| Are
photographs a good investment? How do you cut through
the clutter and the hype? What are the mistakes
one should avoid? Get the gyan from five art collectors
whose instinct and money are shaping the art market.
ASHIESH SHAH, 28, Architect, Mumbai
Why he collects: “Buying art is like tasting
blood. You get the first piece of art, and then
you just can’t stop buying.”
Shah’s collection includes almost every genre
of art, from installations and video art, to sculptures
and photographs. “I am pretty out-of-the-box
in my buying habits. I even buy works that some
people call grotesque or obscure.” His collection
of over 500 works include artists known for their
experimental streak like Rashid Rana’s video
art, Sophie Ernst’s bust sculptures or graphic
designers turned artists Jiten Thukral and Sumer
Tagra’s installations.
He bought his first painting, an Anjolie Ela Menon,
for Rs 10,000 when he was just 14. Although he has
bought masters in the past, he currently focuses
entirely on collecting works by contemporary artists
like Hema Upadhyay, Meenal Damani, T V Santhosh,
Riyas Komu and Anant Joshi. He has often flown to
Delhi to catch a new show or spent his summers at
international fairs like the Art Basel in Miami,
the Dubai Art Fair and at the Maison de’ Objet.
“They expose you to trends in art and also
offer you an opportunity to see works by new artists.”
Besides, he tracks artists and trends on the Internet.
“I like to check out curated shows because
a curator knows what he is putting together and
what the aim of a particular show is. Abroad, a
badly curated show can ruin the career of an artist.”
While Shah does look at art as an investment, he
says he would never buy a work that doesn’t
appeal to his sensibilities. “Art investment,
though speculative, can offer good returns until,
of course, the artist has not kept up to his promise.
I would sell to, maybe, upgrade my collection, but
only after another 20 to 30 years of collecting.”
Insider’s Tips
* Do your research, but like the
stock market, don’t go by what someone else
thinks.
* If you are starting out, buy
from the established galleries. Dealers can take
you for a ride.
 MEHUL
PATEL, 33, CEO, KIPL.net
Why he collects: “I am addicted to the hunt.
I love discovering new artists and upgrading my
collection.”
Patel’s first brush with art was in New York.
“I was studying in New York in 1994 and one
day, I happened to walk into a small gallery in
Chelsea which was showing European art. I was hooked.
After that, I checked out nearly every show on in
New York’s galleries.” But it wasn’t
until 1998, after four years of surveying the scene,
that Patel actually bought something—a dark,
disturbing F N Souza painting. It took him another
year to buy his second piece, this time a work from
M. F. Husain’s Hanuman series.
“I have made stupid mistakes, like buying
artists hyped up by the media. It was about fitting
into high society.” Today, he searches for
works by younger artists. The turning point, he
says, was in 1999, when he returned to Mumbai. “That’s
when I learnt about contemporary Indian artists.
Now, my collection includes water colours, etchings,
prints, sculptures and even intaglio by artists
such as Nikhil Chagganlal, Laxma Goud, Chintan
Upadhyay, and P. Vaikuntham.”
When Patel started out, investment was not a priority.
For about three years, he bought anything he liked.
But today, he knows the value of his collection
and often sells off stuff that doesn’t work
for him anymore. “I cannot stop buying, so
the only way out for me is to sell some works, reinvest
in new works and upgrade my collection,” says
Patel who has also set up an online art collectors
and investors forum called Bombay Crunch.
Insider’s Tips
* Always make sure that the paperwork
is in place. Galleries should be able to provide
you with authentication documents which are essential
if you want to sell the works later. No reputed
auction will include the works in your collection
in their catalogue without the certificate.
* Buy works that have great personal
value, which you will appreciate even five years
down the line.
 PORUS
VAJIFDAR, 40, Banker, Mumbai
Why he collects: “Collecting art started out
as an interest, than transformed into a good investment
proposition, but is now a passion.”
Vajifdar is perhaps one of the few to admit
that he first looked at art as a possible investment.
