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The Indian art market is divided into two segments - Modern and Contemporary. Modern segment consists of champions like M F Husain, S H Raza, F N Souza, VS Gaitonde, Amrita Sher Gill and more. The contemporary segment is relatively young, the last 30 years. Alternatively paints born after 1930.
1. Do your own research.
One of the first things to do before buying art is to strengthen yourself by reading art, visiting local art galleries, meeting with artists / collectors and other people who are actively involved in this field. Talk to artists, consultants and curators to get insights on the functioning of the art market and also networks with like-minded people who intend to buy art, also known as "Collectors".
There are international auction houses such as Sotheby's and Christies that focus on Indian art. There are also domestic auction houses such as Pundoles, Asta guru and Saffron Art. You can contact retailers and galleries. You can also contact an art consultant. In the end, you can pay a consultant a 2-5% fee for expensive work. The service for smaller works can cost 5-15% of the artwork's value. Fees also depend on the rarity of works of art.
Make sure the dealers and galleries sell genuine / genuine works. The art market is full of fake artwork, so make sure you do proper research before you buy the art. Check some important documents when you buy art as an authentication guarantee, a certificate of certification, that is, the previous owners of the artwork, a permit report, any publications. Nowadays, many auction houses such as Saffronart do not provide certificates of authenticity. When you buy from the auction houses, you need to make sure you understand the buyer's premium and the total costs incurred (delivery fee, taxes, etc.). Usually when you buy through a reseller, only the seller must give commission to the dealer and not the buyer. This can also happen when you buy from a gallery. Again, this depends on the retailer, gallery and artwork.
2. Quality, not quantity.
Invest in fewer pieces of higher quality. Not all works made by a famous artist are masterpieces. You need the help of experts to recognize a masterpiece. For example, an oil on canvas is perhaps the most expensive form of painting. Then an acrylic on canvas, followed by an acrylic on paper. Then watercolor followed on paper and charcoal on paper.
3. Buy art that you like and understand. Assign a budget.
Buy art you like. It is something you may keep for life, because you do not know if you will be able to sell it or not. Unlike other forms of investment such as stocks, it is worth remembering that art has an aesthetic quality that, and some say, should be appreciated beyond its monetary value. Art is a long-term investment. The prices of a famous artist's work do not necessarily show up when he dies. Art should not exceed 5% of your total investment.
4. Maintain the artwork
Once you have purchased the art, you must also bear maintenance costs such as insurance, storage costs. You also have to take care of the artwork, as art should be stored in an environment that does not receive direct sunlight.
5. Invest in new artists
Experts say you can look into investing in new artists whose works are available from Rs 1 lakh onwards. While they may be a good alternative, it is difficult to predict who will make it big in the future. For this, you need the advice of experts in the field.
6. Print, limited editions
If you have a limited budget, you can also invest in limited edition prints such as screen printing, lithography.
7. Evaluate a work of art.
In the western countries, art has a much larger market. These countries have institutes that value art. In India, we do not have certified institutes that value art. But the artwork can be valued by auction houses and galleries. Of late, insurance companies also choose artwork.