ASHOKE NAG
[ THURSDAY, JUNE 28, 2007 04:02:33 AM] KOLKATA: In an art market, which has slowed down to an extent, art circles are contemplating buying strategies investors and collectors can adopt. One prime focus segment in the current scenario, they say, should be quality paintings by underpriced artists. Investors and collectors should also keep track of artists backed by well-known galleries since these names are normally promoted in a big way. Buyers can also go for earlier masters and sculptors who did not participate in the art boom in a major way.
“The surge in art prices over the last 2-3 years seems to have baffled many. That’s not to say that the different stakeholders — galleries, auction houses, artists, dealers and investors — were not delighted to make hay while the sun shone. Those involved in the stockmarket and realty sectors also rushed in to invest in art.
And, any artist with rising prices was seen as an investible brand. “Against this backdrop, while prices of top artists rose 10-20 times, those of next in line went up 5-10 fold. But, this could not continue endlessly. Prices had to stabilise,” an art market source told ET. Another source said with art prices now in a correction mode, buyers should be careful in their selection. If necessary, they can seek expert advice from established gallery owners or art connoisseurs.
“Small budget buyers should look for young and promising artists who are available below Rs 1 lakh. At the same time, instead of targeting quick returns, they must be prepared to wait for a couple of years for prices to go up. For instance, Subodh Gupta’s prices has gone up from Rs 3,000 in 1990 to beyond Rs 15 lakh in 2005-06. That’s not to say, of course, that price movements of most young artists are going to behave in a similar fashion,” the source added.
At the same time, buyers with bigger budgets should track the auction and gallery sales to be aware of current trends. After all, over time, the buying focus has shifted from Dutch Bengal and Bengal art to modernists, with the contemporary artists now gaining popularity.
“A collector, who is investing for the long term, can buy works which draw him or her. And, if prices moved southward, which is not certain of course, the collector will have the opportunity to pick up pieces unaffordable during the boom. One can also acquire the old masters who did not participate in the boom. A majority of the sculptors were also overlooked by the bull phase. They are highly buyable,” the source said.
The overall view is that a price correction will help the art market emerge stronger. Even the Chinese art market had gone through a correction phase in 2004-05. It’s bounced back again now. “While the size of the Indian art market is placed at $350 million, the Chinese market is worth $1.5 billion. The Indian art trade, thus, has a long way to go. In the 1990s, the international art market experienced a downturn. The world art scene is cyclical,” the source added.
“The surge in art prices over the last 2-3 years seems to have baffled many. That’s not to say that the different stakeholders — galleries, auction houses, artists, dealers and investors — were not delighted to make hay while the sun shone. Those involved in the stockmarket and realty sectors also rushed in to invest in art.
And, any artist with rising prices was seen as an investible brand. “Against this backdrop, while prices of top artists rose 10-20 times, those of next in line went up 5-10 fold. But, this could not continue endlessly. Prices had to stabilise,” an art market source told ET. Another source said with art prices now in a correction mode, buyers should be careful in their selection. If necessary, they can seek expert advice from established gallery owners or art connoisseurs.
“Small budget buyers should look for young and promising artists who are available below Rs 1 lakh. At the same time, instead of targeting quick returns, they must be prepared to wait for a couple of years for prices to go up. For instance, Subodh Gupta’s prices has gone up from Rs 3,000 in 1990 to beyond Rs 15 lakh in 2005-06. That’s not to say, of course, that price movements of most young artists are going to behave in a similar fashion,” the source added.
At the same time, buyers with bigger budgets should track the auction and gallery sales to be aware of current trends. After all, over time, the buying focus has shifted from Dutch Bengal and Bengal art to modernists, with the contemporary artists now gaining popularity.
“A collector, who is investing for the long term, can buy works which draw him or her. And, if prices moved southward, which is not certain of course, the collector will have the opportunity to pick up pieces unaffordable during the boom. One can also acquire the old masters who did not participate in the boom. A majority of the sculptors were also overlooked by the bull phase. They are highly buyable,” the source said.
The overall view is that a price correction will help the art market emerge stronger. Even the Chinese art market had gone through a correction phase in 2004-05. It’s bounced back again now. “While the size of the Indian art market is placed at $350 million, the Chinese market is worth $1.5 billion. The Indian art trade, thus, has a long way to go. In the 1990s, the international art market experienced a downturn. The world art scene is cyclical,” the source added.
