Painting the meltdown

The financial markets sneeze and the art world catches a cold, but for the discerning buyer and young artist, this could herald good times

They’ve called it everything from a downturn to a full-blown cataclysm, but has the current global financial crisis hit the Indian art market?

According to insiders in the industry, the Indian contemporary art market has seen a fall of about 30 per cent, but seasoned players are adopting a wait-and-watch policy. For others, this is one time to realise that dream, and buy that one painting you’ve always wanted to.

According to landscape artist, Urmil Jain, even though the market is experiencing a low, the situation will not stay this way for long, because “Indian art has much to offer the world”. She, however, warns, “Some small-time collectors could approach painters to get their works at cheaper rates, and some might yield to this unhealthy pressure.”

Usha Mirchandani, gallery owner, Mirchandani and Steinreurke feels that this is the best time for prospective art buyers to hone their appreciation skills. “With the frenzy to buy art subsiding,” she says, “I would encourage serious collectors to take time to sharpen their viewing skills. Quietly seek out quality, while speculators slow down.”

Mirchandani feels this is a great time to collect art. “The positive here is that pricing will be approached conservatively by galleries,” she says.

Shireen Gandhy, owner Gallery Chemould, believes that the art market usually follows the trend laid down by financial markets.  “But I want to tell you that I have just returned from a very important fair in Paris called FIAC, and I sold 70 per cent of my paintings at the exhibition. I had terrific sales even after giving the usual feelgood discounts,” she says.

And if you’re not a buyer, just someone who appreciates art, then the current economic climate is ideal for you. Gallerist Jasmine Shah Verma is of the opinion that now is a great time simply to enjoy art. She also feels that lesser-known artists stand to benefit with the slowdown in the market: “The Indian art market will not come to a complete standstill because seasoned art investors and art collectors will shift focus to emerging art, priced modestly between Rs1,00,000 and Rs5,00,000. The pool of young talented artists who have not hit the big time yet is really large, and there is a market for them. Also well-priced works by established artists will find buyers today.”

Painter Brinda Miller refers to this time as “the leveller”. She feels that the reason prices have begun to plateau is due to the saturation of art in the market — good and bad — rather than an economic meltdown. “Prices have come down, as in any case they were artificially inflated by some dealers,” says Miller.

Senior painter Mehili Gobhai feels for the galleries: “It’s going to be a tough time for them to exist. I am concerned about them.” He warns painters who have built up “phony reputations” that the public is now erudite, and it is time for art to plateau.

So we’ve learned that it’s a good time to buy art if you’re discerning; it’s great to be an appreciator; and wonderful if you’re a young artist, full of talent. But what if you’re a seller, is this the right time to look for a buyer? Mirchandani has some advice: “If  there is a significant work in your  possession, I suggest you hold on to it.”
d_francis@dnaindia.net