(By Nalini S Malaviya)
Recent results from international auctions and subsequent media reports seem to indicate that the Indian art market may be slowing down to some extent. Indian art has witnessed a phenomenal growth in the last few years where prices soared to astronomical levels over time. Media hype and global recognition along with a huge demand for contemporary Indian art further fueled the market. However, recently, there have been reports of poor quality works from the top bracket of Indian artists and that is attributed to be one of the reasons for the slump. Another factor could be that buyers and investors have become more discerning. Armed with sufficient knowledge on art, and an eye for quality they have become more astute in their dealings. Investment Banker Anil Nayar feels a strong economic boom has contributed to the hype in Indian art. He adds, “we are following China in every way. So while their art is now a USD1.5 Billion market, ours is just 350 million. Price corrections are a part of any market. It does not necessarily indicate a reversal of the long term trend, but is more technical in nature.” Any lowering of price will make the long-term investors happy. Also, this could be a wake-up call to artists to create quality works and refrain from mass productions. Anil Nayar adds, “The corrections allow people sitting on the sidelines to enter at a lower level with better margins of safety and thus helps future holding power. Good thing about Indian art is that it is in its infancy, and collectors are typically wealthy individuals with lots of holding power. So, the corrections will be driven by middlemen and gallery owners. They will want volatility and corrections in order to be able to add to their inventory at lower prices.” Whose prices are likely to be effected? Responses are mixed while, some investment analysts’ feel that mid-level artists will be affected the most, a source in Bangalore believes prices for the top level of artists will come down whereas new and upcoming talent will continue to sustain themselves. The Indian art market is still young and these temporary lulls are unlikely to create long-term setbacks. It won’t be long before the market stabilizes itself.
(Published in Finacial Times)
3 Jul 2007
Importance of certification in art
(By Nalini S Malaviya)
Fakes and forged artworks have existed for a long time now but as the Indian art market rakes in mega bucks, the stakes are that much higher. There is a greater influx of fakes, forged signatures and fraudulent practices seen in the market. One of the ways to avoid buying a fake is to obtain a letter of authenticity from the seller. This method although not foolproof does offer some safeguards. In fact, when buying art, knowing about the artist, and the background of the artwork can give an indication to its authenticity.
A provenance certificate is a letter of authenticity that should contain -
* A digital scaled down image of the artwork, and details of the art piece such as the title, name of the artist, medium and size.
* It can also include date of the artwork and details on its origin.
* It should have a signature from the gallery representative and also of the artist whenever possible
Some galleries will give this document by default while at other places you have to ask for it. It is the responsibility of the art gallery or dealer to sell an original artwork and therefore they should take adequate steps to authenticate it even before it appears before the buyer. Unfortunately, that may be difficult at times, especially when the artist is no more and one of his works appears in the market. Authenticating an artwork is an expensive and tedious process and it is always better to buy an artwork one is completely sure of. By that reasoning it is also essential one buys from a reputed art dealer or gallery. Riding the art boom are several self appointed experts and middlemen who might be willing to offer rates lower than the existing market rates but then unless it is a genuine artwork that they can substantiate with adequate documents it is not worth it.
Measures such as registering an artwork at a central agency and tagging artworks with authentication proofs are also making news and may soon be adopted more widely.
(Published in Financial Times, Bangalore)
25 Jun 2007
Investing in Art
(By Nalini S Malaviya)
As the market for art is expanding there is a corresponding increase in the prices of artworks, where some of the artworks are being sold at exorbitant rates. For instance, paintings which cost between Rs.50,000 to Rs.2 ,00,000 just a couple of years ago are now in the range of Rs.5,00,000 to Rs.8,00,000. This phenomenal growth can be attributed to the enhanced recognition of contemporary Indian art at the international level, and a buoyant Indian economy. Another factor that has contributed enormously to this exponential price growth is media hype; and artists, dealers and galleries have been quick to seize the opportunity. Similarly, branding in art – where the demand for an artwork is entirely related to the celebrity status of the artist - plays a huge role in determining prices of artworks.
