An American couple paid Rameshwar Broota Rs 2,500 for a painting from his Ape series in late 1980s. More than 15 years later, the same painting fetched over Rs 5,00,000 at an auction in the United States.There’s nothing new about the rich and famous patronising art and artiste but it’s the rising middle class which has now decided to adorn walls of their homes and SOHOs (small office home office) with big names like M F Hussain, Manjit Bawa, Raza or Anjolie Ela Menon. With the government’s move to lower the interest rate on traditional financial instruments, the upwardly mobile middle class with high disposable incomes are increasingly looking for non-conventional investment avenues. With the increasing popularity of contemporary Indian art in the international market, buying pieces of art has become more acceptable from an investment point of view rather than only reflecting owner’s aesthetic sense.To select the right painting purely for investment purposes, it is a must to do some basic reading for the uninitiated. If your budget is limited, it is a good idea to invest in lesser known young artiste who are doing great work but whose pieces are more affordable. Visiting art galleries, Lalit Kala shows, art reviews and attending art get-togethers helps in identifying such artiste.However, do not completely rely on galleries’ word as they often have their own favourites who they try to promote aggressively. Art critics, connoisseurs and even senior artiste themselves also determine the quality of work. Even ageing adds up to painters’ price because the number of their productions normally reduces with age. And in art there is one basic funda: the rarer the works, the more expensive they get.Once identified, it’s also necessary to keep an eye on artiste’ growth, depth in his work and maturity in production which ultimately decide the price of a painting. Art prices grow along with the profile of the painter. An artist who only paints for a few years and then gives up, is never going to be of any significance in the investment market. Artists’ commitment has to be long term for their work to have any long term investment value. Investors are also advised to go to the artists directly instead of middlemen.The logic of demand and supply applies on art too. Once a particular genre becomes rare or fashionable, its price goes up. Keeping a tab on the trends in art world helps to identify such genre and eventually in selecting the right painting. Nearly a decade ago, morbidity and pessimism ruled the art world but now Vaastu and Feng Shui prescriptions have brought cheerful paintings back in demand. Selection of painting should not be based completely on personal tastes. One should have a knowledge about the contemporary trends to make the right choice. It is also important to create a portfolio of painters and keep on churning it from time to time according to changing tastes and preferences to make it attractive for reselling purpose. Like any other investment, when done with proper thought and study, paintings become a reasonable investment if the right painting is bought at the right time and at the right price. If going in for a famous and established artiste, it’s a must to see that the painting is thoroughly typical of the artiste’s style, with which he is identified by the connoisseurs all through.However, like other financial instruments, investment in art has its own risks. It’s not organised and often follows a personal marketing process. Absence of grading or index like the stock market also create problems in assessing the right price of a painting. Hence, it’s not a replacement for traditional investment avenues but can be one of them, experts say. Experts also advise that one should never collect a piece purely for investment. ‘Love the artwork, be informed about it and you will never regret your decision,’ is the basic motto in the world of art.
