Sharan Apparao, Menaka Kumari-Shah and Brian Brown on ‘buying art in recessionary times’

Sharan Apparao, Menaka Kumari-Shah and Brian Brown, the three proven art experts, mulled over ‘buying art in today’s recessionary times’ at AEI 2009. Their opinions count because all three are well versed with the ground realities of the art market.

Menaka Kumari-Shah, India Representative of the Christies, brings considerable knowledge and experience of the domain. Starting with a Mumbai-based charity, where she arranged exhibits and auctions. She further developed a career in the arts. She joined Christie’s London (2005) as a coordinator for its biennial Arts of India auction, after apprenticing in the Indian Dept. of the British Museum.

Sharan Apparao has built Apparao Galleries into one of the leading contemporary art avenues in India. She is tuned to the changing trends including globalization of art. Her keen interest and passion for contemporary art drives Apparao Galleries that caters to the aesthetic needs of the eclectic clients. Thanks to her astute insight, the gallery has unearthed some of the most renowned names on contemporary Indian art scene.

Brian Brown, who holds a degree in Finance & Economics from California State University, Sonoma, is a financial and stock market expert with immense passion for art collecting. He is currently focused on creating liquidity in the Indian Private Equity space. He is an avid collector and researcher of contemporary Indian art.

The tone and intent of the talk was extremely positive and encouraging for prospective buyers. Menaka Kumari-Shah observed that there has been a perceptible change in the profile of buyers. The major difference, she noted that, art buying earlier was driven by a sense of patriotism. NRIs connected to their homeland though it. However, after the art boom that happened five years ago, domestic interest in the Indian art scene grew multifold.

According to her, a class of buyers priced out of the market, during the phase is gradually returning to it. Sharan Apparao, unwinding the ups and downs of the market cycle, underlined the fact that ‘investors’ essentially followed market trends, but now true collectors were back on the scene. She noted that even the investor-type-of-buyers were not such a negative force and that she enjoyed working with both sets of buyers.

Brian Brown underlined the fact that markets were currently going through a consolidation phase, having witnessed both the boom and the bust. He observed that people look at art and property as tangible assets compared to something else that may disappear. Pointing to the correlation between the stock markets and the alternate asset classes like art, he emphasized the lag effect and believed that the latter was already on a recovery path.