Protect your art investment - Transportation of artworks

(By Nalini S Malaviya)

With increased mobility and multiple job opportunities people change houses and cities with ease. During shifting it is important to take good care of the artworks to ensure their investment potential is maintained. Art Consultant Umesh UV advises, “Nobody should be given the permission to handle them unless they have enough prior knowledge of dealing with paintings in particular.”

There are pros and cons in transporting a painting, which is stretched or un-stretched. A rolled up canvas is easier to transport, but removing the stretcher frame and then reframing can cause damage to the painting. Acrylic paintings are easier to transport as compared to oils. Paper works are more delicate and need careful handling. When covered with glass, one has to be extra cautious to preserve the glass front. If the glass breaks in transit, the shards can cause irreparable damage to the artwork. Umesh who deals with mainly paper works shares his modus operandi, “I send paintings unframed outside Bangalore to prevent breakage of glass and give a hard board on either side to support them against folding or wrinkling.”

He adds, “Within local limits I suggest people transport the paintings in their own vehicle with the care of family members to hold them if they are framed with glass. Outside cities they can remove the framing and get them reframed despite the fact that this might seem to be a little expensive exercise.”

In general one must ensure that the temperature remains constant during transportation. Very high as well as very low temperatures during transit can affect the paint. It can become more brittle and begin to flake.
Some more precautions include,
* Avoid touching the painted surface.
* Never apply sticky tape to the painted surface.
* Never put together paintings with their painted sides against each other.
* Keep them dry
* Large paintings need special care and packaging

It is best to consult and take the help of an expert, who has prior experience in dealing with artworks. As a precaution, it also makes sense to insure the artworks.

(Published in Financial Times)

Factors that affect investment potential of artworks

(By Nalini S Malaviya)

The uncertainty in the art market continues, as prices remain low, sales appear to be limited and the demand seems to be affected. Irrespective of the condition of art market, as an investor one would always like to make a sound investment.

As discussed previously, the quality of a painting or any other kind of artwork is of prime importance. Even if you were to invest in a work done by a mid-level or a senior artist, unless the quality meets highest standards, the work may not appreciate substantially over time. In fact, this has also been demonstrated at some recent auctions, where paintings by senior artists failed to find a buyer. Some of the criteria that define the quality of a work are its technical perfection and uniqueness of the concept. The theme of the work and how the artist chooses to present and interpret it is a mark of his creativity and will ultimately impact his market value. For instance, a socially relevant topic presented in a contemporary style stands a better chance compared to a copy of a real-life scenario.

Its also helps to pay attention to the quality of the materials used in terms of durability, longevity and the finish of the final product. An oil or acrylic painting is more likely to appreciate compared to a watercolour or a sketch. Remember, works done on paper may require greater care and maintenance. It is always wiser to invest in a mainstream artist rather than one whose works are gimmicky or likely to be a passing fad. The condition of the painting (especially if it has changed hands many times) – creases, chipped paint, cuts and tears, obscured signature can greatly affect the price of a painting.

The past performance of the artist is generally a good indication of future price trend. The artist name or brand also plays a role in determining the price growth. It goes without saying that without an artist’s signature the artwork could be worthless. Similarly, it helps to have a provenance certificate, which will help greatly when reselling the artwork.

(Published in Financial Times)

Invest in art for the right reasons

(By Nalini S Malaviya)

One of the main reasons why one should invest in art is for its visual benefit. To be able to truly enjoy its aesthetic content it helps to gain knowledge on the subject. The more knowledgeable a person is the more it helps when making a sound investment. Reading on art history, trends, artist profiles and auction reports provide a good background to the uninitiated. But then, mere reading about art is not sufficient. Like in any other subject, practical knowledge is a must. It is important to visit art galleries, art shows and take the time to look at as many paintings as one can. This will give a good feel for art, as well as hone your ability to distinguish good art from bad art. For instance, a mediocre painter may try to sell an average piece of work for exorbitant rates. But, if you have the knowledge and the ability to judge carefully, you will be in a better position to evaluate its salability factor and value. In fact, this is also indicated by the recent price correction, where one of the factors that impacted the fall in prices is a growing maturity in buyers which translates into a more discerning, more knowledgeable buyer with a sharp business acumen. It is true that no one can produce outstanding works all the time, but then prices should be consistent with quality apart from considering features such as size, medium etc.

