Following the publication of that article, I was surprised by the number of people who wrote to me with specific queries about art purchase, so here goes another round on the subject.
My first disclaimer is that this column is really for "young collectors", people who are new to the business of collecting art. I am also specifically addressing folks who are on a budget. If your budget is north of 15 lakh, then that's a pretty hefty amount of money and while the rules are the same, you have probably done more buying than someone who's looking to put in just 10,000.
Second, I'd like to reiterate that the starting point of collecting should be a point of curiosity, query and to buy what you like. Do not buy art as an investment. I made this point in my previous column as well and it bears repeating.
On the one hand, I think, and this is purely a personal stance, it is philosophically wrong to buy art with only the intention of selling. On a more practical note, art cannot be valued as the sum of its parts, its value is conjectural and opportunistic, which means when you are off to the market to sell a work, a change of circumstances will mean change of value for the piece.
Those circumstances can be anything: there is absolutely no guarantee that an artist you have purchased will continue to do the same quality of work, so you may not be able to demand the same price that you have bought a piece at; the market for this asset class may collapse entirely-who's to know! These factors are good to remember now because contemporary art is once again having "its moment" in the sun.
After the 2008 economic collapse, art buying had receded to the fiefdom of the wealthy. But now, drones of new, younger (by age, I mean) buyers are in the market looking to participate.
هذه القصة مأخوذة من طبعة February 10, 2024 من Mint Mumbai.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة February 10, 2024 من Mint Mumbai.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
Buying Online? Beware Of these deceptive patterns
Deceptive prompts in apps—ways to coerce people into spending more time or money—are on the rise. Here's how to identify them
As AI gets real, slow and steady wins the race
Companies head into 2025 with careful deliberation when it comes to using AI
Why the Earth Is Not a Type 1 Technological Civilization
According to one theory about how we harness energy, Type 1s have total control over planetary energy resources
Our legislative frameworks must adapt to the rise of AI
Probabilistic digital systems complicate guilt assignment but we'll need tight controls against major harms
Take tax action for Viksit Bharat in the Union budget for 2025-26
The government could take major steps towards its worthy goal of a tax regime that's simple, predictable and competitive
Trump's US mustn't repeat its profiling of Chinese scientists
Espionage suspicions could lead the US to lose its war for talent
The rise of Trump poses a paradox of higher education
An elitist college system seems to have deepened divisions in the US and this may hold lessons for India too
There's a case for heavy taxes on MNC royalties
Royalty payments to MNCs by their local units have been rising-even going above dividend payouts in some cases. India needs shareholder vigilance and fiscal action to curb excesses
Financial frauds evolve fast but we can still safeguard ourselves
While technology has transformed how scamsters operate, reliable ways exist to dodge their traps
Smart-beta funds: A guide to balancing your portfolio
Tailor-made strategies will help you navigate the market cycles better and optimize returns