas, paper and so on. But then, the stakes are now very high and one is spending thousands to lakhs of rupees for a single work of art, in which case you have every right to check and validate the quality of paper used. After all, there are a few artists riding the popularity wave and may not hesitate to cut costs. Framing of paper works requires special attention, so keep that also in mind when buying art on paper.
On a completely different note, it is an interesting fact that the kind of art people buy has a lot to do with their geographical location along with other factors such as age, profession and so on. This is not a result of any scientific study but observations made by a few experienced people involved in organising art exhibitions.
For instance, a ‘curator’ (a term used loosely here to denote a person organising an art show) from Mumbai told me that many Bangaloreans are fascinated by paintings with rural women and their earthen pots. But then, it could also be linked to the fact these are the kind of exhibitions that we are exposed to. This trend is more popular with the first-time buyer or those looking at decorating their walls.
Nothing wrong with it, except that one wonders how many of these paintings make sense from an investment point of view. On the other hand, discerning art lovers know exactly what and whose works to buy. Young buyers (in their 20s and 30s and there are many of them now) are more open to newer concepts and media, and are also more willing to take chances with an artist’s name.
(Published in Bangalore Mirror)
Good quality art paper is probably as good as canvas. But art on paper, especially low grade paper, can have a significantly short life. This is not to say that all artists are using substandard paper, but as an investor you should be aware of what you are buying. In fact, these days most artists take utmost care when it comes to using quality materials – pigments, canvas, paper and so on. But then, the stakes are now very high and one is spending thousands to lakhs of rupees for a single work of art, in which case you have every right to check and validate the quality of paper used. After all, there are a few artists riding the popularity wave and may not hesitate to cut costs. Framing of paper works requires special attention, so keep that also in mind when buying art on paper.
On a completely different note, it is an interesting fact that the kind of art people buy has a lot to do with their geographical location along with other factors such as age, profession and so on. This is not a result of any scientific study but observations made by a few experienced people involved in organising art exhibitions.
For instance, a ‘curator’ (a term used loosely here to denote a person organising an art show) from Mumbai told me that many Bangaloreans are fascinated by paintings with rural women and their earthen pots. But then, it could also be linked to the fact these are the kind of exhibitions that we are exposed to. This trend is more popular with the first-time buyer or those looking at decorating their walls.
Nothing wrong with it, except that one wonders how many of these paintings make sense from an investment point of view. On the other hand, discerning art lovers know exactly what and whose works to buy. Young buyers (in their 20s and 30s and there are many of them now) are more open to newer concepts and media, and are also more willing to take chances with an artist’s name.
(Published in Bangalore Mirror)
10 Mar 2008
Wait before you sell that painting
As an art collector or investor you may want to sell some of the works in your collection and buy newer works. Unfortunately, due to tremendous media hype a lot of people have begun to look at art as a short cut to wealth. In six months. That is a myth. Art should always be looked at as a long-term investment. There might be isolated cases where someone has made money by selling a work in 6 months, but these are exceptions to the rule. If one is lucky enough to find a buyer who is willing to pay more than the market price for the work you own, then that is another story. In general, it is not easy to sell art in the secondary market unless you are either a part of or have contacts with a network of consultants, dealers, buyers and investors.
Some art galleries and dealers may assure young and new investors that they can always resell the painting, but in fact selling an artwork is very different from selling gold or shares. Although, gallery offers may appear tempting, one must take the time to consider that your money will be effectively ‘locked-in’ for a certain period when you invest in art. According to a Delhi based art consultant as an investor you must be aware that you must hold the work with you for a minimum of 3 years to get decent returns. In fact, if you can wait a five-year period that is an optimum timeframe which will fetch you better returns.
Some art galleries and dealers may assure young and new investors that they can always resell the painting, but in fact selling an artwork is very different from selling gold or shares. Although, gallery offers may appear tempting, one must take the time to consider that your money will be effectively ‘locked-in’ for a certain period when you invest in art. According to a Delhi based art consultant as an investor you must be aware that you must hold the work with you for a minimum of 3 years to get decent returns. In fact, if you can wait a five-year period that is an optimum timeframe which will fetch you better returns.
Investors who have been buying art for several years will happily tell you stories about how they bought a Husain for Rs 250 many decades ago. In fact in those days art was not looked upon as an investment avenue, but some of these ‘investors’ who have held on to their Husains, Razas and Padamsees are now probably a part of the millionaire club. In any case, the point is that one should not be in a hurry to sell art. Keep a pulse on the market, which will give you an idea how prices and the demand for that particular artist is evolving, which will also help you in making the decision.
