Where earlier art was the preserve of only the artists and art aficionados, today it replaces blue-chip stocks as an invest option. And financial institutions and art galleries in the country have jumped onto the wagon and floated art funds.
While new entrants scope the offerings for investment opportunities, for art lovers’ today buying art is not just about succumbing to a passion it also offers art aficionados the added advantage of future returns, if the need occurs.
In the past few years, art prices have witnessed record jumps, going up to over three times their original price in the last three years. Currently the Indian Art market is growing at an astonishing pace of about 35 per cent per annum. Which not only makes it a promising contender to the stock market, it also has the added fillip of being seen as a more impressive and creative pursuit, with the additional benefit of adorning your living space rather than a vault or bank.
These very same banks, financial institutions and the like who are cashing in on this boom, with art funds and art investment scheme’s to attract corporate houses and individual investors. Oseta Investments Trustee is an art fund started by Osian’s Connoisseurs of Art, Mumbai, with art galleries and salerooms in Mumbai and Delhi. This fund, managed by Osian Auction House, assures a growth of 15 per cent and takes a 30 per cent cut of profits, after a pre-decided investment period.
Other art galleries are also following suit with clearly defined investment periods and promises of assured gains. This rising market is also attracting the interest of financial institutions like Kotak, ING Vysa, Citibank and ICICI Bank. (via)
People have brought ART preserved it and have become Millionaire. What has stock markets given ? Nothing accept sorrow. !
Art was never expected as a form of Investment till now.
In India people are yet frightened of Investing in Art while abroad many people are into this business.
A profitable and challenging business get into it !