Sell art only if you have to

(By Nalini S Malaviya)

As everyone knows this is not a good time to sell art, as prices for paintings and other art forms have fallen significantly. Therefore, if one were to sell now, one would not get the same price as what could have been achieved a few months ago. According to some reports art prices have corrected as much as 30%. However, need for liquidity may encourage investors to sell a few select pieces. In such a scenario, it is important that the seller be realistic about his expectations. Still, if an investor had purchased a work of art 5 or 10 years ago, selling it now will fetch good returns on it.

A seller should do a thorough research and crosscheck current rates from various sources to arrive at an optimum selling price. There have also been instances where artists have shown an interest in buying back their works. This usually happens when the work is representative of a certain phase of the artist, or if it adds value to an artist’s retrospective exhibition. In any case it worth investigating if the artist or his family is keen on regaining the work.
When planning to sell a work, one should also be prepared to wait as it could take some time before the transaction actually happens. Under normal circumstances, too, it is difficult to liquidate art in a hurry. Sellers could check around with galleries, dealers or private collectors who can either buy the work themselves or alternately source a buyer. As buyers are also on the look out for good deals, one may have to be open to negotiation.

It is easier to sell rare and good quality works, especially if they are offered at an attractive price. One should also ensure that all relevant documents – provenance, authenticity certificate and receipts if any – are in order. Before putting up an art piece for sale, remember to check the condition of the work, that it is not damaged or affected in any other way.

(Published in Financial Times)

Be cautious when making fresh investments

By Nalini S Malaviya

This year the stock market has seen major fluctuations and there are still no immediate signs of easing of the economic recession. Investors are facing a dilemma about where to invest. The financial scene appears bleak at the moment, and most predictions point towards a troubled future. Recent trends in the art market, too, have failed to inspire confidence in investors. Prices of most artists have fallen either substantially or at least marginally. Many senior artists are now opting to have an exhibition of their works without offering any piece for sale. This appears to be a strategy to try and maintain their market rates, but, how successful will it be, will become clear only over the next few months.

In such turbulent times investors should be wary of making any fresh investments in art. In case they would like to do so they should consider all aspects related to the art market dynamics – investment timeframe, risk factors and ease of liquidity. One could opt for artists who are considered safe from a financial investment angle and who have established and proven themselves over the years. Although, this forms a safe category and involves blue chip artists, the amount of initial capital is fairly high, and that can be deterrent for a lot of investors.

The other option which is appearing attractive is investing in upcoming artists. The major reason why this is catching on in a big way is that prices are low and these make for excellent wall fillers. However, one must be aware that the risk is high for this particular category. As the capital required is low, most people are open to spending a part of their disposable income on such art. In this case if one can do a certain amount of research, and back it with technical expertise in order to select quality works, it increases the chances of picking up a winner.

(Published in Financial Times)

Wishful Thinking

By Nalini S Malaviya

Recession and a slowdown in the art mart not withstanding, one hopes that as the year 2009 unfolds, it ushers in a new era filled with happiness and prosperity for all. In the art world too, one would like to see a few changes specific to our city. Some of the things that I would like to see are:

Art Museums

The one thing that Bangalore sorely lacks is museums and other institutions dedicated to showcasing art. Apart from the Venkatappa Art Gallery and the Chitrakala Parishath there are hardly any other public spaces that display permanent art exhibitions. The world over cultural centers such as museums and heritage sites are carefully preserved and promoted as tourist centers. Local citizens and school children are also actively encouraged to visit them and these form important learning centers. After being the IT and BT capital, why can’t Bangalore be the art capital of India?

Fine Art Institutes

Again, the number of colleges and institutes that provide higher education in fine arts is limited here. There is a huge demand and need to have world class institutes that can provide education in fine arts and affiliated courses. What is also required are professional or short term courses that can cater to a larger audience.

Appreciate Art

There are so many people that I come across who would like to know more about art. The gap between the art fraternity and the common man is huge, and there should be ways to address it. Short courses, lectures, workshops on various aspects of art such as history, major art movements, painting techniques and genres, and other elements should exist. All these can lead to a greater understanding of art.

