The Elusive Buyer !

Over the last few months, many people have asked me why no one is really buying art and each time I am reminded of a phrase a hotelier friend of mine uses quite frequently, that “we need to concentrate on building lifetime engagements rather than episodic engagement".

That is the problem with Indian art too. Whether it is artists who keep the values at ridiculous heights hoping that some gullible or aspiring collector would buy their works, or galleries who sometimes price new artists at prices that defy logic, everyone is just looking at the next deal. No one is looking at long term engagement and reassuring collectors that they will always be valued and taken care of. So finally, collectors lose confidence.

So, if the Indian art market is based on this foundation, the only way it can go is down. In the past few months, I have met many ardent collectors who have given up collecting Indian art. Some of the recent auctions are also a pointer in that direction with prominent collections being on sale.

How will this scenario, really change? What is the future of young artists who dream of being recognised for their passion not only in India but globally? How will Indian art get its ever elusive buyer? The need is for a major mindset change and new energy to take Indian art to a new level.

Santiago Sierra at Kochi Muziris Biennale 2012

Let me share some thoughts on this new order with you...

Logical artist pricing - Artists need to lower their prices, period. Established artists, need to quote 30 % lower than what they quoted last month as buyers can acquire the same for 35% less from the secondary or auction market. The only established artist who I thought is smartly pricing his works is Atul Dodiya. His canvas works are priced very close to  what they would sell for in an auction, so if you like a work and buy it, it may not appreciate but you won’t come out a pauper either.

Bharti Kher is another established artist who comes to mind, but she is maybe the only Indian artist who attracts enough demand to sustain her supply. Hence her pricing is logical as collectors do not lose money when they buy her works.

Just because a person loves art does not give anyone the license to take the him or her on a ride. Most artists need to take a reality check on their pricing before they stop selling completely. And that will happen. I predicted in 2009 that the Indian art market was on a shallow base and will crash completely; my blog is a testament to that.

‘Leave your shoes here’ by Hossein Valamanesh

Gallery Loyalty - Many artists would disagree with this truth that if a gallery is selling your works in Mumbai, a different gallery in Delhi and another in Bangalore, then you are simply encouraging all these galleries to look at you as a transaction instead of promoting you. So you deserve to have your work be oversupplied, collectors to lose money and finally people to stop buying you.

This is the worst thing an artist can do to his or her gallery which made their career and some of the established artists in this country have been very selfish on this count. I admire TV Santhosh and Thukral & Tagra to be standing by Guild and Nature Morte respectively.Through good times and bad times, they sold their art and not their loyalty.

Mahabubur Rahman for India Art Fair 2013

Wake up or Perish - Galleries who build on an old order, family and the story of “I have been around two decades”, need to wake up and smell the coffee. The game has always been to sell to a couple of museums, attend some art fairs and sell some art to old collectors. That won’t sustain them or their artists. They need to be work on their marketing, have a better online presence, engage with collectors and be active.

Works by Jitish Kallat

When was the last time, you saw some good advertising by any gallery? They are full of creative people but there is no outreach program or an interest to build an art community. If you do not have an advertising or marketing budget, then you would rather be out of business. Posting your event photographs of the same 30 people who attend your art openings every month on Facebook is not marketing!

Also, often galleries ignore press calls and requests for interviews. How, then, will they ever build an art culture or an inclusive environment? All they are bothered about is protecting their near negligible turf.

Bestcollegeart.com and Glenfiddich’s Emerging Artist of the Year Award, 2013

Events around the year - It is important to have art events around the year like the art nights hosted by the Mumbai galleries and the Lado Sarai art district galleries. How about attracting new collectors? Do not sell anything, but align with a major bank and get their top customers on an educational platform on collecting art. Help them, guide them and build a new breed of collectors. This is hard work but as the collectors evolve there will be new people buying Indian art.

HFV Project by Ariel Hassan,Kochi Muziris Biennale 2012

As some of us have done in the past, we will ensure people get art news,  will ensure that there is transparency and if you do not want to be on the train to be changing the art world in this country, we will just request you to please step aside for the sake of hundreds of artists who wake up every morning with starry dreams in their eyes!

Yes, there is hope and there is optimism for a new tomorrow led by completely different people who will get Indian art the respect it deserves.

Warm wishes

Kapil

Kapil Chopra is President of Oberoi Hotels and Resorts.He writes a blog on collecting Indian Contemporary Art at www.indianartinvest.blogspot.com.He is also a mentor to India's leading art magazine, The Wall at www.thewallartmag.com and also Charitybeds.com which helps EWS patients get hospital beds in private hospitals free of cost.In addition to this he also the Founder of India's largest selling art gallery, Bestcollegeart.com.

