Investing in art can be tricky and daunting, but here’s how some in the city have approached it.
What’s involved? 2022 has been a relatively successful year for Indian artists. Gallery owners and art investors believe art as a data-backed investment will continue to grow. The turnover of the Indian art auction market is more than ₹1,000 crores.
Tamil Nadu artists are doing well. A work by KCS Paniker sold for ₹90 lakh. Works by Devi Prasad Roy Choudhury, former principal of the Madras School of Art, are appearing in international auctions.
Art investment: The first step in buying art is to study the market, visit galleries, attend art fairs, and research artists. The right piece of art can be a wealth creator.
- For artists, the idea of it as an investment hits differently. AV Illango of the Madras Art Movement said they don’t know how well their work is doing at auctions or if they’re at all.
Chennai connect: Sharan Apparao said of the art collected over nearly 4 decades, some have done well, and others haven’t. She said it’s about picking the right piece at the right time. Businessman Jaiveer Johal said some past mistakes made him change his approach. Now, he invests in art that’s timeless.