Avant-garde Art

More exhibitions by well known artists and contemporary artists who are known for their avant-garde and cutting edge experiments should be held here. Exposure to different forms of art brings in a wider understanding and keeps one updated with the latest trends, and even fads.
Art Therapy

Art has an immense therapeutic potential and there are leading institutes in the world that provide courses in art therapy. Unfortunately, this is neither recognized not practiced here. Having courses that are tailored specifically towards therapy or workshops that provide key information can prove beneficial to a number of people. Art can be utilized as an effective tool to alleviate stress and in an urban environment such as ours, there are bound to be many takers.

(Published in Bangalore Mirror)

Consolidation and stabilization phase of the art market

(By Nalini S Malaviya)

The general perception is that the overall interest in art has dwindled to such an extent that no one is buying art. While, it is true that the amount of money that is being spent on art has gone down considerably, and that many galleries and dealers are affected, one can still come across many buyers who are continuing to buy art for its intrinsic value and also for investment. The economic recession has affected most businesses; at the same time there are people who are comparatively unaffected in the present situation.

There are still a lot of people who attend art show previews and other events. Some of them even end up buying paintings that they like. The category of art that was priced between Rs.15,000 to Rs.50,000 is seeing the maximum sales. Most of these works are either decorative or done by upcoming artists and even final year students from fine art institutes. It can also be noticed that most artists are now open to negotiation as far as prices are concerned. The boom time for art is definitely over and the plateau that one sees now reflects a healthier trend in the art market. This phase is also expected to allow artists and other members of the art community some breathing space which should eventually help the market. Greater introspection, more time and space to explore creativity, focus on business ethics will help in strengthening the market in the long term. As most analysts point out, this period of adjustment will help in the consolidation and stabilization of the art market. Well, it is important to begin the year on a positive note.

Most major art events such as fairs, biennales and seminars are going as per schedule. As galleries point out, it is important to continue with their events in order to keep the interest in art alive. 2009 will be significant in establishing and charting out the course that the art market will take in the years to come.

(Published in Financial Times)

Art bytes

(Nalini S Malaviya)

Narrative Movement is a group of artists from Shantiniketan who is organizing its first show in Bangalore. Gopa Sikder, Kousik Roy, Monoj Poddar, Pratyusha Mukherjee, Ram Kishu, Subrata Mete and Taslima Akter form the seven core members who are currently studying in their final year Masters programme in Fine Arts. These young artists bring in a raw energy in their paintings that are mostly figurative in genre, where some images are dark and surreal, while others romanticise spaces. What one notices is that most of the works involve a complexity in narration and go beyond the superficial decorative content. What is also interesting is that all these works are very different from the traditional format that one is familiar with from this region. It is good to see young artists exploring diverse themes, concepts and media.

Gopa’s imagery is surreal with animal forms overlapping with elements from nature in a vividly colourful world. Kousik’s imagery is dark and intense on one hand, whereas in “Innerview” he presents bright details of a bustling world reflected on the lenses of a pair of spectacles. Monoj’s mixed media works on canvas and board are intensely compelling with their complex narratives and overlapping forms. Pratyusha’s dreamscapes create a fantasy world around architectural spaces. Ram’s works depict figures from everyday life, while Subrata’s figures are also inspired from everyday life but involve a more multifarious approach. Taslima presents interiors and spaces in a romanticised form. The group presents a refreshing range of art that also happens to be affordably priced.

The exhibition was held at Gallery Mementos, The Chancery, Bangalore.

There is yet another gallery - Inspirations that will open its doors on January 4th with an art show that will feature paintings by 12 Indian artists. The works were in fact created at an artists’ camp held last week between 24th to 28th December, at the gallery premises. The art camp was inaugurated with a great deal of zest and the gallery appears to be well stocked with prints, reproductions, traditional paintings and other art.

The film ‘Rang Rasiya’ based on the legendary artist Raja Ravi Verma, a 19th century painter is set to release on January 23. To create interest in the film, a nationwide art competition has been organized on a massive scale. Anybody over the age of 18 can participate in it and there is more than Rs 25 lakhs in prize money involved. Details are available on http://www.rangrasiya.com/. Incidentally, the competition will be held on an all India basis with regional centres in Mumbai, Delhi, Kolkata, Thiruvananthapuram and Bhopal.

(Published in Bangalore Mirror)