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.
Bu hikaye Mint Mumbai dergisinin February 10, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Mint Mumbai dergisinin February 10, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
7 myths about ADHD and how to handle it
Some adults with ADHD are misdiagnosed as having anxiety or depression as myths prevail even in the medical community
Why women bear the brunt of misdiagnosis
Girls are half as likely as boys to be diagnosed correctly as having ADHD, show studies
At these international marathons, it's ready, steady, swig
Can running and drinking go together? From France to Scotland, here are five races where running is a merry party
Indian IT firms should brace for Trump's second term
Restrictive visa, trade and other policies under Trump 2.0 may force a review of their US-centric business models
Freebies don't offer a long-term solution but let us not ban them
Keeping citizens dependent on handouts is not fiscally sustainable. India needs a transparent framework to regulate them
Is Nvidia's chief dreaming of selling us R2-D2-like robots?
It may turn out to be a good bet if the chip-maker keeps its risks low
Two ways the EPFO can get itself an image boost
India's state-run retirement fund would do itself a favour by resolving its high level of claim rejections and speeding up interest payments. Its digital makeover should signal efficiency
Forex card vs debit card: How to lower cross-border markup fees
Unlike debit cards, forex cards are not linked to your bank account, limiting your exposure to fraud and theft
India must reassess its rejection of the RCEP trade bloc
Joining it can work in our favour as global trade barriers get reshaped and value chains are forged
Armed hostility between Israel and Iran is very likely to escalate
Israel senses a high-risk high-return chance to reshape West Asia that Trump might green-light