Art In Wealth Management
Art is a way of life for some people majorly all in one way or another in today’s world. Buying, selling, and maintaining art is considered to be very much constructive and unique." The principles of true art are not to portray but to evoke".
The concept of Art in wealth management defines how to manage private art collections. It provides a broad view on how to manage the well-being of unique masterpieces of the art:-
It emphasizes art governance and succession planning for art assets.
Examining the background of art markets.
Price building is one of the most important factors of wealth management in arts.
Sell and license your art through stock agencies.
Look at the positives and even have the endurance to bear the losses if any transpire.
The Indian art market is strengthening and is on an upswing. A recent art wealth management report by Fortune has claimed that the Indian art market has risen 485% in the last 10 years making it the fourth most positive art market in the world. The art investment market has made its presence on Indian shores and a wide range of ancient and modern abstract and contemporary artworks are now available in art galleries and leading auction houses. The increasing awareness of Indian contemporary artwork and master in recent times has led to an exponential growth in pieces of art with contemporary works selling for record-breaking prices by prestigious auction houses.
Over the last decades, the era of art has played an important role in keeping up the wealth of ultra-high net worth families. Today as a result of the growth in the art industry not only artists but also wealthy families, sophisticated investors, and their close advisors overcome a complex set of financial and managerial needs based on art wealth management.
Leading artistic auction houses are focusing on prolific members of the progressive artist’s group such as M.F.Husain, S.N.Souza, and S.H.Raza among others at the top end of the price ranges and of other moderative figurative and abstract artists.
Investing in Art Wealth Management does have some uncertain and inherent challenges:-
Valuation of artwork and availability of authentic information being primary hurdles
Given the unique nature of art pieces, available information is hard to come by and the valuation of artwork is subjective and based on no scientific method.
This makes investors heavily depend on art dealers and gallery owners for any art investment advice.
The growth of Indian art makes an opportune time to create a knowledge-based approach in which financial institutions, in association with the government and the art industry creates the suitable infrastructure to facilitate the concept of investing in art as a long-term viable investment.
THE ART OF BUYING AND SELLING:-
Investing in art can be very lucrative. One of Mr. Swapnil Pawar's popular art investors quotes that "In India, paintings make up 99 percent of the art market and the art industry makes a significant contribution to the economy of the country." Magnificent companies of sculpture, such as:-
Founder Vikram Bachhawat of Akriti Art Gallery is one of the pioneers in the art industry, specializing in hosting and curating the best art exhibition workshops, art-talk, and auction workshops, which play a key role in the investment of the art industry in India.
Adi H Jehangir chairman of Jehangir Art gallery has contributed greatly towards the wealth management of Arts over the past few decades. It is one of Indias best art selling companies which hosts exhibitions by painters sculptors print makers craftsmen, ceramicists.
Dipti Jana CEO of Kalavith Art Gallery has provided an incredible boost to online art investors and craft vending platforms specializing in selling authentic folk paintings, soulful folk art, original hand paintings that come directly from folk arts.
Manish Lath Gupta, Founder, and CEO of Mojarto has executed a conspicuous role in India's largest art discovery furthermore buying forums for Modern Art, Contemporary Art, Collectibles, Home Decor, Paintings, Fine Art Prints, and has always invested in art assets.
Karan Jain, President and CEO of The Museum Outlet, is the pioneer of a world-class distributor of fine art originals & reproductions around the globe through privileged collaborations with renowned museums and artists from around the world.
Creating and effectively disseminating knowledge on art as an asset class and generating awareness about art by hosting virtual and physical events that include exhibitions and art appreciation workshops will help create a transparent and more in-depth detailed experience about the market for Indian art. It will also provide an outstanding opportunity for international investors who are interested to invest in the well-being of art in India.