13 MAR, 2011, 05.27AM IST, NALINI S MALAVIYA,ET BUREAU
One of the best ways to go about it is to empower yourself to be able to make the right judgment about artworks, artists and prices. Therefore, it only makes sense to learn more about how the art market functions, the factors that influence and affect prices, how to choose the right gallery to buy from and most importantly , how to ensure that what you are buying is at the fair market price.
One of the things that were very common a few years ago was the trend that prospective buyers, essentially young professionals with disposable income, would approach art galleries with a specific amount of say, Rs 5-10 lakhs and request them to suggest artists or to even create a portfolio. The drawback with such an idea is that although a gallery of repute would ensure that your money is invested safely with appropriate buyback options, flyby-night operators would be bound to take advantage of such an offer.
Today, it would be wiser to either approach established, reputed galleries or professionals, or to research as much as possible before buying. This way, the responsibility of decision-making is in your hands, which is not only prudent but also enhances your involvement in the whole process.
(Published in Financial Times)
interesting views about art market...
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