Investing in Indian art

Oil Paintings are the latest blue chip investments in the sub continent. Indian artists are in demand as both Sotheby and Christies are promoting Indian art. Artists like exiled painter M F Husain, F N Souza, Tayeb, Jogen Chowdhary and Haider Raza have already touched the crore marks. Let’s not forget that a mere $ 3 million increase in Indian art in a $ 30 billion world art mart is hardly to celebrate about. But what was only a preserve of a few rich and famous in India is now percolating down to the middle class. Art investment is better than stocks or mutual funds.

They adorn the walls and with time also appreciate. They can be resold and new investments can be made. The new wheelers and dealers in the art world are the curators and art gallery owners who make a neat 30% on the paintings sold to customers. They are introducing novices to bright catalogues of artists and selling them at premium prices. The artists themselves never had it so good. They are now working night and day to meet demands in India and overseas.

Like the dot com bubble will the art bubble burst too? Questions are being raised when genuine artistes like Anjoli Ela Menon are accusing their own assistants of selling fakes. Fake Husain artworks are being lapped up by illiterate new clients. In today’s time when art is becoming the new interface on the world canvas can fakes ruin the art investment scene? The world is already wary of detecting fakes. Two years ago, Christies had withheld the auction of a Husain painting.

If fine art has to remain a blue chip investment for long, it needs to be regulated. The creative artists are getting their due worldwide. The curators and gallery owners need to protect genuine buyers and artists. Little can be done to avoid short selling of a genuine artist. New artists should be encouraged rather than only investing in the old war horses that have crossed their nineties! The new artists come cheap and can be sold off at higher rates later. It makes good sense to invest in new blood!

Most investors are still looking at the art mart with caution despite so many lucrative offers. Reason is simple; there is no insurance as yet on the precious creative talents and their works. India is yet at a nascent stage of art investment. In the early 60s’, Pundole art gallery in Mumbai had encouraged the works of struggling M F Husain. No one knew the artist would become an icon to reckon with in his silver years.

Indian art has touched a new high with even late works of Raj Ravi Verma, the 19th century artist who worked for the King of Travancore fetching new prices. Even 89 year-old Jehangir Sabavala’s abstracts are considered great investments. Like old wine he is improving. He is the toast of many soirées in the upper crest, laughing his way to the bank.