“I was always a high-risk investor, so the
speculative nature of art investment did not scare
me. But in 2000, when I started buying seriously,
it was an opaque market. I looked at auction results
for an artist, how the prices were moving, spoke
to people before I decided on a particular work.”
The first work he ever bought was over 10 years
ago. It was a painting of a flower vase by K. H.
Ara and some Chinese art reproductions.
Vajifdar’s free time is spent either visiting
galleries or surfing the net and speaking with artists
about the thought process behind a particular piece
of art. It’s the thrill of the unexpected
that justifies the hours, he says.
His collection includes artists like K. M. Adimoolam,
J. M. S. Mani, Manu Parekh, Madhvi Parekh and M.
F. Husain. “Today, I like to invest in work
where the artist is saying something, where the
work has a narrative. I invest in contemporary Indian
artists because they don’t just draw pretty
pictures, which is what the modernists did.”
The investment banker also buys sculptures, video
installations and photographs. This year, he hopes
to add ceramics to his collection. “The line
between design and art is blurring. Artists are
using cutting-edge materials like raisin and steel
in their works and technology plays a big part in
art.”
He has never sold a piece from his collection. “I
am terribly unhappy about the huge cut you need
to pay the dealer. Also, most people do not have
their documents in place, which makes it more difficult
to sell to them.”
Insider’s tips
* Check up on the school of art
an artist belongs to. Check whether he or she is
strong on concept or technique.
* Buy art only if you love it.
Until the market becomes more transparent, it is
a little difficult to be an art investor. You never
know if you have bought or sold a work at the right
price.
 ARJUN
SAWHNEY, 42, CEO,
Communication Council, Delhi Why he collects: “To
document contemporary Indian history through art.”
He prefers to buy his works from a small
network of galleries like Chemould Prescott Road
in Mumbai and Vadhera Art Gallery, Espace and Nature
Morte in Delhi. “When you have been buying
art for so many years, you tend to build strong
relations with galleries,” says Sawhney who
first picked up a painting—an untitled Bhupen
Khakhar—as a 20-year-old.
Besides contemporary work by artists such as Natraj
Sharma, Jitish Kallat, and Riyas Komu, Sawhney’s
collection includes photographs by Dayanita Singh,
Bharat Sikka, Dilip Prakash and Sunil Gupta. “Internationally,
photographs form a big part of people’s collections.
In India, we are just discovering their potential.”
He steers clear of derivative or gimmicky art by
artists who look at the West for inspiration. “Several
artists I have invested in, are not big names. I
bought those works because they had something interesting
to say.”
Every collector makes mistakes, says Sawhney. “Initially,
not many of us have the eye for good works and we
end up buying some really bad quality works. Over
the years, I have sold a few pieces because they
don’t fit into my collection any more.”
He is looking at younger artists who are “documenting
contemporary India and have an original voice”.
Insider’s tips
* Avoid a herd mentality and don’t
seek out the latest, trendiest artists.
* Don’t rush. Read a lot,
check out exhibitions, develop an interest and then
start buying.
 MANDIRA
MALHOTRA, 32, Owner, The Bubble Lounge, Delhi
Why she collects: “It’s an extension
of my own days as a student of artist Anjolie Ela
Menon. I don’t paint any longer, but by collecting
works by other artists, I am in touch with the world
of art.”
Malhotra’s first acquisition, in 2000, was
an Arpita Singh and her collection includes works
by modern masters such as Manjit Bawa, S. H. Raza
and Ranjit Kaur. “But now I am looking at
contemporary Indian artists. I have my eye on Rashid
Rana, a very exciting, avant-garde artist.”
Art is purely a passion and not an investment, she
insists. “But I research an artist’s
price before I buy his or her work. The biggest
mistake any collector can make is to go just by
his or her emotion. You end up overpaying.”
Malhotra avoids too much advice and likes to think
about a work, “give it time to grow on me,
before I buy it.”
Insider’s Tips
* Choose works based on both emotions
and analysis. Check if the work has staying power.
Ask yourself this question before you buy: “Will
I be able to live with this work 10 years down the
line?”
* If you are looking at art as
an investment, avoid the masters because you are
anyway buying them at peak prices. Look at newer
artists.
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