The Business Of Art

Art related to paintings has achieved great commercial success over the years.

- Nikhil Raghavan

In the days of great painters like Raja Ravi Varma and Vincent Van Gogh, paintings expressed one’s creativity and talent. That many of yesteryear’s painters did not sustain themselves on their artistry is another matter altogether.

The commercialisation of the art form of painting evolved gradually during the turn of the century and, today, has reached a status of sound business for both the creators and the dealers. Art collectors and even hoarders of art have been written about from European countries like Germany and Russia.

In India, with the success of painters like M.F. Hussain who attained cult and celebrity status, many well-heeled businessmen, industrialists and corporates have invested in art, not just to create a wealth for themselves, but also to preserve the paintings for posterity.

Consequently, art galleries, curators and consultants specialized in paintings have emerged all over the country. The Piramal Art Foundation, based in Bombay, founded in 2014 by the Piramal family was formed to preserve the artistic heritage of modern and contemporary Indian art. The foundation undertakes the collection, preservation, and documentation of artworks for public display as well as for research and education.

“The Piramal family have been collecting important works of art by modern and contemporary Indian masters. The collection has grown to become one of the most important collections of modern art in the country and the artworks form a seminal representation of works by each artist. The collection, as a whole, tells a grand story of the history of Indian art from the early 18th century till present times. With each new acquisition, a great deal of thought and care goes into creating this story of Indian art that weaves itself through time and India's cultural heritage,” says Ashvin Rajagopalan, Director, Piramal Art Foundation.