Affordable art with investment value

How the definition of affordable art has changed over the years! Having grown at a furious pace in the last few years, the Indian art market is currently estimated to be valued at around Rs 1,500 crores. And, market sources predict that Indian art is likely to continue its impressive performance, but what is unclear or has an element of ambiguity is the growth rate. Whether the market grows at the same spectacular rate it has seen in the past remains to be seen. Despite this most experts feel that Indian art is one of the safest investment options, provided one invests after a thorough research and looks at it as a long term asset.

Affordability is surely a relative term. Earlier where one looked at investing Rs 10,000 to 50,000 on a painting; prices have now climbed substantially higher and now involve more than five digits. A few years ago one could buy an average sized work of art with associated investment value for less than a lakh, whereas now one would have to spend at least Rs 2 lakhs and above to pick up an artist with some investment potential. In fact, those contemporary artists who are considered to be ‘safe’ in terms of their investment potential are available only above Rs 5 lakhs. Unfortunately, these high figures can be a major deterrent to those looking at buying an affordable range of art that goes beyond decorative purposes.

Galleries and dealers are therefore introducing new artists with attractive pricing to plug the resultant gap in the market. This also helps in broadening the buyer base. At the same time this bodes well for young artists and promising talent. Students, fresh graduates and artists with 2 to 3 years experience are in a better position than ever before to sell their artworks. The demand for affordable art ensures that gallery representatives scout actively for reasonably priced artists and these are then marketed aggressively to create a clientele.

(Published in Financial Times)

An exhibition to die for - literally

I came across the following article in 'The Art Newspaper' and wanted to share it with you. Click on the link below to read the full story and let me know what you think. Do you think it is sensationalizing art or is it a natural extension of creativity? I look forward to your opinions.

- NM

An exhibition to die for—literally
LONDON. The German artist Gregor Schneider is planning the ultimate performance piece: showing a person dying as part of an exhibition. “I want to display a person dying naturally in the piece or...

(Courtesy: The Art Newspaper)

Abstraction

Have you stood before an abstract work of art and wondered what it was? Well, you’re not alone. Most of us have trouble understanding a non-representational or a non-figurative painting - in other words a painting that has no recognizable form or objects. Going back in time, abstract expressionism developed as a result of a movement that began in the late 1940s and picked up momentum during the 1950s. You might be familiar with artist Jackson Pollock’s experiment with a dripping can of paint and a canvas placed on the floor. Pollock swung his arms around over the canvas and this process called action painting resulted in an abstract work. The idea was that these intuitive movements gave expression to an artist’s creativity at the sub-conscious level.

To understand an abstract art that is completely non-specific, sometimes, it needs to be placed in context - the artist’s life, background and environment help to relate to the artwork. A good abstract art should visually draw the viewer and have an impact on him. I bought a couple of paintings from Hariraam, an artist from Chennai (his abstracts that explore the concept of time and space are amazing), and what he said makes perfect sense, “to understand abstraction you need to put in a certain amount of effort. What you need is sensibility, and not necessarily intelligence. Remember, a work of art is not a piece of wizardry. An artist creates by virtue of his own inner process and then offers it to the viewer.” Some of the well-known Indian artists celebrated for their abstracts are VS Gaitonde, J Swaminathan, V Vishwanadhan and Prabhakar Kolte.

Now, Sheetal Gattani, an artist from Mumbai is exhibiting her recent abstracts in Bangalore and her minimal palette is a delight to watch. Watercolors and acrylics on paper and canvas respectively have been layered extensively to create these non-representational paintings. Devoid of any form and identifiable elements her abstracts are minimal in all aspects. She explains, “I seek to paint without any past conditioning. I’d like the viewer to experience the same… To me it’s important to paint without a mind, just responding to the medium, light and space, the unity of it all. I enjoy the labour, the deepening and unfolding of layers.” Perhaps that best explains her paintings that otherwise defy categorization or justification.

(The exhibition will be on till April 25 at Gallery Sumukha, Bangalore 27.)

(Published in Bangalore Mirror)

Art Contest: Call for Entries

OFAC is India’s first Online Fine Art Competition, a unique contest offering artists a platform to value their creative talent and an opportunity to shape their future. This is the first time that Indian Artists will get the opportunity to participate in an ONLINE ART COMPETITION. The nature of the competition does away with geographical limitations, thus enabling artists across the country to compete.

The contest will remain open for a period of 45 days, from 15th April ’08 until 31st May ’08.

In order to ensure quality content & participation, the OFAC will accept entries from only BFA, MFA Graduates, Diploma Holders & Final year Diploma Students. Each participant will submit 2 entries through our website http://www.smartnu.com/

To view details please click on link below
http://www.smartnu.com/ofac/main.html

From the applications received, the jury will select 12 finalists.
The winner and runner up will be selected from amongst those 12 finalists.
The results of the competition will be announced on 20th June 2008.

Do go through the terms and conditions carefully
http://www.smartnu.com/ofac/OFAC-TermsConditions-English.pdf


Best of Luck!
NM

Buying at an Auction - a few tips

Auctions of Indian modern and contemporary art are gaining in popularity with new auction houses coming up and with an overall increase in demand for Indian art.
The biggest advantage with buying at an auction is that an artwork that is rare or rates high on a collector’s wish list is likely to come up only at such events. And, therefore when a collector or an investor picks up such an artwork, prices are only going to appreciate in the future. This is not to say that auctions are only for the seasoned collector or investor. New buyers looking to add value to their investment portfolio may also consider picking up a few good pieces at an auction. When buying at an auction the credentials and the reputation of the auction house is a very important factor that needs to be considered.

Here are a few pointers for prospective buyers looking to bid at an auction:
Prospective buyers need to register themselves, either at an official website for an online auction or with the auction house at a physical auction prior to the event. Usually there is a detailed form that needs to be filled up.
The catalogue listing all details pertinent to the artworks (lots) and other sale details are available through the auction house.
One must carefully go through the catalogue and check the information regarding the artists, size, medium, provenance and the estimated prices.
Once you have short-listed the artworks you are interested in, you should validate them at the viewing, which is organized before the actual auction date. Generally the viewing is organised at one or more venues (it could even be different cities) and offers an opportunity for the prospective buyer to get a feel for the artwork (check its condition, etc).
Go though the fine print regarding service charges, taxes, commissions and other charges, if any.
Find out about the bidding procedure – it can be usually done in person, through a representative or over the phone, and on the Internet, in case of an online auction.

It is always advisable that you consider your budget and define your upper limit before you actually start bidding.

(Published in Financial Times)