Valuation of art

(By Nalini S Malaviya)

Every art collector, at some point or the other, likes to know the financial worth of his art collection. The monetary valuation of an artwork comes in useful not only in estimating the monetary worth of a collection, but also when art needs to be sold. Again, it forms a crucial element for the purpose of insurance and wherever property assessments have to be done or when estate issues are involved. In such cases it is important to get a fair estimate from an independent source.

Today, when prices have corrected drastically, many people who are attempting to sell their artworks privately have to resort to some kind of a valuation which gives an idea about its current market price. Having a reasonable base price as reference helps the seller in making a prudent decision regarding the sale of the artwork. A valuation may also be necessary when an heir is in doubt about the value of an inherited artwork. Many corporate collections and private individuals as well opt for a valuation of their art collection as it gives an estimate regarding the total financial worth of the collector.

The process of valuation should be done by experts in the field as it is a fairly complex procedure, involving several factors such as, comparison of data of various price points, significance or rarity of the work, condition of the artwork and current market estimates. Incidentally, most auction houses provide this service.

Generally, in case of private sales most people tend to approach either galleries or independent consultants for a fair market evaluation. The important factor here is that one should obtain the services of an expert who is unbiased and has no stake in the financial worth of the artwork.

The Indian art market has grown phenomenally in the last few years and although there is a slowdown at the moment, valuation of art is one field that is bound to see a lot of demand and growth in the near future.

(Published in Financial Times)

Some tips for buying art

(By Nalini S Malaviya)

It may sound a little surprising but there are still a number of people who are buying art, although not many are flaunting the fact. If you are one of those considering buying art, I have put together a few points here which should help you go through the process.

Investing in art has always been a fairly controversial subject where purists believe that art should be bought only if one has the passion for it, while, investors with a high risk appetite have looked at art as just another investment instrument. Therefore, it is important that you identify your reasons for buying art. In any case, if you are spending a large sum of money on art use only any spare cash that you have.

If you are planning to spend less than Rs.50,000/- this is comparatively a small amount when you consider that prices of artworks can go up to lakhs and even crores. In such a case you can look at art which is aesthetic and one that appeals to you visually. If you are spending bigger amounts it is important to evaluate and analyze the financial investment potential of the artist. Also, instead of spending a large sum at a time you can distribute it within a certain timeframe. Incidentally, you should not consider spending more than 10-15% of your disposable income on art.

Buying art can be a fairly addictive process as many collectors have found out. There is always a better and more exciting work of art round the corner. Therefore, it is important to define ones budget and stick to it.

Make sure you buy from reputed galleries and dealers who have established their credentials over time. It is always better to pick an artist who is represented by a well established gallery, which ensures that the artist is promoted appropriately. In case you are buying from a resale be extra cautious about the authenticity, provenance and the condition of the work.

When you do a background check on the artist, also see how his prices have evolved over the years. A stable rise over time is a good indication that prices may follow a similar pattern in future. However, do not go entirely by the artist’s name, but also check for quality. There will be variations in every artist’s work and remember that someone who is very prolific is less likely to focus on quality.

At the end of the day buying art is a matter of personal choice, and you should be able to make the final decision after collating all relevant data.

(Published in Bangalore Mirror)

Art of the matter

Some time ago, at an art event, a viewer whispered audibly that she could not make out what was so artistic about the painting. This in fact happens quite often. Sometimes, when looking at art exhibited in gallery spaces, one wonders whether everything that is presented as a form of art is really art. Thanks to the popularity wave, art has become a commercially viable venture for many. As a result, along with professional artists, self taught and hobby painters, photographers and architects, there are numerous others, from varied professions, whose experimental endeavors get an opportunity to be showcased at art exhibitions. Out of these, while some are brilliant and it is obvious that they have found their true calling in life, there are others that appear confused or mediocre to the extent that it is impossible to make out what the artist intends to convey. And, then there are some that are downright silly, to put it mildly. However, as most exhibitions these days are accompanied by enough hype to impress the general viewer, it can become difficult to look at them objectively. One can only wonder what the fuss is all about.

In fact, very often the intention behind such projects is genuine even if the resultant product fails to reflect that. There are some that lack in technique or craft or creativity or all of these. Sometimes, and fortunately not so often, one feels that the works should never have been allowed to be publicly displayed in the first place.

Artists that are sponsored and promoted by art galleries have at least been through a selection procedure. The bigger and well established galleries are in fact extremely particular who they promote and associate with. It is therefore self sponsored art shows that are suspect, because anyone can easily rent a gallery space and put up an exhibition of their works. This does not mean that every self-taught artist or an occasional painter is lacking in his craft. There are many senior and renowned artists such as MF Husain, Arpana Caur and Sudhir Patwardhan who are self-taught.

