A look at the art market

(By Nalini S Malaviya)

There is no denying that the art market is currently going though a period of recession, correction or adjustment, as various analysts put it. In its recent art market review, Sotheby’s points out that the combined result for the two weeks of sales at Sotheby's and Christie's was $775,747,825. It goes on to say that despite the economic recession, buyers have spent a huge amount on art. The results also indicate that ‘rare and spectacular’ works were sold at the Impressionist and Modern art sales, while there was ‘target buying for exceptional works’ at the Contemporary art sales. According to the auction house, Sotheby’s the results ‘display confidence in an eventual return to the longer-term trend of rising prices’. This will sound promising to investors who have bought art as a long term investment.

In the context of Indian art, investors would have noticed that while prices of Modern artists have remained more or less at previous levels, prices for Contemporary artists have come down substantially. The trend however is not unforeseen. Modern artists have been exhibiting their works for years and have established a niche for themselves. They are backed by a proven track record and consistent performance at domestic and international auctions. Their demand has been quite constant in the primary as well as secondary market over the years. However, one should note that now the overall demand for art itself has come down. This again is expected as most investors have been going through a liquidity crisis. The ArtTactic report on the Indian art market, which came out earlier this month, also indicates a drop in confidence from October 2007 and May 2008 to now.
On the whole, investors will now be extremely quality conscious and will look out for exceptional works from both Modern and Contemporary artists.

(Pubished in Financial Times)

Portraits

The other day someone wrote in asking for information on artists who can make a portrait from a photograph. Frankly, there are very few people who now opt for this. Portraits were more common in the days when full colour photography was in its nascent stages. Remember, any palace you visited you could find numerous members of the royal family staring you down. Most of them were characterised by the feature that wherever you went their eyes seemed to be following you around. It gave one a strange and eerie feeling.
These days, very few people have their portraits painted, although there are a few who get a late family member’s portrait done. In this case a photograph is used as a reference to create an exact replica of the photograph, or it is used to create a portrait which gives an impression as if the subject had posed for it.
Portrait painting is a specialised field and requires considerable skill to ensure a resemblance to the subject. As this falls in the realm of realism, the artist does not have any scope to experiment with his creativity. Nowadays, there are many ways to ensure an exact reproduction of the subject, but in the olden days, artists had to rely completely on their skill to do so. John Singleton Copley was one such painter who was well known in the latter half of 18th century. He was famous for his realistic looking portraits that sparkled with the illusion of real silk, lace, pearls, skin and hair.


Metal Art

One of the few art exhibitions that I visited last week was one at Chitrakala Parishath where these larger than life sized metallic statues gleamed in the sunlight. A Red Indian with a spear and a rifle stood menacingly with his feet apart, while a Spiderman was perched on the rocky surface. These were the creations of Ilyas Ahmed, a welding engineer who now turns metal scrap into sculptures. Ilyas began his artistic tryst by taking a generator apart and putting it back together as a small statue. Now, this has turned into a passion and he actually buys scrap to create these pieces. Here and there one could recognize nuts, bolts, and chains which were used to form the metallic chassis.
The metallic parts were treated in order to prevent rusting.
Toy sized motorcycles and hybrid creatures that probably abound in the gaming videos and popular fictional characters from films were carefully displayed on shelves and pedestals. The sculptures that ranged in price from Rs 2,500 to 5 lakhs were seen to be attracting a lot of visitors. What stood out in these sculptures was the excellent design and workmanship.

(Published in Bangalore Mirror)

Go easy on investing in art

(Nalini S Malaviya)

As discussed extensively in the past, the global economic meltdown has seriously affected the art market and both primary and secondary sales of art have slowed down.
Some analysts had predicted that since the prices of contemporary artists had risen too sharply in a short period of time, these were more likely to plateau as compared to the modern artists. And this trend is already visible, where prices for contemporary artists are now going through a process of stabilization. This also means that their prices are comparatively lower than what was seen a few months ago.
According to experts, the works by modern artists can be compared to blue chip stocks. And, just as in the stock market one should invest in blue chip stocks now, similarly in the art market one could look at investing in modern artists. Investors could also look at diversifying their portfolio and may want to consider investing in upcoming artists. Upcoming artists may form a high risk category from a financial investment perspective, but as the outlay is also comparatively less, it might be worth taking the risk. When investing in new talent, one should be prepared to hold on for a longer duration to maximize returns. Buyers should also keep a look out for good quality works that may come up at auctions. The slowdown in the art market is irrevocably linked to global financial health, and it may take some time before the recovery process begins.

