Archive for the ‘Art Galleries’ Category

India has a dazzling art scene. The Indian Art market has always been bolstered due to renowned artists like M.F. Husain who maintained the stability in our art economy with an outstanding gallery of unique artworks. Unfortunately, this art market collapsed in the wake of the great financial crisis in recent years.

However, there is no stigma against Indian artists touching a peak in promoting their artworks worldwide. But as we know, the success rate of art not only depends upon the artists and their work, but also on many factors like museums, and most importantly, the collectors who seek their work.

Indian Art

Recent Study of Indian Art Market

As per the latest report undertaken to study the current status of art in our nation, art prices have continued to fall down especially for modern art paintings from the “masters” of Indian art. The size of the market, when measured in 2008, was around INR 1,500 crore that became Rs 1,460 crore in 2017, and went down a further 6% over 2018, as estimated by KPMG-FICCI.

According to the report, demonetization and GST are responsible for last year’s motionless graph. Current estimation states that India is 0.5% of the global art market and China is approximately 40 times our size. It concludes that the internal affairs of our art market are even more disturbing than earlier.

Impact on Indian Artists

The sudden decline in the growth of our art market has left a negative influence on our Indian artists. Imagine what would happen if we take out a group of famous Indian artists like Husain, Raza, Mehta, Souza, Gaitonde, Padamsee, Sabavala, Ram Kumar, Khakhar and Swaminathan from the artists’ list? It would hardly survive.

The financial condition of artists is getting adversely affected. The digital platform that was a boon for Indian artists to show their talent globally and thereby gaining a lot of economic benefits has now become a bane, due to many factors that we are going to discuss below.

Factors contributing to the decline

The factors pointing towards the decline in our nation’s art include a lack of institutional support, an artificial rise in art prices, and the shifting of collectors and galleries from Europe in favour of contemporary art from other regions like Africa, as stated by the FICCI-KPMG report.

The major problem found for this decline in the art economy is the selling of artworks of India’s established Modern Masters like M.F. Husain and S. H. Raza outside our country. Another issue is the growing number of international museums displaying artworks by artists from the region. It has resulted in an escalation of the prices of even the available works by these artists, paving a way towards a narrow market, which is never a healthy market.

Drastic change in Art Galleries sale

The scrapping of high-value currency notes has a negative influence on sales of art galleries, dealing in sales of affordable art, according to the report.

Due to the formation of the new taxation structure, artworks (including paintings, drawings, prints, original sculptures and antiquities older than 100 years) fall under the 12% tax bracket. It resulted in their higher prices, making them more expensive than previously measured. This tax rate of 12% is significant enough to discourage collectors from buying artworks.

Key challenges in the Indian Art Industry

There are some challenges that are affecting our art industry at some point. Let’s have a look at the disputes that are becoming hindrances to the art industry’s growth!

  • Improper infrastructure
  • Absence of Skilled Manpower
  • Proliferation of Forged art
  • Art unawareness

Final Thoughts

Growth in our art industry is essential for having a strong foundation in positioning India as one of the major art destinations. But the real hindrances to this growth must be tackled soon. Corporates and the private sector can serve as a useful tool for the art industry in raising funds through art festivals and events helping our artists. Government support in the form of funding, infrastructure, and rationalizing the tax structure would be fruitful in building a solid base upon which the industry shall flourish.

You gave the last finishing touch to your painting and it is all set to be sold. Selling artwork is as difficult as making it, yes, it’s true!

Marketing your talent is a way to offer an impression to the world about what your creative flair can accomplish. Hence, when you are out there (in the market) to sell your art, what’s your action plan? Do you think of it as a random affair? Because if you did, that’s not going to help you anyhow.

Quest to sell art

So, here are the tips that would help you before you get out there to sell your work online. Take a look:

The pricing

Probably the trickiest of all, it becomes simply impossible to decide on what price should be set for an artwork. No one can tell this. I cannot sit here in my room, in front of my PC and judge the hard work and time you have devoted in creating some artwork. It is almost impossible.

However, the brightest tip that I can offer you is that you should never undersell yourself. This doesn’t mean that you tag your first painting for a whopping million dollars, but price it reasonably.

There is a specific reason why I am saying this. If you are going to price your art piece less, the buyers are going to regard the piece correspondingly. As an art lover, I know, if I am purchasing a painting worth $40 and another one for $400, I am going to be more caring and considerate about the second one.

Also, you can offer some of your artworks as a gift, which ultimately cements your goodwill in the market.

So, as an artist, you should always make sure that you are pricing your hard work reasonably.

Match your skills

From the previous point, do not get the wrong impression. If you are an artist with 20 or 30 years of experience and charging your paintings worth $4000 or more, it does make sense. However, for the artists who have merely begun, pricing their paintings on the same scale doesn’t make sense. Why?

Because art-making is a continuous process of learning and improvement. The more time you will devote, the higher level of skills you will master. Artists who over promises the client have to experience disappointment when client disapproves their work. So, be honest with yourself and price your talent accordingly.

Agreement is important

The world is beautiful, people are not! Don’t get me wrong but as an artist, there will be incidents when the client will not pay you or will try to change the price after you finish the work. Hence, to avoid all such nuisance, make sure to prepare an agreement with your client in writing. This assures that no deviation will occur.

The next time you are on the quest to sell art, take care of these tips and you will be good to go! Thanks!