Collectors and investors are back in the frame
Collectors and long-term investors appear to be entering the art market in a bigger way after a phase of dullness in the trade. Knowledgeable and informed buying of quality works seems to be pointing to this phenomenon.
By Ashoke Nag, TNN |
KOLKATA: Collectors and long-term investors appear to be entering the art market in a bigger way after a phase of dullness in the trade. Knowledgeable and informed buying of quality works seems to be pointing to this phenomenon.
These buyers are also keeping a close track of the prices. The newer buyers are also looking for more realistically-priced works.
“In the midst of the bullishness in the market from around 2004-06, there was a fair deal of short-term investors, flyby-night dealers and speculators who had entered the scene. These operators were buying works of artists, including those figuring in auctions, without weighing the inherent aesthetics or quality of the pieces.
The only yardstick was the market value of the artist’s signature and the size of the work,” an art market source told ET.
The presence of collectors now is also underlined by the maturity that the market has begun to show. Looking at some of the recent auction results, one notices top quality pieces being picked up at tall prices. At the same time, some of the older, under-priced artists could also be gaining ground.
“An auction of late found a high quality V S Gaitonde lapped up for a fabulous sum of Rs 5 crore. This, in all likelihood, was a deal swung by a seasoned collector. In the same breath, a Jamini Roy sold for around Rs 75 lakh in an international auction. The participation of a die-hard collector in this purchase is also more or less evident,” the source added.
The entry of collectors and buyers with a long-term view in a sizeable way is also seeing not so well-known artists like Jaya Ganguly and Partha Pratim Deb, who were not listed in auctions earlier, also selling for high prices.
“On the flip side, the artificially manipulated works in the auction circuit, which used to go well beyond the prices ruling in the market, are often remaining unsold.
The retail market, which revolves largely around the gallery circuit, is seeing even the relatively fresh crop of buyers showing more intelligence and picking and choosing the right kind of works. In step with the out and out collector tribe, the new buyers are also sometimes looking for provenance (ownership history) behind a work.
In fact, this later generation of art buffs are also gradually imbibing the sensibilities of collectors. In that sense, the base of collectors could be expanding,” the source pointed out.
With the market showing signs of changes in the complexion of buyers, established galleries which could have focused only on the bigger names earlier, are now looking at a wider basket of artists which includes new talents.
The evolution of the Indian art scenario, will probably also see auctioneers broadening their range of artists from the 250-300 names that they have been rotating for a while now.
These buyers are also keeping a close track of the prices. The newer buyers are also looking for more realistically-priced works.
“In the midst of the bullishness in the market from around 2004-06, there was a fair deal of short-term investors, flyby-night dealers and speculators who had entered the scene. These operators were buying works of artists, including those figuring in auctions, without weighing the inherent aesthetics or quality of the pieces.
The only yardstick was the market value of the artist’s signature and the size of the work,” an art market source told ET.
The presence of collectors now is also underlined by the maturity that the market has begun to show. Looking at some of the recent auction results, one notices top quality pieces being picked up at tall prices. At the same time, some of the older, under-priced artists could also be gaining ground.
“An auction of late found a high quality V S Gaitonde lapped up for a fabulous sum of Rs 5 crore. This, in all likelihood, was a deal swung by a seasoned collector. In the same breath, a Jamini Roy sold for around Rs 75 lakh in an international auction. The participation of a die-hard collector in this purchase is also more or less evident,” the source added.
The entry of collectors and buyers with a long-term view in a sizeable way is also seeing not so well-known artists like Jaya Ganguly and Partha Pratim Deb, who were not listed in auctions earlier, also selling for high prices.
“On the flip side, the artificially manipulated works in the auction circuit, which used to go well beyond the prices ruling in the market, are often remaining unsold.
The retail market, which revolves largely around the gallery circuit, is seeing even the relatively fresh crop of buyers showing more intelligence and picking and choosing the right kind of works. In step with the out and out collector tribe, the new buyers are also sometimes looking for provenance (ownership history) behind a work.
In fact, this later generation of art buffs are also gradually imbibing the sensibilities of collectors. In that sense, the base of collectors could be expanding,” the source pointed out.
With the market showing signs of changes in the complexion of buyers, established galleries which could have focused only on the bigger names earlier, are now looking at a wider basket of artists which includes new talents.
The evolution of the Indian art scenario, will probably also see auctioneers broadening their range of artists from the 250-300 names that they have been rotating for a while now.
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