There is a growing interest among younger generation in antiques and collectables
As fate of the Kohinoor continues to be a giant question mark, this April, the Directorate of Revenue Intelligence (DRI) announced the homecoming of over a hundred antique pieces stolen and smuggled out of the country. As the interest in Indian antiques surges, auction houses, dealers and stores dealing with antiquities, vintage items and collectables are garnering new-found interest.
International auction house Saffronart's CEO Hugo Weihe points out, "It's one area that has seen enormous growth in the past few years. But it's quite undervalued, in more senses than one. India has an extraordinary heritage of 5,000 years or more and it has really been overlooked." Saffronart holds live and online auctions of modern, contemporary and classical Indian art as well as offers services like art advisory, appraisals and valuations, and specialised art storage. Viewed on web and smartphones, their online auctions have seen sizeable activities and also exposes a larger, newer audience to the art of collecting rarities. Adapting to this democratic new medium makes auctions hugely accessible.
Anurag Kanoria of The Great Eastern Home, a luxury brand dealing with period reproduction furniture, vintage items and collectables, attributes the spike in interest to increased awareness. He reveals that lately, most buyers of Indian art and collectables are between the ages of 30 and 45. "Of course, the older generation buys for the love of it. But younger buyers are keeping in mind the investment opportunities as well as cultural and aesthetic significance. They're aware that Indian antiquities are highly underpriced right now, and are excited about the future rise in prices," he explains. Moreover, interest in classical Indian artefacts is coming from within and outside the country. Weihe reveals that first generation NRIs as well as museums in India and around the world are important buyers in the modern market.
Down south in Bengaluru, DG Balaji of Balaji's Antiques and Collectibles that deals with Indian vintage items and collectables, echoes Kanoria's insight on the rise of a younger breed of collectors. Looking forward, Balaji said, "With the government trying to bring home smuggled artefacts, the general awareness and interest in the subject is increasing. Also, serious collectors are now asking for papers from the Archaeological Survey of India (ASI). Things are going to get stricter which is a good thing, as our rich heritage will remain with us and knock-offs will be at bay." Kanoria too predicts substantial change in the next few years. "With the hope of expanding markets and increasing buyers, several dealers are proliferating the market. Auction houses are being established and more scholars are coming in. The market seems to be getting more structured," he said.
As India unearths a new found love for the old, Weihe's makes a notable observation. "There's a long-standing tradition of collecting European art and antiques. But there's no real point for an Indian collector to do that when you have all these great things at your own doorstep. It's the greatest opportunity."
...& ANALYSIS
- Antiquitie buisness is on a rise, though it’s quite undervalued. India’s heritage has been overlooked
- Auction houses, dealers and stores dealing in collectables are gaining momentum in growth
- Interest in classical Indian artefacts is coming from within and outside the country, first generation NRIs and museums
- With the hope of growing markets and increasing buyers, several dealers are proliferating the market
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