Get familiar with the art market

(By Nalini S Malaviya)

Given the market situation, investors should utilize the opportunity to learn more about art and to keep a look out for good deals that may be on offer now. Here are a few steps to help you get started.

Look at art
This may sound old fashioned in today’s technological age where many transactions take place virtually with the click of a mouse, the fact remains that nothing can replace the joy of physically standing before a beautiful painting.
Although, many art exhibitions have been postponed indefinitely, a substantial number is still being held, and one should therefore continue to visit art shows, galleries and museums to look at art and become familiar with artists and their styles. Physically looking at art is very different from seeing its image as a photograph or on the Internet. Wherever, possible one should look at original art. It will also give you clarity on what appeals to you.

Research
This is a good time to go through art history books and publications. Browse through articles, news reports, auction reports and catalogues to understand trends and price points. Read reviews to understand the artist’s work in a larger context.
Note down names of those artists who appear regularly on auction catalogues. Check their performances in the auction results and it will be a good indicator of the artist’s demand and market price (secondary market). Evaluate the artist’s career in terms of stability, growth and price trend. It helps to verify the credentials of the art gallery supporting the artist. Compare current prices with previous ones – again this is a good indicator of an artist’s potential and his market confidence.

Make a wish list
Based on your research, prepare a wish list for your portfolio. Which artists would you like to see in that list? You could also go further and make a list of the actual works that appeal to you. However, be prepared that these may not be available immediately. But, you can keep a lookout for them in forthcoming auctions or through dealers.

Carved in Stone

(Nalini S Malaviya)

A magnificent statue of Krishna catches the eye as one walks into the room to meet Sudarshan Sahoo, the sculptor from Orissa. Intricately carved in stone with extraordinary detailing and ornamentation, it is a beautiful work of art that reminds one of statues seen in temples in many parts of the country. In Bangalore to showcase his recent sculptures, Sudarshan Sahoo explains the finer nuances behind the art of stone carving.

The well known sculptor has created a ‘Shilpgram’ an arts and crafts village in Bhuvaneshwar that offers vocational training in sculpting to students and children.
The 1939 born sculptor has dedicated his entire life to revive and promote the traditional craft of carving statues from stone. Sahoo is a recipient of the National Award and the Padmashree amongst numerous other honours that he has received for his contribution to arts and crafts.

“Selection of stone such as sandstone, red or green stone, granite or sometimes wood is carefully done to suit the sculpture in mind. Every stone has a different characteristic, for instance, red stone lends beautifully to and reveals different tonalities at various depths and creates a beautiful effect”, explains Sahoo. A basic design is translated on the medium and the intricate detailing is mostly done ad hoc, as the work evolves.

Stone carving is a difficult craft that involves a lot of painstaking effort and happens to be extremely time consuming as well. “A small statue can take up to ten months with about 5 people working on it, whereas a larger work can take almost 2 to 4 years,” describes Sahoo. The ornamentation which appears as mere decorative detailing in the first instance, on a closer look reveals mythological tales and fables that have been engraved with utmost care. His statues of Buddha have travelled far and wide – many of them have been installed in Japan. “In Japan they love the serenity and unique features of Buddha that I am able to capture in my statues,” he elaborates with pride. His sculptures also stand out for their museum quality finish.

In the forthcoming exhibition there are Ganeshas, Buddha statues, Nandi and Apsaras or the dancing girls. It will also have a massive 9 feet tall and 12 feet long chariot that is truly a work of art. Figures of deities, geometrical and other traditional motifs are used extensively to decorate the sculptures. Sahoo and his entire family are now working on a mammoth 110 ton piece of granite to create a statue of Lord Parasnath which will stand at 32 feet height when complete.

The richness of our heritage is beautifully reflected in these statues. As Sahoo puts it, “people talk about the precision in Swiss watches, but look at our traditional crafts it is full of fine and precise work.” He goes on, “We want more people to come and see the kind of work that our artisans are capable of.” True, it is important to appreciate efforts that go towards conservation of our cultural traditions and to promote them in every way.

The exhibition will be held till Dec 19 at Karnataka Chitrakala Parishath.

(Published in Bangalore Mirror)

C'est la vie - Art galleries continue to brave the markets left cold by the Mumbai terror attacks and economic crisis

One keeps hearing of reports where art shows have been postponed, trips abroad have been cancelled by artists, and galleries have cut down on expenses, so I thought of checking it out with local galleries to find out how they are coping with the current economic crisis. Are there strategies in place to counter the slowdown? Silloo Daruwala from Crimson Art Resource confirms that sales are hit but they are continuing with their shows. She says, “We might postpone a couple of shows in December by a week or so, but that is more to do with the Mumbai attack rather than the financial situation.” She feels people are affected emotionally as well, and when there has been such a loss to life, one is not in a mood to celebrate with art shows. However, one has to go ahead with all art activities.

