‘Some invest in art for just passion and others with a purpose’

City-based artist Bhavya Desai agrees with the report and says that there are a good number of art collectors in the city. “My parents are artists and we have converted our house into a mini gallery. I have seen art enthusiasts visiting our house to buy our works. They are the few collectors who are ready to invest in art for a long time. They don’t negotiate and are willing to pay the price the artist says. They don’t have any motive of reselling it for a higher cost or make a profit out of it. The artworks will be with them throughout their life and they might be handed down to the next generation. That said, there is another category of people who invest in the art to sell it maybe, 20 or 30 years later,” Bhavya Desai tells us. 

When asked Sarala Banerjee of Artworld Sarala’s Art Centre if the art industry is flourishing in the city, she vehemently denied it. “Unlike other cities, the art industry is not a booming business in Chennai. We do have art collectors in the city — but they prefer buying artwork from Mumbai or Delhi. Now, most of the galleries across the globe have an online presence and this has helped people to buy artworks from any gallery in the world. They are passionate and also knowledgeable about art. Also, there are a lot of people who look at art as just an investment — they buy to sell it later. For them, it is just business. They calculate smartly thinking that if they buy for a less price today, 20 years later, they will get a huge return,” says Sarala. She also adds that local artists can sustain themselves only if they get the support of local patrons. 

Artist Thejomaye Menon doubts that if there is still a market for art investment like there was a boom five years ago. “Like all forms of art, contemporary art practitioners create works with passion. For most, it’s their livelihood. Ideally, all artists would be enchanted if the same passion is experienced by the collectors. Here there are two types. Ones who are passionate and knowledgeable about their collection and invest their time, energy and money for the pure joy of owning the artworks. The second are those who are led by the wave where they invest in art with passion and purpose. Chennai has always had both kinds of collectors. It’s also great for the artist and the collector if he/she gets benefitted. At the end of the day, it’s business,” remarks Thejomaye.