The genuine investors are gradually coming back to the contemporary art market.
Before the art market fell with a bang, everyone under the sun acted to be an art connoisseur, boasting about the immense investment value of art. Only a clutch of sensible people wanted to check if the paintings they were jostling to buy had ‘investor credibility’?
The question asked was: Would the canvas worth Rs 1.5 lakh morph in a couple of years to a value of Rs 1.5 crore. Pointing to the frenzy and rush, Kishore Singh of The Business Standard noted in an essay: “The very people would laugh if one asked them whether the Rs 35 lakh Bentley they possessed would show an increased value, or Armani suit worth the Rs 2 lakh would turn into a collectible.
“There’s something not only naïve but also puerile when a picture you wish to wake up to in your bedroom, or look for as a conversation point in your living room, ought to become an ‘investment’.”
Thankfully, the art market is showing signs of revival after almost a year-long hiatus. However, considering the past experience, it is vital to know the precise basics and techniques of investing in art in context of the changed scenario.
An investor must strive to become well aware of the background details including the artist’s credentials, his or her time period apart from series/ running theme of a collection you wish to buy from so that you are able to see the work in a broader perspective.
(Image courtesy: Gallery Threshold)