Crayon Capital plans to launch art fund
Asset management company Crayon Capital is planning to launch an art fund called the Crayon Capital Art Fund worth Rs 40 crore.
By TNN |
BANGALORE: Asset management company Crayon Capital is planning to launch an art fund called the Crayon Capital Art Fund worth Rs 40 crore. The fund aims to invest in a well-diversified portfolio of select works by leading Indian artists and provide investors with the opportunity to profit from leveraging the fund’s pooled purchasing power. The fund has a minimum investment of Rs 10 lakh with a lock-in period of three years. This close ended fund opens on November 15, 2006 with its first closure on December 15, 2006.
Crayon Capital Art Fund- Scheme 1 will invest in a diversified portfolio of about 50 leading artists and emerging artists who have demonstrated a history of investor interest in their work. The Crayon Capital Art Fund will be funded through private placement and by invitation. ``The objective of the fund is to generate medium to high returns and capital growth from a diversified historically driven portfolio of investment in Indian art,’’ said Gaurav Karan, Partner, Crayon Capital.
According to Amit Vadehra, Partner, Crayon Capital, ``Indian art has consistently appreciated over the last decade. Economics continues to favour growth as demand is much higher than supply and promises to remain so. In addition to domestic and NRI interest in Indian art, considerable international interest amongst foreign investors is now beginning to evidence itself.
In 2000, Christies sold $600,000 worth of Indian art while in September 2006 alone the same auction house sold $17.8m worth of Indian art. This demonstrates that the appetite for Indian art has been only been growing globally and will continue to grow at a similar pace for at least for the next five years.’’
The Indian art market is estimated at about Rs 1,200 crore per annum. The volumes of Indian Art sold at public auctions have been tripling every year since 2004 and stands at about $150 million to date.
Crayon Capital Art Fund- Scheme 1 will invest in a diversified portfolio of about 50 leading artists and emerging artists who have demonstrated a history of investor interest in their work. The Crayon Capital Art Fund will be funded through private placement and by invitation. ``The objective of the fund is to generate medium to high returns and capital growth from a diversified historically driven portfolio of investment in Indian art,’’ said Gaurav Karan, Partner, Crayon Capital.
According to Amit Vadehra, Partner, Crayon Capital, ``Indian art has consistently appreciated over the last decade. Economics continues to favour growth as demand is much higher than supply and promises to remain so. In addition to domestic and NRI interest in Indian art, considerable international interest amongst foreign investors is now beginning to evidence itself.
In 2000, Christies sold $600,000 worth of Indian art while in September 2006 alone the same auction house sold $17.8m worth of Indian art. This demonstrates that the appetite for Indian art has been only been growing globally and will continue to grow at a similar pace for at least for the next five years.’’
The Indian art market is estimated at about Rs 1,200 crore per annum. The volumes of Indian Art sold at public auctions have been tripling every year since 2004 and stands at about $150 million to date.
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