Therefore, given the current situation, there is no harm in going slow for a while. One should assess and evaluate the situation carefully before investing. This is also a good time to learn more about art in order to be able to make smart decisions.

(Published in Financial Times)

Entanglements

Art show by artist Pulak Ghosh
Nalini S Malaviya


A profusion of birds on artist Pulak Ghosh’s canvas greet the viewer, as he contemplates on the best possible display for his paintings. In Bangalore, with his recent series of works, Pulak has studied fine arts at the Rabindra Bharati University, Kolkata. Born in 1954, he has been a part of several shows but this is his first solo in Bangalore.

This latest series of works is titled ‘Entanglements’ and it stands for a lot more than just the tangling of the long necks of the cranes (birds that are seen along the west coast of America). At the first instance the theme somewhat surprises with its simplicity and its apparent decorative quality. But, a closer look reveals more elements - the overlapping of the traditional with the modern, the dormant violence and the exquisite detailing.
In reality, these white and grey birds with their elongated necks entwine and suffocate each other with their intensity. The artist has attempted to highlight social and political deceptions. The difference between perceived reality, delusion and the truth will always concern us and it is this very aspect that Pulak attempts to compose on his canvas.


Outstretched hands dominate the lower part of the canvas; the black and white palms denote the diverse human traits. Often, basing his protagonist on the Kalighata patas and combining them with the elegant birds he creates an unusual and unlikely pictorial language. The colourful folk art and the elegance of the pure white birds contrast and complement interestingly. Similarly, the elaborate detailing on the birds stand out against the solid blocks of colours found on the protagonist. He also has acrylic and ink drawings on paper and a few works in vitreous enamel.

(The exhibition continues till November 16 at Times and Space Art Gallery, Bangalore)

Is this is a good time to buy art?

(Nalini S Malaviya)

A couple of readers wanted to know if this is a good time to buy art. Well, if you are not suffering from a liquidity crunch, then the answer is yes, this is definitely a good time to pick up some serious art. The art market is going through a critical phase and it will be a while before it stabilises. But, here are a few good reasons to buy art,
* For the first time in many years prices are coming close to being reasonable.
* Quite a few galleries and dealers are now willing to negotiate prices.
* Due to a cash crunch some investors are letting go of quality works at lowered prices.
* For the same reason, good works are likely to come up at auctions
* Galleries are likely to focus on better quality works in order to woo the discerning buyer.
* Artists are likely to slow down their frenzied pace (remember, a few years ago artists were accused of resorting to mass producing their works) and focus once again on quality.

The trend appears to be shifting somewhat from the investment aspect of art to its aesthetic or intrinsic value. It therefore appears that decorative and affordable art will do well in the interim period, but serious collectors are on the lookout for excellent works.

As a buyer, for you, an ideal work of art is one that can combine the aesthetic and financial investment components. To buy a work, one can either do a systematic research and zero in on to the artist or even the art work, or one can visit ongoing art shows and pick one that appeals visually and also suits ones wallet. The former has more chances of being a winner in the long term, as it is backed by appropriate research.

Art lovers not welcome!
In closing I wanted to mention that on one hand most galleries are cribbing about the current situation where sales are hit and even footfalls are reduced, on the other hand one hears of instances where walk-ins are actively discouraged. Last week it happened to me as well, and it left a bad taste in my mouth. It also made me wonder, what about the enthusiastic buyer who decides to check out the art gallery round the corner, hoping to find something suitable for that empty space above the sofa? Does he then turn back after encountering sullen staff, wishing he had never ventured into such hallowed surroundings? Well, one hopes these are isolated cases and don’t become a popular trend.