The Art Mart, for Dummies

The Indian art market is going through the roof, with prices outperforming the sensex. But before you get in, get prepared. For there8217;s much more to investment in art than meets the eye

It8217;s the dream investment no punter could have imagined. Delhi-based art collector Amol Vadhera has just sold a Ram Kumar painting he bought for Rs 5,000 in 1992, for Rs 18 lakh. He8217;s also selling drawings by Amrita Shergill and M.F. Husain, bought on instalments, to buy a flat in the capital8217;s posh Jorbagh. The Great Indian Art Boom has arrived.

In September 2005, Tyeb Mehta8217;s Mahishasura sold for Rs 7 crore at a Christie8217;s auction. Last month, an untitled V.S. Gaitonde and Tapovan by Raza went for Rs 6.58 crore each. Indeed, in the last three years, art as investment has outper-formed the sensex, gold and real estate prices. As is common during all booms, the widespread belief is that anything on canvas will go up8212;exponentially.

But insiders believe otherwise. 8220;Only six or seven artists in this decade will be talked about 20 years later,8221; says Vadhera.

So how do you decide which artist to invest in? 8220;You have to educate yourself, there are no short cuts,8221; says collector Nitin Bhayana. 8220;The next step is to visit galleries and speak to critics and collec-tors.8221; However, since galleries are mush-rooming every day all over urban India, stick to the best. Like Nature Morte, Gallery Espace and Vadehra Art in Delhi, and Gallery Chemould and Sakshi Art Gallery in Mumbai. A good dealer should offer information on the artists8217; exhibition history and previous owners of the work. Fashion designer-turned-art dealer Rohit Gandhi recalls how initially he re-peatedly bought the wrong works. 8220;Some friends had opened galleries, they claimed the artists were budding Tyeb Mehtas,8221; he laughs. Predictably, the galleries folded up and the artists vanished. Dealers should also be questioned about old works, since paintings deteriorate with age. After 25 years, the varnish becomes yellow and the paint chips off.

Aficionados advise buyers to ask them-selves two questions before buying art. Is the painting an interiors accessory or an investment? Ideally, it should be a judi- cious mix of both. 8220;But after you8217;ve checked out the market, trust your in-stinct,8221; advises Arjun Sawhney, an avid art lover. Focus on quality over medium. Oil paintings are more expensive than water-colours, etchings and signed prints. 8220;I would buy a good quality watercolour or etching over an average oil any day,8221; in-sists Sawhney. Thirty years ago, no one bought etchings in the West. Now, etch-ings and watercolours are appreciating as fast as oils. 8220;We need enlightened buyers to appreciate a beautiful etching,8221; says art historian Alka Pande.

But ultimately, it8217;s also about what not to buy. If you don8217;t have the time to edu-cate yourself, hire someone who can help you out. 8220;When you buy stocks or real es-tate, you use a broker, why not the same for art?8221; questions Bhayana, who8217;s fed up of friends asking for free advice. So the clincher: which painter to buy if you can8217;t afford the Husains and Razas? 8220;I would put my money on watercolours by Jag-ganath Panda and etchings by Anupam Sood,8221; says Vadehra, hesitating just a little. Sawhney is impressed with a new artist called Dhruvicharya. Bhayana was reluc-tant to comment. Call him once you8217;re prepared to shell out for advice.