The market for art in Hyderabad is far from brisk. Galleries have seen buying patterns ebb and fall in recent years, echoing the mood of the economy.
“It hasn’t been great for the last eight years,” says Avani Rao Gandra of Iconart. The recent demonetisation move, gallery owners feel, might create a further dent in the market, at least for a short term.
“All luxury segments will be hit and art tops the list. People are going to be cautious in spending,” says Prshant Lahoti of Kalakriti.
Galleries here largely exhibit and sell works of new and emerging artists, barring a few A-listers. Established artists in the city have a loyal clientele that approaches them directly. Some of them are also lucky to enjoy patronage of international buyers.
“If we talk of a work that’s sold upwards of Rs. 50 to 60 lakh, we’re talking big business. Hyderabad doesn’t have that kind of market. Galleries here don’t deal with high value works, like, say a painting by M.F. Husain,” says Lakshmi Nambiar of Shrishti.
To draw an analogy to buying patterns, Lakshmi quips, “I always feel that the amount someone spends on luxury bathroom tiles equals the budget of art to decorate an entire house, going by my experience with buyers in the city.”
Galleries concede that now and then, they are beseeched with requests for cash payments from those who want to siphon their excess funds. But, like in any other business, it’s imperative that galleries bill each purchase and the buyer pays 14.5 per cent tax. “We have to raise an invoice even if it means losing buyers. Many a time, buyers are put off by the 14.5 per cent tax, which is higher than that in other states,” says Lakshmi.
For many, buying a piece of art is an investment and not just an extension of their appreciation for a painting or sculpture. And this investment is still an elitist phenomenon, where the well-heeled have ensured their basic necessities and other risk-free investments. Avani likens certain buying practices to betting. “People buy a painting gauging whether an emerging artist has the potential to make it big in a few years. At least for a while, not many are going to be making this kind of investment,” she says, while stating that the art market is faced with multiple issues. “Some artists hike up prices of their work to show that they have arrived. Selling at a higher price becomes a status symbol. When there is no surplus cash flow, hopefully art will be appreciated for art’s sake than for an investment or an elitist symbol,” she adds.
A shift in strategy to reach out to a larger audience, gallery owners unanimously feel, is the way forward. They bat for taking art to public spaces, thus educating people about art. With more people coming into the fold, they feel, clean and open practices can be ensured.
“Art is meant to educate and rejuvenate us, besides adding aesthetics. Art should be a part of life. As for the business angle, perhaps galleries can offer a discount, say around 20 per cent, which will make art more affordable for buyers in these times,” says Avani.
As galleries look for ways to tide over a lull, this week the city will have a first-of-its-kind preview of paintings and sculptures of contemporary Indian masters, ahead of the DAG (Delhi Art Gallery) Modern’s auction in New Delhi. On display will be high value works and it will be interesting to see the response from potential buyers.
