The Indian contemporary art market has been growing exponentially in the last few years. Not only in India, but even globally, Indian contemporary art is being recognized as amongst the best in the world.
The increasing disposable incomes among the Indian middle class, unattractive conventional investment options, extensive media coverage of art and more organized art galleries are some of the reasons behind this sudden popularity of Indian art even as an investment. Art has a creative appeal as it is a beautiful piece to decorate the house with. It has an appeal for the rationale since it is can be viewed as an investment and not just an extravagant expense.
The profile of the collector of art is also changing. The increase in the upper middle class disposable incomes, high risk taking appetite, more 'spending than saving' attitude is bringing more and more non-conventional retail investors (corporate/ salaried people) into its fold. The art collecting fraternity is getting increasingly scattered. So while, one may be a collector of art, not everyone he knows will be one. However, with the advent of the internet, people across the world are coming together to appreciate and buy art through on line art galleries.
Most online art galleries exploit the internet only to show case their extensive art collections for sale to a larger audience. However, when it comes to passing on efficiencies to collectors and artists both, they continue to follow the conventional brick & mortar model, with 33% and above commissions and payment terms ranging up to 60 days. With the advent of the internet and more efficient courier services along with efficient on line banking services there has come a need to make the art market more efficient as well. There is a need to revamp the existing market structure, and that is exactly what IndianArtCollectors has done.
IndianArtCollectors is an on line forum for collectors of art from across the world. The portal allows collectors to post their works to share with others. At the same time collectors of art can contact each other directly and discretely in case they want to transact in the secondary market through the in-built messaging system. IndianArtCollectors already has an extensive art collection with more than 1700 works and 700 odd registered collectors. It is a first of its kind web site, and introduces innovation into an industry that has failed to evolve itself despite the rapid changes in technology and target audience.
IndianArtCollectors offers the following services to collectors free of charge:
1. Share:
Collectors of art can display their art collection, as well as view what other collectors of Indian art across the world are collecting. All they need is a digital image of their artworks and they can post them online to share their works with other. With the fragmenting collector community, this forum is a delight for the lonely collectors to display art and share it with others.
2. Transact:
Most collectors are plagued by the concern of how easy would it be to sell their works in the secondary market. Most galleries charge a commission upwards of 15% on resale of an artwork, and that too can take several months. IndianArtCollectors allows collectors to display art and mark the art collections for sale with a "Willing to Part with" yellow flash. This invites other collectors to contact them through the in built messaging system and they can actually carry out a mutually agreeable transaction discretely without any intermediary costs. Today many collectors are using this option instead of bearing the high transaction cost with conventional galleries.
3. Acquire:
IndianArtCollectors now has artists joining the community and has an extensive art collection for sale. Just like collectors, artists too have membership to this community and can upload their works for sale at their own discretion and convenience. They even set their own prices and edit them from time to time. The prices listed on the website are inclusive of all taxes, shipping and handling charges, posing no hidden costs for the collector. The collector gets the benefit of lowered commissions at IndianArtCollectors and also receives an authenticity certificate signed by the artist himself for every artwork they acquire from the artist.
Through the above ways, IndianArtCollectors is redefining the Indian art market, making it more transparent, bringing people together and using the new economy's internet, courier and banking services to benefit both the collector and the artist community. IndianArtCollectors has become a one stop destination for all collectors of art, as it satisfies their needs for sharing with each other, transacting with each other and adding to their collection by acquiring artworks directly from the artists. Today IndianArtCollectors has become a vibrant community with one of the largest collections of Indian art on the worldwide web.
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