Still, it is important for buyers to be able to confidently evaluate the quality of a work and then invest in it. At the same time, it is equally imperative that artists, especially new ones, obtain critical feedback on their works before displaying them in a public space.

(Published in Bangalore Mirror)

Art exhibitions in the city - Bangalore

Slumdog inspires artists
After the movie Slumdog Millionaire captured the imagination of many at the Oscars earlier this year, it is now inspiring visual artists, enough to dedicate an entire exhibition to it. According to Crimson art resource, “Slumdog Millionaire is a story that any one in the world can identify with. It is a story of rags to riches, optimism amid adversity, ghetto-to-glory. It is a story of love until death do us part. It is a story about people who rise above their circumstances, who are given nothing, who create a dream and become somebody. It is a story of survival, of hope, of destiny and of dreaming big.” Well, titled ‘Big Dreams’, this particular exhibition portrays works by 14 artists who attempt to present their aspirations and ambitions on the canvas.


GR Iranna, KT Shivaprasad, Murali Cheeroth and Babu Eshwar Prasad are some of the artists participating in this show. The works explore urban dichotomies, everyday realities, and consequences of mindless development. Hope and aspirations of people caught up in this web are also dealt with in some places. Slumdog or not, what makes the show interesting is that it is thematic and the most of the works have been created specifically for the event, which adds a thread of commonality that makes it more cohesive.


Incidentally, I must share this piece of new with you, Murali who lives in Bangalore but has shown mainly in Mumbai and Bangalore, is a part of the “Passage to India Part 2 – from the Frank Cohen Collection” which is ongoing in UK. His works are being featured alongside biggies such as Subodh Gupta, Jitish Kallat, Reena Saini Kallat, TV Santhosh and Thukral and Tagra.

(The exhibition continues till April 30, at Crimson - Hatworks Boulevard, Bangalore)

A ‘Skin’ Show

Shibu Arakkal continues his tryst with photography and his recent series focuses on the human skin. Training his lens on to various parts of the human body, Shibu has come with some poignant and some disturbing images. Using a format where motifs recur, Shibu replicates the images to produce a set of stark black and white photographs. As Giridhar Khasnis, who has curated this exhibition, says, “With Skin, the young photo-artist seems to have scaled yet another creative peak. In this series, Shibu explores the landscape of the body through a language of silence.” Having worked on this project for two years, Shibu has attempted to capture various textures, contours, colours, aberrations and beauty of the skin.

(The exhibition will be held between April 16 - 22, at WelcomArt Gallery, ITC Windsor Manor, Bangalore )
(Published in Bangalore Mirror)

Where is the trust vote?

(By Nalini S Malaviya)

During the boom period art was projected as the next biggest investment class and many private individuals and dealers were quick to encash on this popularity wave. During that phase buyers were promised returns anywhere between 100% and 1000%, backed by data that was carefully weaned to suit the purpose. “Investment Art” emerged as a convenient bait to lure buyers to the maximum. The phrase was meant to identify a class of art that was sure to maximize investment. The situation today has altered drastically. One wonders where these promoters are now. What has happened to these so called Investment Art or Artists? The ground reality has always been different from the hype prevailing in the media.

Today, the market is abuzz with investors trying to offload their art. Unsuccessfully. In desperation many are willing to settle for whatever little is offered. This has resulted in the investors being a disillusioned lot. Many people had also invested in art funds, some of which have failed to provide the returns that were promised at the launch of the funds. At least those who have invested in art directly can take solace in the fact that they can see their art on the wall.

A number of people have lost faith in art as an investment. However, one cannot blame unscrupulous promoters and dealers only; some amount of responsibility has to be borne by the investor as well. After all, when one invests a substantial sum of money, say in real estate, one checks the credentials of the builder or developer, looks for clear titles and so on. The same is true for art. How can one invest without doing any background research? It is always essential to have an independent and unbiased opinion in such cases.

In any fast growing field, there will always be many speculators and people who will manipulate the market to suit their own purpose. At one time, many artists too, were churning out works by the dozen when there was a huge demand.

Today, demand is low, prices have fallen, and everyone has the time to introspect. During the last phase, gullible investors who believed they could treat art as stock or shares, and could exit at any point they wished are the ones that have suffered the most. It is only now that many have realized how difficult it is to resell art, especially now when liquidity is hard to find. At the risk of repeating myself, I have to say that this is a particularly bad time to sell, but a good time to buy, if you can afford to.

The market will take a while to recover, and hopefully there will be better regulation soon. And meanwhile, remember the old adage, it maybe clichéd, but still holds true – buy art that you can live with.

(Published in Bangalore Mirror)