Collectors worldwide are fervently participating in a series of Indian art auctions, making them hugely successful, to establish its global potential. They are treating the major sales as an opportunity to acquire some of the very best contemporary and classic works on offer, set to appreciate in the future.
The apparent shift of power from the western world to Southeast Asia has been starkly evident at the various international art fairs over the last few years. A greater influx of buyers from the erstwhile Soviet Union and Asia marked these events. With their newly acquired wealth, collectors/ investors from Brazil, Korea and India are out there in full force.
Art sales in Hong Kong and Dubai have climbed up, too. Dubai’s throbbing art scene is reaching a new peak. Art is the new business trend there, as investors are looking at safer alternative investments beyond stocks, currency, gold, and property, in today’s volatile market. It’s just the beginning of a booming period of unprecedented art investment.
A section of buyers remain wary, though. Seasoned collectors in Europe and the US, still seeking potential bargains, represent a bit of skepticism prevailing out there. But they are facing greater competition from new enthusiastic Asian bidders more willing to splurge. In a way, it’s the clash in attitudes - one cautious, the other giddy - has created an unpredictable marketplace!
Though investor confidence in the art market is still a bit circumspect, the interest has certainly returned. What’s interesting is that investors/ collectors aren’t really rushing in to buy with the herd-like mentality typical of the pre-2008 phase. Those drifting back into the market appear determined to control their investment. This time they are asking the right questions, such as:
What are long-term prospects of the art market? How much should one ideally invest annually? Who can act as an impartial guide in the investing process? How is short-term liquidity situation? How to get rid of weak assets to acquire blue-chip artists? How does one enhance the value of portfolio?
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