Art, in its many forms, exists in every community, culture and country. It has been around since the beginning of civilization itself, paintings etched on the walls of caves or sculptures carved out of stone.Humans have always felt the need for expression.
In today’s world, we know that art can be a major economic force, yet we continue to question the worth of it. It has historically been seen as accessible only to the elite class. Today, it has transcended into everyone’s daily lives, stopping us in our fast-track lives to appreciate the beauty that surrounds us and at times, enhancing the way we think and behave. It adds that punch of colour, uplifting the space to compliment the surroundings. This need of Art is the day to day life has made it into a full blown business.Gone are the days when it was not considered a medium for business and only had an intellectual value.
Here are seven quick ways to prove that art is genuinely a good business avenue these days.
- Art Buying and Selling- The traditional and the most comfortable way of investing in a piece of art, can be a painting or a sculpture. One goes to an art gallery and picks up from the stock of work that already exists and the cycle of buying and selling is maintained thereon.
- Art Commissioning- This is a more challenging because it is customized.A bespoke piece is a lot more personal and aesthetically pleasing. The artist creates something for you from scratch rather than buying off the shelf. This is dependent on the space, style, budget and a many other variables. Art Commissioners are very much in demand these days because of the increasing trend of commercial and residential artworks and installations.
- Art Restoration- Over the years the hues in paintings start to fade away due to humidity and pollution in the environment. Art professionals are appointed to study the style of the artist and touch up the pieces to keep it from looking dull. There are full time courses to study about it.
- Art Valuation- With every passing year a piece of art, just like real jewelry appreciates in value if created by the big artists. If an artwork is bought when an artist is new and budding, maybe 20 years down the line its value has tripled. A professional is then appointed to value the art in monetary terms and collectors usually have an entire portfolio of art to maintain. This is called portfolio management, a well-known term for anyone who deals in the Share market.
- Art Insurance- When an art investor or collector buys an expensive piece of art or a gallery is shipping a collectable item, an insurance needs to be purchased against the piece. The amount paid for insurance is directly dependent on the valuation of the artwork. There are banks and institutions that specialize in this field which is a limited and niche area within art. Art insurance works in the same way as travel or life insurance which is dependent on the package that you choose.
- Art as a gifting option- A painting, sculpture or a portrait makes a great gift for weddings, house warming parties and milestones. Getting a piece commissioned has an element of personalization. Buying something from a gallery art fair or online is also possible. There are so many ecommerce ventures in this space that one does not need any evidence to validate this point.
- Art Camps and Workshops- Children and adults today have all the resources to learn and grow so easily with several art camps and workshops happening all year around. This is an essential exercise for a child’s development and growth whereas it’s one of the best destressing outlets for adults. So there are many companies and organizations who organize these exclusive art camps.
Art can inspire us, make us happy, or even motivate us. Living in a purely functional world would lack meaning for us as human beings. If we try to run our lives on the metrics, we may end up bored and empty. A steep rise in wealth has fueled India’s art market.
However, it’s only recently that Indian artworks started gaining in commercial interest leading to Indian art and artists receiving global recognition. A Christie’s auction in Mumbai in 2015 sold art worth nearly $15m, a record for any auction held in India. These figures provide validation of the domestic art market, currently worth about $225m, being propelled by the new crop of wealthy Indian buyers.
As art buyers increase in numbers, along with their appetite for luxury, it’s touched off a race among service providers, trying to break into the HNWI market. India is exploding with entrepreneurial energy, not the least of which is flowing through the sector whose business it is to know where the super-rich shoppers want to spend their money.