For buyers, a budget upwards of Rs.10,00,000 ensures that they can invest in artists who are fairly well established and thereby a safe investment option. However, with that kind a budget one can pick up only one or two works. With a larger initial investment amount one can diversify one’s portfolio and pick up works by upcoming, established and senior artists, thus spreading the risk.
Riding the art boom, art funds too, have caught the imagination of investors who are looking at art from a purely investment angle. Art funds are especially attractive to people who are not particular about owning a work of art. Also, if an investor has limited knowledge of art, such funds work well for them, as long as the fund manager is sound on art. It is very probable that the near future will see more art funds being launched.
Prints, lithographs and serigraphs offer another avenue for investment in art. These limited edition prints cost a fraction of the price of an original artwork by the same artist, and therefore make for a more affordable option. These are also growing in popularity as more and more original works go beyond the reach of most buyers.
(Published in Financial Times, Bangalore)
As the market for art is expanding there is a corresponding increase in the prices of artworks, where some of the artworks are being sold at exorbitant rates. For instance, paintings which cost between Rs.50,000 to Rs.2 ,00,000 just a couple of years ago are now in the range of Rs.5,00,000 to Rs.8,00,000. This phenomenal growth can be attributed to the enhanced recognition of contemporary Indian art at the international level, and a buoyant Indian economy. Another factor that has contributed enormously to this exponential price growth is media hype; and artists, dealers and galleries have been quick to seize the opportunity. Similarly, branding in art – where the demand for an artwork is entirely related to the celebrity status of the artist - plays a huge role in determining prices of artworks.
For buyers, a budget upwards of Rs.10,00,000 ensures that they can invest in artists who are fairly well established and thereby a safe investment option. However, with that kind a budget one can pick up only one or two works. With a larger initial investment amount one can diversify one’s portfolio and pick up works by upcoming, established and senior artists, thus spreading the risk.
Riding the art boom, art funds too, have caught the imagination of investors who are looking at art from a purely investment angle. Art funds are especially attractive to people who are not particular about owning a work of art. Also, if an investor has limited knowledge of art, such funds work well for them, as long as the fund manager is sound on art. It is very probable that the near future will see more art funds being launched.
Prints, lithographs and serigraphs offer another avenue for investment in art. These limited edition prints cost a fraction of the price of an original artwork by the same artist, and therefore make for a more affordable option. These are also growing in popularity as more and more original works go beyond the reach of most buyers.
(Published in Financial Times, Bangalore)
17 Jun 2007
Branding in Art
(By Nalini S Malaviya)
Recent auction reports have clearly established that there is a huge demand for contemporary Indian art both within the country and abroad. Artworks by a number of Indian artists feature high on people’s wish list and they are willing to shell out astronomical sums to be able to own their favorite artist. Souza, Raza, Husain are just some of the artists who have acquired cult status and have become huge brands. A must have for any art connoisseur; they are equated with quality, consistent performance and faultless finish, which is what places them at par with international brands. Some of the other features that are equated with a brand - recall value and the promise to deliver start to work here as well. And, that is where collectors are willing to go the extra dollar or rupee to own one.
In creating a brand image, apart from talent, PR skills, marketing and media hype play a huge role. And, global recognition adds to the brand value. Most artist brands are those who have established themselves over the years – they have sustained themselves and have created a niche for their brand of art. What are the factors that help establish an artist? According to art collector Mehul Patel, “an artist must have some unique quality, a statement, and a signature (value). He must have a well thought out theme for each and every solo show. Just PR, branding and Page 3 appearances will not help. Although public relations plays an important role in making the artist famous, but genuine and mature collectors do not buy their artworks.”Art conservationist Venkat Singh explains, “When the artist name itself is a brand, the paintings tend to conform more to a particular style. When you buy a brand, it comes with an assurance of quality, secured investment, heritage and authenticity.“ Therefore, on one hand MF Husain is equated with strong and powerful lines, and who can forget his horses! While Raza’s art reverberates with strong vibrant colors and geometric patterns focuses heavily on the presence of the ‘Bindu’ (a circle). In both cases the signature style adds to the brand recognition.
Mehul reiterates that artists who have sustained themselves are highly talented or they would not have lasted and appreciated with each passing year.
