CURRENT ART SCENARIO : A COLLECTORS PROSPECTIVE

The contemporary art scene is just not happening, Let’s face it. As far as India is concerned, the progressives are about what Indian art is all about today. If one sees some of the recent Indian art auction catalogues and their estimates on ones computer, it shows works of art bought as investment earlier and the desperateness to get of the same. A great effort may be on to revive the contemporary art scenario but it looks like we are headed more towards “Impressionist Art” and “Good old progressive’s” more than contemporary.

The art market has now consolidated and there are very few auction houses left to promote Indian art both internationally as well as domestically. All the major art funds have started winding up, and the ones that have not wound up, are still struggling to repay their investors with the massive investment and bets they have made on contemporary art.

A recent visit to exhibitions of contemporary artists, one finds the halls almost empty and even the lectures that come with such exhibitions, which once use to be full, now nearly full of empty chairs. But things are not so gloomy when it comes to modern art.

Everyone is excited now about the progressives. No one seems willing to part with any of progressives works that they may have acquired at whatever price, as a result there is a less supply of good quality works done by progressive artists as they are all being retained for future generations or being directed straight to auction houses.

On the investment front, if one has missed an opportunity to acquire the works of contemporary Indian artists that one could not have acquired during the boom time, my suggestion would be to buy them today. Bargain Hard. Galleries and artists don’t like to reduce price, so they don’t make their works available that easily. Ultimately all the contemporary artists will be available at the price which one would like to buy them at, that is once the galleries “let go” of this stock, if this doesn’t happen, just stick to GOLD and SILVER.

Manoj Israni
Managing Director
Blue Cross Laboratories Ltd

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