‘Art, the safest long term investment’

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that the launching of Art Funds or schemes without obtaining registration amounts to violation and it could take civil or criminal actions against the erring funds.

"It is a welcome gesture. If you expect the market to grow on like this without the the tax men or regulator moving in, then you are not being smart," says Tuli. He adds, "Art market is the biggest black market in the world. It is only now that white money is being pumped into this sector with coming up of auction houses and known galleries. With the regulators stepping in, the market would become more organised."

Artists point out that to sustain the phenomenal growth in the art market, proper steps should be taken to educate people.

"There are lot of things being said about art these days. People are confused and hence, at times, end up burning their fingers. Established auction houses and galleries should come forward to educate everyone from students to bankers about art is all about," says Goldy Malhotra, Pricipal, Modern School, New Delhi.

Malhotra, who herself is an artist adds, "A lot of hype is there. It need to be cleared."

Saffronart which recently held its Spring Online Auction of Contemporary Indian art closed at a total sale value of over Rs 27 crore (US$ 7.15 million), which was well above its total higher estimate of Rs 19.56 cores (USD 5.1 million).

The online auction which featured the work of painters, sculptors and installation artists, attracted art lovers and investment oriented people from 22 countries across the globe.

"There is a genuine interest among people about art these days. People wanted to know what art is and are very inquisitive about it, which is a good trend. From financial consultants to pure art lovers, everyone is getting on to the art bandwagon," says Vazirani.

But, he cautions, "Art is indeed a very good investment but then it is important to make correct investments. If one doe snot know about art, then take sound advice before putting your money into it." Agrees, Tuli,"See, at times a, particular piece of art can cost equal to a house on Malabar Hills. So, such investment should be made with sound judgment or advice." With Indian artists now fetching millions of dollars at international auctions, art curators in the country say, India art scene is said to change.