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Art boom: bright picture for galleries

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ENCOURAGING SIGN: With people showing renewed interest, several art galleries have been doing well in the last one year. Photo: Mohd. Yousuf
ENCOURAGING SIGN: With people showing renewed interest, several art galleries have been doing well in the last one year. Photo: Mohd. Yousuf

M.L.Melly Maitreyi

People in recent times have realised the worth of art as an attractive instrument of investment

HYDERABAD: It's boom time for art galleries in the city with back-to-back exhibitions and a renewed interest of people in the art scene.

Most of the art galleries like Shrishti, Daira, Lakshana, Minaz etc., have been around for the last five to six years but they have started doing well in the last one year with art lovers and others realising the intrinsic worth of art as an attractive instrument of investment.

`Making a splash'

"While we didn't mind the struggle of earlier years as the objective has always been art promotion and appreciation, it is nice to see Indian art opening to every one and Christies and Sotheby auctioning works of contemporary Indian artists and Tyeb Mehta's works making a splash," Atika, co-promoter of Daira Art Gallery and Rama Mohan Das of Shristhi Art Gallery say. Art as a profession has turned lucrative for the young and talented artists.

If one is surprised at the massive appreciation of real estate value in the last one year, the huge returns on works of noted artists are even better, say art investors.

The returns are 100 per cent in a shorter timeframe. While works of big names like Vaikuntam and Laxma Goud are worth lakhs, those of other artists too command a good price.

Online auctions

After people with disposable incomes including Non-Resident Indians (NRIs) have woken up to the investment potential of art and started taking cue from online auctions through saffronart.com about happening names in the art scene, the art boom has come to city after the metros.

There are art consultants advising on a portfolio comprising works of well-known, upcoming and new comers, Ms. Atika adds.

Resale

Many approach art galleries for resale of works bought by them once they see the demand going up for an artist, says Ms. Rama.

While galleries get commission from the sales, some do charge rent.

"At Shristhi we sponsor art exhibitions as our aim is to ensure exposure to talented artists' work."

While art galleries showcase works of artists from all over the country based on the quality of work, some galleries specialise in certain artists for exclusivity. A serious investor with an eye for art goes round galleries, checks out the works and follows an artist's work before making a decision.

Authenticity

Making it easier for those interested in genuine and authentic works of artists are art galleries providing authenticity certificate, with remarks from the artist himself/herself along with signature and date.


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