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Art Buzz (New Delhi) If I were a Saint

Understanding art prices

(By Nalini S Malaviya)

Now that the art market is beginning to look up, there is a lot of interest in understanding the intricacies of the market. The pricing of artworks has been a component that often requires a greater understanding of the market dynamics in order to analyze it. And, even then it may not appear entirely rational, as it is not completely deterministic or quantifiable.

Many people fail to comprehend the logic behind art prices and their upward movement due to its multivariate nature, there are a certain amount of elements that influence it. Also, it is important realize that there is a difference between the commercial price of an artwork and its value. The price of an artwork is determined by physical attributes such as market conditions whereas the value is its perceived worth or a subjective opinion of the viewer.

Typically, the price of an artwork depends upon the medium and size of the work, previous price points, its rarity and the artist. Art prices in the primary market are driven essentially by the artist and the gallery, whereas prices in the secondary market are often driven by demand. For instance, in an auction there is a reserve price which is estimated for a given piece of work prior to the auction, and its subsequent sale price could be much higher, sometimes in multiples of the reserve price. The sale price is driven up by the demand and may be a result of competitive bidding.

It has also become common to estimate prices of an artwork based on per-square-inch / foot or centimeter. And, some auction houses tend to follow this system of computation as a basis. However, there are no standard formulae to evaluate the price or value of an artwork, and hence the discrepancies that are seen in the market.

As a buyer it would be wise to crosscheck comparative prices before making a decision, but at the end of the day, if there is a particular piece of art that you wish to own, be prepared to pay for it.

(Published in Financial Times)

Bhelpuri - a collection of short stories

It is time for some self promotion. Again. Some of my short stories have been published as part of the anthology, Bhelpuri - a diverse collection of stories crisp and crunchy, sweet and tangy, spicy and juicy ... just like that honest street food so essentially India. But, with a difference.


Bhelpuri is an offering from Inklinks ... a group of Bangalore women writers whose passion for word craft has brought them together. Some are young, some are senior, some are professionals, but they are all word-lovers. Joined by their common zeal for observing life and creating new people, new worlds. Each in her own individual style ....


Now available at Crossword, Residency Road, Bangalore.
Also at Sankars, Strand, Gangarams & DC Books, Bangalore.

Make sure you pick the original. Say NO to piracy.

Keep an eye on art trends

(By Nalini S Malaviya)

In the recent months there has been a definitive shift in the kind of art that is being displayed at exhibitions across major centers in the country. The works have evolved and become more experimental in nature. Interestingly, many mainstream artists too are experimenting with new mediums.
New media art or installations, video and digital art are increasingly seen now and are also gaining acceptance in a wider audience. Although, these new media works have been around for several years, their sales were limited to a select group of art collectors and connoisseurs. Some of the artists who are experimenting with new media are Gigi Scaria, Pushpamala N, Manjunath Kamath, Riyaz Komu, Shilpa Gupta, Vivan Sundaram, Surekha and Sudarshan Shetty. In fact, sales of this form of art has picked up in the recent months. Collectors are now on the lookout for newer concepts that have been presented through novel media. And, although, conventional art, such as paintings and sculpture continue to be popular with its patrons, it does appear that the trend is moving perceptibly towards newer forms of art.

International auctions too have been including new media art, but now that there are so many artists who are gravitating towards this genre, that collectors have to be cautious about evaluating the investment potential of each of these.
Still, this is an exciting phase for collectors and investors. There is a lot of activity happening in the field of art and the choices have widened too. And, there is every indication that the Indian art scene is looking up, and although at this point sales may not reflect this trend to that extent it should be a matter of time before the art market sees the loosening of purse strings. Reports and analyses regarding the amount of time it would take for the Indian art market to recover actively varies somewhat, there appears to be consensus that it should be soon enough.

(Published in Financial Times)

Art Buzz (Bangalore) Rekha Rao

Allocate appropriate budget when investing in art

(By Nalini S Malaviya)

There are many people who would like to buy art but are unclear as to how to go about it. Lacking exposure to the world of art, they are unsure about artists, prices, which galleries to go to and the value of artworks. On the other hand, there are numerous collectors who keep succumbing to practically every new work of art. The excitement of collecting new and different works of art can even become addictive unconsciously.

There are some collectors who keep buying works from every new series of a particular artist for a variety of reasons. They either like that artist’s creations a lot, or because they know the artist personally they find it difficult to decline his latest works.
Then there are those who begin collecting in a small way, but in a few years time they get so involved and passionate about it that they find themselves unable to stop. This may happen even at the cost of their budgets going awry. With every new purchase they tend to stretch themselves, and slowly over a period of time this grows beyond control. Collecting art by well known names is a reflection of one’s status and there are many buyers who invest in them just for this purpose. Peer pressure can also be the driving factor in many cases. Then there are those collectors who are forever on the look out for newer artists and cutting edge works. They look for artists from a purely financial investment angle.

Therefore, while some may consider art as a frivolous expenditure, there are a large number of people who invest in art for various reasons. However, it is important to apportion a budget to art investment and remain within its limits. Just as you would invest a percentage of your disposable income on various conventional assets, follow the same rules when buying art, at least wherever applicable.

(Published in Financial Times)

Art Buzz (Bangalore) Nandesh Shanthi Prakash