(Published in Financial Times)
4 Mar 2008
Art market buoyant again
First, let’s have a look at the results of a couple of auctions held earlier this year. Remember Bid and Hammer, the new auction house in Bangalore? It created a lot of interest and in fact quite a stir in the city. Art connoisseurs were very excited at having this auction house in Bangalore.
Now, Bid and Hammer had their first auction of fine art and other works of art on January 24. The results are now finally up on their website and according to them 46 percent of the lots have been sold for Rs 2.78 crores. In contrast, Emami Chisel Art - a Kolkata based auction house that held a physical-cum-online bidding - brought the hammer down on February 23 and have sold 81 out of 89 lots from 70 artists. Plus, M F Husain’s ‘Tribute to Hashmi’ created a record for being the first Husain to cross the $1 million mark at an auction. The other highlights of the evening were Tyeb Mehta’s ‘Kali III’, which fetched Rs. 4.4 crores, and J Swaminathan’s ‘Bird & Mountain’, which fetched almost Rs 2 crores.
The sales touched a total of Rs 24 crores. That is a good sign. It means there is a lot of interest in Indian modern and contemporary art and the market might well be on its way to recovery.
One of the shows that I visited last week and simply had to talk about was noted artist K G Subramanyan’s. Titled ‘The magic of making’, the exhibition had a phenomenal number of works - 120 on canvas and paper, and in various sizes - no mean feat by any standards. For those who are not familiar with his name, he is a multi-faceted personality, and has donned the role of a painter, art educationist, sculptor, writer, art historian and more with aplomb. Born in 1924, Subramanyan studied at Shantiniketan and went on to teach painting at the Faculty of Fine Arts in Baroda.
His art is rooted in the cultural milieu of Shantiniketan and is inspired by Indian crafts, myths and folk traditions. Based on simple everyday events and people, his visual language forms a powerful medium that follows no rules. One of the major artists on the contemporary art scene today, the exhibition is a must watch for all art lovers. However, do be aware that on the day of the preview itself, more than 100 paintings were already sold (this incidentally is a traveling show).
(The exhibition is on till March 8 at Gallery Sumukha, 24/10 BTS Depot Road, Wilson Garden, Bangalore 27. Phone: 22292230)
Now, Bid and Hammer had their first auction of fine art and other works of art on January 24. The results are now finally up on their website and according to them 46 percent of the lots have been sold for Rs 2.78 crores. In contrast, Emami Chisel Art - a Kolkata based auction house that held a physical-cum-online bidding - brought the hammer down on February 23 and have sold 81 out of 89 lots from 70 artists. Plus, M F Husain’s ‘Tribute to Hashmi’ created a record for being the first Husain to cross the $1 million mark at an auction. The other highlights of the evening were Tyeb Mehta’s ‘Kali III’, which fetched Rs. 4.4 crores, and J Swaminathan’s ‘Bird & Mountain’, which fetched almost Rs 2 crores.
The sales touched a total of Rs 24 crores. That is a good sign. It means there is a lot of interest in Indian modern and contemporary art and the market might well be on its way to recovery.
One of the shows that I visited last week and simply had to talk about was noted artist K G Subramanyan’s. Titled ‘The magic of making’, the exhibition had a phenomenal number of works - 120 on canvas and paper, and in various sizes - no mean feat by any standards. For those who are not familiar with his name, he is a multi-faceted personality, and has donned the role of a painter, art educationist, sculptor, writer, art historian and more with aplomb. Born in 1924, Subramanyan studied at Shantiniketan and went on to teach painting at the Faculty of Fine Arts in Baroda.
His art is rooted in the cultural milieu of Shantiniketan and is inspired by Indian crafts, myths and folk traditions. Based on simple everyday events and people, his visual language forms a powerful medium that follows no rules. One of the major artists on the contemporary art scene today, the exhibition is a must watch for all art lovers. However, do be aware that on the day of the preview itself, more than 100 paintings were already sold (this incidentally is a traveling show).
(The exhibition is on till March 8 at Gallery Sumukha, 24/10 BTS Depot Road, Wilson Garden, Bangalore 27. Phone: 22292230)
(Published in Bangalore Mirror)
Subscribe to:
Posts (Atom)