(Published in Financial Times, Bangalore)
Recent auction reports have clearly established that there is a huge demand for contemporary Indian art both within the country and abroad. Artworks by a number of Indian artists feature high on people’s wish list and they are willing to shell out astronomical sums to be able to own their favorite artist. Souza, Raza, Husain are just some of the artists who have acquired cult status and have become huge brands. A must have for any art connoisseur; they are equated with quality, consistent performance and faultless finish, which is what places them at par with international brands. Some of the other features that are equated with a brand - recall value and the promise to deliver start to work here as well. And, that is where collectors are willing to go the extra dollar or rupee to own one.
In creating a brand image, apart from talent, PR skills, marketing and media hype play a huge role. And, global recognition adds to the brand value. Most artist brands are those who have established themselves over the years – they have sustained themselves and have created a niche for their brand of art. What are the factors that help establish an artist? According to art collector Mehul Patel, “an artist must have some unique quality, a statement, and a signature (value). He must have a well thought out theme for each and every solo show. Just PR, branding and Page 3 appearances will not help. Although public relations plays an important role in making the artist famous, but genuine and mature collectors do not buy their artworks.”Art conservationist Venkat Singh explains, “When the artist name itself is a brand, the paintings tend to conform more to a particular style. When you buy a brand, it comes with an assurance of quality, secured investment, heritage and authenticity.“ Therefore, on one hand MF Husain is equated with strong and powerful lines, and who can forget his horses! While Raza’s art reverberates with strong vibrant colors and geometric patterns focuses heavily on the presence of the ‘Bindu’ (a circle). In both cases the signature style adds to the brand recognition.
Mehul reiterates that artists who have sustained themselves are highly talented or they would not have lasted and appreciated with each passing year.
(Published in Financial Times, Bangalore)
13 Jun 2007
ATUL DODIYA AT DOCUMENTA-12. JUNE 16 TO SEPTEMBER 23 2007
We write to inform you of Atul Dodiya’s participation in Documenta 12 between 16 June and 23 September, 2007.
Twelve large works on paper, titled, “Antler’s Anthology” (2003/04) will be displayed at the main exhibition hall of Documenta.
The singular character of this exhibition has been preserved (starting after the Nazi dictatorship). Every 5 years a new director/curator is appointed and the exhibition reinvented, a concept that has been affirmed by the public’s interest. The number of visitors grows each time, with 650,000 recorded for Documenta 11. Held in the city of Kassel in Germany, it is one of the largest and most important art exhibitions.
It is with pleasure that we announce the participation of one of India’s premier artists, Atul Dodiya in this prestigious world art event.
Documenta 12 knows no programmatic statement, no architectural grid with which venue and art are to be treated. Instead, individual solutions are developed that correspond to the Museum Fridericianum, the Neue Galerie and the documenta-Halle. The Crystal Palace is in itself a singular solution. It answers the call for the temporary need for a generous exhibition space, nestled into the Aue. All four buildings are not just spaces for art, they communicate, even put into practice, an idea of a showcase.
http://www.documenta.de/
Courtesy Galley Chemould
Twelve large works on paper, titled, “Antler’s Anthology” (2003/04) will be displayed at the main exhibition hall of Documenta.
The singular character of this exhibition has been preserved (starting after the Nazi dictatorship). Every 5 years a new director/curator is appointed and the exhibition reinvented, a concept that has been affirmed by the public’s interest. The number of visitors grows each time, with 650,000 recorded for Documenta 11. Held in the city of Kassel in Germany, it is one of the largest and most important art exhibitions.
It is with pleasure that we announce the participation of one of India’s premier artists, Atul Dodiya in this prestigious world art event.
Documenta 12 knows no programmatic statement, no architectural grid with which venue and art are to be treated. Instead, individual solutions are developed that correspond to the Museum Fridericianum, the Neue Galerie and the documenta-Halle. The Crystal Palace is in itself a singular solution. It answers the call for the temporary need for a generous exhibition space, nestled into the Aue. All four buildings are not just spaces for art, they communicate, even put into practice, an idea of a showcase.
http://www.documenta.de/
Courtesy Galley Chemould
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