Artists to buy in these times ! Part 1

Here is my list in all categories of artists that I would like to buy, enjoy and invest in. The key principle is to enjoy the art you buy, you should like it and that's important, secondly you should buy it at the right value and last, buy art that is investment worthy. Do not buy art recommended by the bored housewives club (80 % of all art galleries in India qualify in this category ), look at the background of the artist, education, inspiration for work, gallery promoting the artist and where all has that art been shown. As most of the people who will follow this blog when I release it open for public viewing be new or fairly new art enthusiasts, hence I will restrict the values to under Rs.30 lacs to start and start with Rs.10,000.So here is my top pick in each category to start with....

(Sominum Genero)

• 30 -35 lacs category - I just love these guys, they are the most intelligent artists I have ever met, they research in detail as to what they would like to paint and then follow the theme through. The works and installation look nice, have a theme and they have international collectors lining up for their work. They have shown at key fairs like Art Basel, FIAC and others and were in the news recently with their show at Mori Musuem. Wallapaper magazine ranked them among the top 101 designers in the world and they are Thukral & Tagra. They are my top pick in this category, for the level of international interest they generate, their art and the logic behind, make them great artists to buy. In the Asia Contemporary Sothebys sale where only 19 of the 31 lots sold, their work went for over 110 lacs when some top Indian artists failed to sell, that is not a criteria but just a comment. Their interesting work on AIDS, Somnium Genero ( dreams ) and Bosedk are some of the key series that they have worked on. Difficult to get a work of theirs, till you are on the collector list of Peter Nagy and gallery Nature Morte(http://www.naturemorte.com/). Pricing is for a 6 by 6 work in the primary market, they have had a work at Saffronart sold for less but according to the artists it was a part of a series and should not have been sold on its own.

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(Black Star)

• 3-5 lacs category - This is a great category, its affordable and if you like her art, then I believe in some years she will be in the above mentioned category. She is one of the young stars on the horizon, very talented and has already shown at Art Basel, her work was sold out at Armoury and at Fiac in October. Her work has been placed at the world famous Musuem of Modern Art ( MOMA) in the US and she recieves rave reviews from all art critics, Seher Shah as a notable art collector says is a "superstar". She is known for her drawings and her prints, I like both, the thing to die for her are her large prints around 60 by 36 inches in her series on Jihad Pop and Projective 1 & 2. Visit her website http://www.sehershah.net/ and http://www.bosepacia.com/ for her work details and do buy her if you can get any of the sizable works. The work shown above is a series of smaller works under the name Black Star, I like the bigger works which will be priced now at around USD 8,000 to 10,000 whenever they are released, the size for the older works was around 60 inches by 36 inches and they were sold between USD 3,000 to 5,000 but none available now.

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(Har Darwaze Pe Likha Hai Rehne Wale Ka Naam)

• Rs.10,000 -20,000 - Yes, you read it right ! you can start investing and buying art that you like even at this value and it is investment worthy. Shreyas Karle has won the Bodhi award and then followed it up with the Kashi Award for a promising artist, passing out from Baroda, he is quite refreshing in his approach and again very intelligent. I have been following his work for long and was very impressed with his award winning show " Har Darwaza pe likha hai rehne wale ka naam" at Kashi art gallery ( http://www.kashiartgallery.com/). All the doors have an identity in these limited edition works and are smiling or dancing, very quirky and nice works, the show opened recently and I remember Dorrie telling me that it was sold out in 3 hours ! Works were sold at 10,000 each and I believe he is someone to watch out for in the coming times. The size was 11 by 15 inches and with 2 Artist proofs plus 7 editions.

These are the artists who according to me are in the best buy category even in these recessionary times and more so now because you may not get good quality works at the prices that you can get them now at. Two out of three come from Nature Morte/ Bose Pacia due to respect that I have for Peter Nagy and the work that he has done to promote Indian contemporary art. Although in my last blog post, I did not agree with their pricing on Hema Upadhayay who is terribly over priced, also over producing and in my avoid category for the time being. My next blog will highlight some other artists that I really like, are international in their appeal and collector base and have the potential to achieve greater heights.

Ardent art lovers and collectors may get upset with my obsession on commercal aspects of buying art but this as the title suggests is "indianartinvest", I will always tell you to buy what you like and enjoy but at the right price and most important it has to be investment worthy i.e. should have potential for appreciation in the future.

Disclaimer- Please assume that I may have a vested interest in promoting these artists and may own some of the works mentioned here. Please acquire these works only after due diligence and consultations with your art advisors and gallerists.

Enjoy your art and keep on reading !