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Now, you get loans to buy art

Source: PTI
Last updated on: October 19, 2005 15:48 IST
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Sending the message that investment in art works, especially of some top artists, was good and had lucrative returns, a Chennai-based art gallery has tied up with a private sector bank, whereby the bank would extend a loan to a prospective buyer of art work.

A week-long exhibition of paintings of some leading artists like Anjolie Ela Menon, Aditya Basak, C Krishnaswamy, and Manu Parikh, which began this morning, are available at the art gallery for both sale and purchase.

How to become an art millionaire

Art, unlike traditional stock market scrips, is a great investment, because "art can immediately enhance your living or working environment, and add beauty to your home or office, and be passed down through generations," Ashvita Art Objects and Artifacts owner Asvin and his assistant Sruti Hari told PTI.

He said it was now possible to purchase art through personal loans facilitated by the ICICI Bank and repay in 12 to 36 instalments at varying rates of interest.

Invest in art, be a millionaire!

Asvin said he was also doing art-consulting work. "We have a large database on art work. For consultation work, it requires study of the art market in India."

He said the value of an M F Hussain painting has gone up steeply. "A painting by M F Hussain, in 1990, sold for Rs 1 lakh, but in 2005, one of his paintings was auctioned for Rs 9 crore (Rs 90 million)."

"What we advice is that when you buy a painting, keep it with you for four years. We can guarantee you that the price will go up by a minimum of 45 per cent. Of course we charge 10 per cent as our consulting fees," Ashvin said.

He said he was only doing portfolio management work and was not interested in starting an art fund.

Sruti and Ashvin said many banks and investment consultants were now offering art as an investment option and a leading foreign bank was even offering investment advisory services.

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