Most buyers and collectors, especially those with a long-term outlook, look for select artists when they research the market to invest in art. A majority of them generally look for a bunch of known names that stand for real quality and belong to the premium category.
It’s easier to resell their creations as the demand for them does not depend on seasonal changes or trends.A recent new feature in The Economic Times, ‘Modern art in demand’ by Nalini S Malaviya, tracked the art market movement.
The report mentioned: “Although, prices of both modern and contemporary art have substantially fallen in the last few months, it seems that the demand for certain modern artists continues to rule firm in the market. Most of these modern artists have featured at numerous international auctions. Their works have already reached a stable graph in terms of pricing and quality. Recently too, it was noticed the modern artists were more in demand in comparison to the contemporary artists at auctions held in India and abroad.”
When the market starts to revive fast, and there’s more liquidity around, interest in contemporary art will shoot up again. For now, collectors who possess works by the top modern artists are not averse to wait through the recessionary times. They are aware of the fact that art prices will climb up in the future. Or, when enquired by prospective clients the sale figures they quote invariably remain on the higher side.
Still, one can sense that buyers currently are not really on a wild spending spree. Before the sale actually takes place, images are evaluated carefully, which implies that awareness about art and its pitfalls has increased. Buyers have become more discerning. This will help the art market mature.
After all, once buyers start demanding quality, the artist and the dealer will have to follow suit and oblige...
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