KOLKATA: In an art market, which has slowed down to an extent, art circles are contemplating buying strategies investors and collectors can adopt. One prime focus segment in the current scenario, they say, should be quality paintings by underpriced artists. Investors and collectors should also keep track of artists backed by well-known galleries since these names are normally promoted in a big way. Buyers can also go for earlier masters and sculptors who did not participate in the art boom in a major way.
“The surge in art prices over the last 2-3 years seems to have baffled many. That’s not to say that the different stakeholders — galleries, auction houses, artists, dealers and investors — were not delighted to make hay while the sun shone. Those involved in the stockmarket and realty sectors also rushed in to invest in art.
And, any artist with rising prices was seen as an investible brand. “Against this backdrop, while prices of top artists rose 10-20 times, those of next in line went up 5-10 fold. But, this could not continue endlessly. Prices had to stabilise,” an art market source told ET. Another source said with art prices now in a correction mode, buyers should be careful in their selection. If necessary, they can seek expert advice from established gallery owners or art connoisseurs.
“Small budget buyers should look for young and promising artists who are available below Rs 1 lakh. At the same time, instead of targeting quick returns, they must be prepared to wait for a couple of years for prices to go up. For instance, Subodh Gupta’s prices has gone up from Rs 3,000 in 1990 to beyond Rs 15 lakh in 2005-06. That’s not to say, of course, that price movements of most young artists are going to behave in a similar fashion,” the source added.
At the same time, buyers with bigger budgets should track the auction and gallery sales to be aware of current trends. After all, over time, the buying focus has shifted from Dutch Bengal and Bengal art to modernists, with the contemporary artists now gaining popularity.
“A collector, who is investing for the long term, can buy works which draw him or her. And, if prices moved southward, which is not certain of course, the collector will have the opportunity to pick up pieces unaffordable during the boom. One can also acquire the old masters who did not participate in the boom. A majority of the sculptors were also overlooked by the bull phase. They are highly buyable,” the source said.
The overall view is that a price correction will help the art market emerge stronger. Even the Chinese art market had gone through a correction phase in 2004-05. It’s bounced back again now. “While the size of the Indian art market is placed at $350 million, the Chinese market is worth $1.5 billion. The Indian art trade, thus, has a long way to go. In the 1990s, the international art market experienced a downturn. The world art scene is cyclical,” the source added.
“The surge in art prices over the last 2-3 years seems to have baffled many. That’s not to say that the different stakeholders — galleries, auction houses, artists, dealers and investors — were not delighted to make hay while the sun shone. Those involved in the stockmarket and realty sectors also rushed in to invest in art.
And, any artist with rising prices was seen as an investible brand. “Against this backdrop, while prices of top artists rose 10-20 times, those of next in line went up 5-10 fold. But, this could not continue endlessly. Prices had to stabilise,” an art market source told ET. Another source said with art prices now in a correction mode, buyers should be careful in their selection. If necessary, they can seek expert advice from established gallery owners or art connoisseurs.
“Small budget buyers should look for young and promising artists who are available below Rs 1 lakh. At the same time, instead of targeting quick returns, they must be prepared to wait for a couple of years for prices to go up. For instance, Subodh Gupta’s prices has gone up from Rs 3,000 in 1990 to beyond Rs 15 lakh in 2005-06. That’s not to say, of course, that price movements of most young artists are going to behave in a similar fashion,” the source added.
At the same time, buyers with bigger budgets should track the auction and gallery sales to be aware of current trends. After all, over time, the buying focus has shifted from Dutch Bengal and Bengal art to modernists, with the contemporary artists now gaining popularity.
“A collector, who is investing for the long term, can buy works which draw him or her. And, if prices moved southward, which is not certain of course, the collector will have the opportunity to pick up pieces unaffordable during the boom. One can also acquire the old masters who did not participate in the boom. A majority of the sculptors were also overlooked by the bull phase. They are highly buyable,” the source said.
The overall view is that a price correction will help the art market emerge stronger. Even the Chinese art market had gone through a correction phase in 2004-05. It’s bounced back again now. “While the size of the Indian art market is placed at $350 million, the Chinese market is worth $1.5 billion. The Indian art trade, thus, has a long way to go. In the 1990s, the international art market experienced a downturn. The world art scene is cyclical,” the source added.
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