Art Buzz (Mumbai) Chintan Upadhyay

Art Buzz (New Delhi) Photographic Works

The changing art scene

(Nalini S Malaviya)

Last week at the preview of one of the art shows, I was fortunate enough to meet Professor MGK Menon, a renowned Indian scientist. Prof Menon was part of Tata Institute of Fundamental Research (TIFR), Mumbai as a Director and currently he is an Advisor, Indian Space Research Organization. He was in the city on a holiday and one of the things that we talked about was the exorbitant price of artworks today. He incidentally helped build the art collection at TIFR during his tenure. Having bought KH Ara, Tyeb Mehta, MF Husain at prices that we cannot even dream of now, he felt how dramatically the art scene has changed over the years. It is so true when art lovers say that now people buy for investment and not because they have a passion for art!

It was interesting to see how most people comment on how the art scene in Bangalore has altered so much over the years. Well, the fact is that once the world sat up and took note of Indian art, the dynamics of the market changed forever. New Delhi is choc-a-block with galleries and artists, Mumbai, of course is the nerve centre, Kolkata is somewhat lagging behind, but Bangalore is one city that has seen some furious growth.

The art scene here is much more vibrant now than say five years ago, lots of shows are happening, many foreign artists are also exhibiting here, but on the flip side many local artists who are incredibly talented and are doing very well outside the city, do not show their works here. Which is such a pity!
And, sometimes one feels that at some level there is stagnation as well. When visiting exhibitions one hopes to see new and exciting works but one comes across familiar pieces. Well, if you look at the statistics, serious collectors and investors are opting to buy works by Indian artists whose works are more contemporary.

However, it is difficult for established artists to move to a different genre or medium - there is not only the comfort factor but often a genuine demand for those works. But, one wonders how long will this demand last? Shouldn’t the artists look at reinventing themselves? Galleries and curators should also take it upon themselves to encourage artists to experiment. Younger artists who have the talent and skill should be promoted. When that happens the art scene in Bangalore will truly be more alive and vibrant.

Visual appeal may not make good investment

(By Nalini S Malaviya)

An ‘investment artist’ is a popular phrase coined by art dealers and galleries to attract prospective clients to invest in art. What new buyers and investors need to understand is that not all art will turn out to be a financial investment. Decorative art rarely qualifies as a sound investment, at least monetarily. However, this class of art – paintings and sculptures attracts maximum buyers thanks to its visual appeal.

Another category of art that is becoming popular with both corporate houses and individuals is ‘customised art’. Paintings are coordinated extensively with interiors – furnishings, wall colours, accent pieces, patterns etc. In house artists are briefed on the kind of art that needs to be produced and these are affordably priced anywhere between Rs 5,000 to a lakh, or so. Generally, there are no artist signatures on the canvas as these are promoted under the seller’s brand. Obviously, art of this form is not a financial investment and most sellers, in fact make no pretensions about it. Buyers too are fully aware that they are paying for customised wall art that matches perfectly with their décor scheme.

However, when decorative art is projected as an investment option most people end up buying it in the hope that prices will appreciate over time. In general, prices of artworks do go up with time (not to forget inflation!) and most artists are bound to raise their sale tags periodically. But, the difference between a painting that one buys for investment and another for décor lies in the percentage of appreciation in the same amount of time. An artist, who is performing well internationally, will see a bigger hike in his price than one who sells locally through neighbouring galleries. The latter generally paints a similar kind of work due to popular demand, and exhibits a tremendously limited repertoire. Having said that, there is no harm in buying art that appeals to ones senses, as long as one is clear about its investment potential – financial or visual.

(Published in Financial Times)

Art Buzz (London) Bose Krishnamachari: GHOST

Ghost/Transmemoir, 2008, used tiffins with LCD monitors, amplifiers, DVD players, headphones, cables, jute rope, scaffoldings and wood

Bose Krishnamachari: GHOST

artist will be in attendence
Opening Reception 10 July 2008
private view

Wednesday 9 July 6.30 - 9.00 pm