On a positive note

(By Nalini S Malaviya)

The art market is hit hard and there is no getting away from it at the moment. But, all this talk about the recession can be quite depressing and I sincerely hope that this phase gets over as soon as possible.
While people are still buying art that is affordable, sales of mid and high end segments are highly affected. Buyers are now treading cautiously, and rightly so. Recently at the preview of an art exhibition one of the artists mentioned how thankful he was that he had not resigned from his day job. However, when the same artist said that he had slowed down the pace of his work as the demand was considerably less, it was reassuring. In my opinion some of the best works will emerge in the current phase. The furious frenzy to produce more works during the boom period will now be replaced by a more spaced output. Artists will have more breathing space and time to follow their creative instincts rather than follow popular demands. This is a good time for them to be experimental, dabble with different media, and come out with smaller works and maybe even an affordable line of works.

Collectors should take stock of their collections and think of getting it catalogued if it is sufficiently large and mark out the works which they would like to sell off. One should also consider insuring the more expensive or rare artworks. Unfortunately, insurance of art is still not a very popular trend in India, and very few companies are offering this. But, one could look around to find a policy that suits ones needs.
For buyers this is a good time to pick up quality works at competitive prices. Those who don’t know much about art but happen to be reading this could use the opportunity to get familiar with the art world. Those of you, who are looking at buying art at this point, should begin with a small budget. This is also a good time to network with people from the art fraternity and to attend art shows and other events. In short be positive and use the time constructively.

(Published in Bangalore Mirror)

Art for art’s sake

(By Nalini S Malaviya)

In the current scenario, there are a reduced number of buyers looking at art as an investment option. Readers will remember that in the recent past art had emerged as an attractive alternative asset class for buyers with disposable incomes. Financial market conditions are such today that job security and liquidity are of prime importance for most people. In such a situation, drastic cost cutting at the corporate and the individual level have affected the sales of artworks. However, this is not a universal phenomenon and there are still a few buyers who are buying art for art’s sake, or, investing in low end art in the hope that it will fetch good returns in the long term. As the amount of investment has fallen steeply and is approximately in the range of rupees 20,000 to 50,000 at best, the amount of outlay is fairly low compared to what was seen even a year ago. This trend was also noticed at the street art fair held recently in Bangalore. More than 1,500 fine art students and self taught painters from across the country participated in this fair. The response was phenomenal and according to the organizers sales of over a crore happened through the day. Interestingly, most of the paintings were water colours of landscapes which did brisk business. Most of the art was priced under Rs 10,000. Obviously, buyers were not looking at the investment value of art, but were drawn to its visual appeal as wall fillers.

Incidentally, a few art students from previous years’ fairs have been known to go on and hold exhibitions at galleries at much higher prices. Therefore, by that same reference there is a distinct possibility that a few buyers at this year’s fair may also have made wise investments. The Bangalore art fair held once a year on the street outside a premier art institute has emerged as a much awaited art event. With a greater focus on quality and enhanced screening of the participants, the fair has the potential to develop into a credible art event. Its USP lies in the fact that is held outside the gallery environs and it makes affordable art accessible to the common man.

(Published in Financial Times)

Art for art’s sake

(By Nalini S Malaviya)

In the current scenario, there are a reduced number of buyers looking at art as an investment option. Readers will remember that in the recent past art had emerged as an attractive alternative asset class for buyers with disposable incomes. Financial market conditions are such today that job security and liquidity are of prime importance for most people. In such a situation, drastic cost cutting at the corporate and the individual level have affected the sales of artworks. However, this is not a universal phenomenon and there are still a few buyers who are buying art for art’s sake, or, investing in low end art in the hope that it will fetch good returns in the long term. As the amount of investment has fallen steeply and is approximately in the range of rupees 20,000 to 50,000 at best, the amount of outlay is fairly low compared to what was seen even a year ago. This trend was also noticed at the street art fair held recently in Bangalore. More than 1,500 fine art students and self taught painters from across the country participated in this fair. The response was phenomenal and according to the organizers sales of over a crore happened through the day. Interestingly, most of the paintings were water colours of landscapes which did brisk business. Most of the art was priced under Rs 10,000. Obviously, buyers were not looking at the investment value of art, but were drawn to its visual appeal as wall fillers.

Incidentally, a few art students from previous years’ fairs have been known to go on and hold exhibitions at galleries at much higher prices. Therefore, by that same reference there is a distinct possibility that a few buyers at this year’s fair may also have made wise investments. The Bangalore art fair held once a year on the street outside a premier art institute has emerged as a much awaited art event. With a greater focus on quality and enhanced screening of the participants, the fair has the potential to develop into a credible art event. Its USP lies in the fact that is held outside the gallery environs and it makes affordable art accessible to the common man.

(Published in Financial Times)

Art Buzz ARCOmadrid 2009

Art Buzz: New Delhi - Mahirwan Mamtani