In any case, it is important to buy art for the right reasons – its aesthetic value and sense of joy it brings to the viewer. One should not compare it with stocks and mutual funds. Or, invest in art funds, where you leave the decision making to an expert and don’t have to worry about what to buy and when to sell.

(Published in Financial Times)

Caring for artworks

(By Nalini S Malaviya)

With mega bucks involved, it is important to take care of one’s artworks to safeguard their investment potential. A badly preserved work of art - for instance with faded paint, crease marks, torn edges, holes, or any other kind of damage will reflect in its resale price. These days, artists too are more quality-conscious and are ensuring that the quality of art materials they use meet international standards, which are likely to withstand normal wear and tear due to ageing and exposure to common environmental elements.

Comparatively speaking, oil and acrylic paintings are easier to maintain, whereas paintings and sketches done on paper need to be preserved carefully to avoid damaging them. Most artists now use a good quality acid-free paper to work on, but there is no harm in confirming this with the art gallery or dealer. On your part you can ensure that the framing is done from a good framer who uses the best quality materials in terms of mat, backing board, wood frame and the acrylic or glass cover. It is important that the mat used should be acid-free, since poor quality mats will yellow with age and also become brittle over time, which in turn can affect the painting or drawing. The framer should make sure that the backing board is also of superior quality and will hold the artwork rigidly in place. It is advised that the glass or acrylic front should not be touching the artwork. Also, good quality hardware in the frame and to hang it on the wall will help increase the life of the artwork. As with any artwork, make sure there is a constant temperature in that space, as paper works are even more susceptible to fading due to too much sunlight. Excessive humidity can cause growth of moulds or the paper could wrinkle. Focus or spotlighting is very popular in highlighting art but these can also cause over-heating. Also, ultraviolet rays are known to damage artworks. There are glass fronts available that will filter these rays. All this means spending more money, but then in the long run it is important to conserve and preserve your artwork to ensure their investment value is protected.

(Published in Financial Times)

Art Investment - installations and assemblages

(By Nalini S Malaviya)

Installations and assemblages are some new media art that have started making headways into the living room and office interiors as well. New media art is a relatively recent trend and art collector Harish Padmanabha explains, “art is never stagnant, it is very dynamic and constantly evolves to reflect on society and the environment. Therefore, art trends too keep changing.”
While installation art is a form of conceptual, three-dimensional art that combines different mediums and utilizes the concept of space as the main element of expression, it is usually (but not always) temporary in nature. For instance, an installation could be an arrangement, assemblage or even a performance and may combine various disciplines such as painting, sculpture, architecture, video and sound. Of these, assemblages and sculptures are gaining in popularity by art collectors and even investors to some extent.
In fact, corporate entities are increasingly turning to art as an avenue for investment. While, paintings remain the preferred and more conventional mode of investment, new media art has also begun to find favors.
It so happens that installations (that are not transient in nature) are ideal for corporate offices with well-designed modern interiors. An installation usually requires a large space to be able to be displayed well, which is more feasible in an office environs rather than in a residential home. A mixed media installation that combines the corporate image, work ethos and business needs along with aesthetics is bound to draw eyeballs in a space such as the lobby, reception or the entrance. Usually, an installation is commissioned, and then conceptualized and built according to specific requirements. Getting a well-known and established artist to do one ensures it is a long-term investment. Plus, the association with an artist brand adds value to the corporate image as well.
Assemblages, especially ones that are smaller in size are finding more and more takers amongst individual collectors. The novelty value and the artist brand have contributed greatly to its growing success.

(Published in Financial Times)