When we look at Indian contemporary art as investment, a question arises as to what we are investing in. The first thing we arrive at is that a work of art must be well-executed and professional. Work that is clearly amateur may command a price because the person who made it is well-known in another field. But that has nothing to do with art and certainly nothing to do with art as an investment option.

Whether it is of a trained professional artist or a self-taught one, an art piece must reflect a minimum standard of excellence in execution. This holds good for tribal art as well. Tribal people themselves are aware of good, bad and indifferent artists and tell you who is more or less accomplished without hesitation. The same is true of folk artists.

That, however, is not enough for contemporary art. It represents a knowledge of the art tradition of the past. This element of originality is very important. If a work of contemporary art is not original, it is nothing.

Acrylic on Canvas (40?X34?) by FN Souza

This is one reason why artists who are look-alikes of famous ones are very bad investments indeed as art. But one must distinguish these from those who, while following the path mapped out by a particular well-known artist, evolve their own independent expression.

They have a value within that particular tradition though naturally not more than its originator, unless they add considerably to the original break and go beyond it.

This, of course, would require an encyclopedic eye on the part of the investor. Ideally, that is how it should be. But most investors have neither the time nor the sweep of vision required for such an exercise. Also, in our modern world of specialisation it is better to rely on multi-disciplinary team-work than to try to do every thing oneself. That is why it is more advisable for artists to concentrate on their work and leave sales to galleries and the like.

Still, there are certain aspects that every buyer must know of to be a good investor as well. The first of these is that while contemporary art reflects certain global trends, each area has its own history that gives its art the special character.

The special character of our contemporary art is inherited from the upsurge of the national movement in the early 20th century. It involved the rejection of colonial academic art and the adoption of a modern expression that drew its inspiration from the narrative art of the Indian miniature, folk scrolls, and the radical art of Europe, especially of artists like Picasso. This break from the West without abandoning the dialogue with its avant garde is the first thing one must look for while investing in a work of contemporary Indian art. It is the major contributor to its originality.

The second thing that contributes to the originality of our contemporary art and that of the world is its irreverence. Medieval art was always reverential. Contemporary art, if anything, breaks this tradition most definitely. The contemporary art of India, certainly that which is worth investing in, is irreverent to images of popular worship and often gets into trouble with the moral brigades of dogma. But the best breaks from the past can be found in such art. However, not all irreverent or provocative art is worth investing in. To be that it must have subtlety, aesthetic quality and originality of expression.

Also the work must have stylistic advances that reflect a break from the past in the sphere of the image, composition and treatment of form, colour and texture. This is the minimum standard required for art as investment and buyers must look for works with these qualities in them.

Finally, the track record of the artist is important. Artists who, like MF Husain, Jamini Roy, FN Souza and SH Raza, are prolific producers of works of high quality over a long period of time. They are good investment. So buyers who use these broad rules judiciously cannot fail in their investing properly.