Career Focus

Exciting careers in the art businessThe demand for youth educated in art history, appreciation and administration, is at an all-time high. Suddenly career prospects in this booming new industry have become hugely rewardingA mere blip on the global art scene until recently, contem- porary Indian art is suddenly ubiquitous ‚ Christie‚s, Sotheby‚s, Bonhams among other international art auction houses. At a Christie‚s auction in September 2005, Mahishasura, an oil canvas by Tyeb Mehta sold for an unprecedented Rs.7 crore. This March an untitled work of V.S. Gaitonde and Tapovan by Raza attracted top bids of Rs.6.58 crore. Moreover recently, several paintings of the late Amrita Shergil were purchased by an Indian collector for Rs.6.9 crore ‚ a price 6,900 percent higher than the Rs.10 lakh they had been sold for in 1992. Currently the annual turnover of India‚s art trade is estimated at a mind-boggling Rs.5,000 crore, of which more than 60 percent is contributed by international auction houses. With fortunes in India‚s burgeoning art mart multiplying, the bandwagon is getting crowded. Art galleries are mushrooming countrywide; indigenous auction houses such as Osian‚s and Saffron Art are earning huge commission incomes and in 2005 Edelweiss Securities joined Mumbai‚s Sakshi Art Gallery to launch the Yatra Fund, which is targeting a compounded annual return of 20 percent. Several other art funds are in the pipeline including an Osian‚s mutual fund for art. Moreover Osian‚s Pvt Ltd, a high profile Mumbai-based art evaluation and auction firm, recently sold 5 percent of its equity to an American fund for Rs.11.2 crore which gives this company promoted in 2000 by art entrepreneur Neville Tuli, a valuation of Rs.224 crore. Little wonder that the demand for youth educated in art history, appreciation and administration is at an all-time high. Suddenly career prospects in this booming new industry have become exciting and rewarding.Against this backdrop it‚s hardly surprising that there‚s a rush of interest in art appreciation, art history and administration study programmes. Among the most reputed art study programmes are the Masters in art criticism and art history offered by M.S. University, Baroda; the 12-month programme in Indian art and aesthetics offered by Bombay University, and the BA and MA degree programmes in art history and studio practice of Stella Maris College, Chennai. However a large and growing number of art-oriented youth study abroad where a plethora of programmes are offered by universities and auction houses such as Sotheby‚s and Christie‚s, whose short-term art appreciation courses are highly reputed and offer the prospect of immediate employment. Moreover Osian‚s is planning a university for the arts in Delhi, which will offer study programmes in art history, appreciation etc. For well-qualified professionals start-up salaries in Indian galleries and auction houses are a handsome Rs.25,000-40,000 per month. “A whole new market has emerged for art and artists in which buyers are becoming increasingly savvy. However, investing in a painting is a complex transaction demanding hard-nosed diligence and an emotional connection from buyers. This is not very easy in…