Mona Webber from Gallery Sumukha affirms that it is not only sales but also footfalls that have reduced. She says, “Probably people feel that if they visit a gallery and if they like something, they might be tempted to buy. It is a little early to have an aggressive strategy but we will review the situation in the New Year and will decide what needs to be done.” She agrees that the Mumbai attacks have added to the overall sombre mood. Mona also feels that it is a buyer’s market now and there are people looking out for good bargains. According to her it is likely to be another 2 yrs before the situation stabilises.

RK Dugar from Gallery Mementos that recently opened its branch in the city plans to hold more shows of affordable art that is of good quality. He finds that people are still buying art but they are more into affordable art – below a certain price. He looks forward to organizing exhibitions of new and young artists, as people are continuing to buy art for smaller amounts. He believes that it will be at least a year before the financial markets begin to stabilise.
Obviously art cannot be on anyone’s priority list in times like this. However, one cannot suspend all activities and hope to resurface when the market is vibrant again. Well defined strategies may not be in place but most galleries will continue to organize events as planned so that their presence is maintained and they can capitalise on it when the market looks up again.

Art Insurance

(By Nalini S Malaviya)

Insurance of artworks is a fairly common trend abroad but remains a relatively new concept in India. However, it appears to be catching on as the number of collectors and investors has grown substantially in the last few years. In fact, now there are more companies who offer art insurance.

Why do you need to insure art? It is important to insure art against natural disasters, theft, fire or any other damage caused due to unforeseen circumstances. Museums, galleries and also private collections are now increasingly turning towards insurance coverage. Still, at the moment there are only a limited number of companies offering insurance for fine art. As premiums are high, most private collectors and investors shy away from insuring their collections. There is an urgent need for greater awareness and also friendlier policies that cater exclusively for art.

Reputed galleries ensure that their artworks are insured in transit but collectors and investors too should make sure they have an insurance cover when they lend out their works for public viewing. Else, any damage caused in transit or at the public site can cause an irrevocable loss.

It is important to document the collection appropriately through photograph, receipts, provenance certificates or any other related papers. One must go through the policy in detail to understand the fine print completely. Policies may vary according to the size of the collection, or in some cases one may want to insure only a part of it. Smaller collections or a few pieces could be covered as part of a comprehensive household insurance cover. Look around to find a policy that suits your needs.

The art collection needs to be appraised for its estimated value. Professional valuations can be done periodically to ensure it matches the market rates. Undervaluing the collection can lower the premium but in case of a loss or damage the claims will also be lower and the compensation may not be adequate.
When insuring, a significant criterion in selecting the insurance agent should be to opt for a company who has built a reputation of honouring claims.

(Published in Financial Times)

Random notes

(Nalini S Malaviya)

Miami Art Fair
The International Asian Contemporary art fair ‘Art Asia’ will be held at Miami later this week and Bangalore based artist Ravikumar Kashi will be showing his recent works there. Ravi is known for his experimentation with various mediums and in this fair he presents his photographs from a series called Snanidhi Series. In the past, Ravi has worked with new media and assemblages that have dealt with issues of urbanization and consumerism. In fact, his paintings used images from media to depict global issues that are equally relevant from a local context. Ravi has a Masters degree in printmaking from MS University, Baroda, and in English from Mysore University.

(Art Asia will be held from December 4 – 7, 2008 at Miami)

A ‘Modern’ show
Last week I attended the preview of an exhibition by Modern artists - FN Souza, SH Raza, Akbar Padamsee and Ram Kumar. There is a single Bindu work and a few other abstracts by Raza, nudes by Souza, and two works by Ram Kumar. The one in muted shades is a beautiful piece of art, and its photograph just does not do justice to the original. Raza, who now lives in Paris, is famous for his paintings that centre round a circle or Bindu as a creative energy force that permeates the entire universe, while Souza’s paintings are intense and known for their strong bold lines. All the four artists are well known names in the Indian art world and have also received widespread global recognition.

(The exhibition continues till 16th December at Gallery Mementos, The Chancery, Lavelle Road, Bangalore.)

India Art Summit 2009
The first art summit was held earlier this year in Delhi and had elicited mixed response from art connoisseurs. However, most visitors had agreed that it offered an excellent platform for networking and it was high time that India had its own art fair that could be at par with international levels.
The dates for the next art summit have been announced and it will be held from 19th - 22nd of August 2009 at New Delhi. This year too will see Seminars and Talks with speakers including curators, critics, artists, collectors and representatives from museums and galleries. Plans are on to create a sculpture park in order to offer participants and visitors an art fair like ambience. Art films, education series and social events will also be held for visitors. One hopes the summit is able to garner support from all quarters given the current economic crisis affecting all markets.

(Published in Bangalore Mirror)