Paintings will still steal the show

KOLKATA : Against the backdrop of the recent Budget proposals of a cut in peak Customs duty and bringing art within the ambit of capital gains, art circles are trying to fathom the categories of art around which buying trends could emerge. The categories broadly spread across paintings, sculptures, antiques and artefacts.

“Generally speaking, paintings could still occupy the dominant position because of the high returns that they are capable of generating. Of course, buying into sculptures could perk up more with sculpture prices consistently looking up. Earlier, people would be buying all brands of art pieces, but as paintings overshadowed other genres, buyers, especially newgen investors, started singlemindedly lapping up paintings,” an art market source told ET.

If government laws on acquisitions of antiques are liberalised, of which there are signs, then buying in this category could get a fillip. In fact, according to the source, if the stock market keeps sliding over a period of time, art buyers could revert to acquiring classes of art other than paintings. These would work out cheaper on the price front too. Purchases of paintings by young artists could also gain further momentum.

“In time, people could also begin looking more seriously at historical and Bengal School paintings and early oils. One of the major reasons for modern and contemporary art to still hold sway is the strong preference of NRIs for this category of art. Even a brand of paintings, which are non-exportable in India but many of which are circulating overseas, are not much in demand among NRIs. That has had a fallout in India. But that perception could change and may prove to be beneficial in the long run,” the source said.

“In fact, these non-exportable grade of paintings carry a very modest reserve price at auctions abroad,” the source added. An Abanindranath Tagore work carries a paltry reserve price of $4,000 at a forthcoming auction in New York in March. This provides an excellent opportunity for resident Indians to acquire such works at virtually throwaway prices compared to modern and contemporary art,” the source said.

In step with Bengal School paintings, art buyers could also turn their sights on sourcing antique sculptures, miniatures and Company School paintings. In fact, a simplification of government laws would facilitate the acquisition of these genres of art.

In any case, one does not envisage a major hurdle if these items are legally imported from auctions abroad. “It is most likely that these acquisitions will trigger returns in future. Besides, it’s also a grand opportunity to bring back one’s heritage to the country,” the source said.