Aesthetic canon

By Andaleeb Rizvi
In Florence during the 15 century, investment in art was often made at great
economic duress to gain political and social power. Pioneers of the Renaissance, the
Medici patronised some of the greatest master painters, sculptors and architects
like Botticelli, Michelangelo, da Vinci, Brunelleschi, and likes, for showing power and
might; in short, to intimidate the masses.
The patronisation of the Renaissance transitioned to being an art collector, when
people with an appreciative eye bought paintings, sculptures, and other works for
their own personal satisfaction.
For many, it is still the same, but what holds true is that now art is hardly a political
investment, instead it is a means to earn future dividends; depending on the piece
of art and the market value of the artist.
As the global stock index went down and investors were ousted by the market crash
post 2008, the art market grew exponentially throughout the world. Perhaps even
more than it did in the 1990s.
Surveys by art economists mention that the international art market is growing,
especially in China, despite the many fake investment reports. This is because, as
markets in the European Union destabilised monetarily and USs public debt went
sky high, new millionaires and billionaires increased in Asia.
Art became a forte for venture capitalists, or those who either exhausted their
interest in the stock market or owned too much disposable income.
Even in South Asia, where both the Indian and Pakistani art markets took a hit in
2008, interest and investment in art regained momentum. Though all is not what it
seems. There are those who feel that art is being betrayed by the interest of stock
brokers, and others, who appreciate the interest. The interest of stock brokers is
responsible for the mushrooming art galleries across the major metropolitans of the
countries. And evaluators divide the market between canonical work and
contemporary work. Generally, large investments are still being made in the works
by the masters, despite the frauds.
Perhaps one can even say that art itself has been sidelined and taken over by the
market image of an artist.

Art speculation

Adil Aman, an independent art collector, consultant, and vendor considers the local
art market lucrative, but still not as good as it was during general Musharrafs
regime. The decline in the domestic market sales is close to 60 percent, he says.
Considering the growing number of art galleries across the country, one may
question the decline, but the fact is, expats are still bankrolling emerging artists.
People buy art at a lower price in Pakistan- including both canonical and
contemporary art- and sell it abroad to the international buyer. It has it downsides
though. While an art collector can recognise Gulgee, Sadequain, Mansur Aye, or
Tasadduq Sohail, an investor might be duped.
This is where consultants like Adil come in, who advise people of the authenticity of
an artwork. The niche for fakes does exist though, not only among the humble art
connoisseurs, but also for the cons interested in making a few quick bucks.
But for a serious art investor, buying a copy can have repercussions.

Zafar Moti, a former director of Karachi Stock Exchange, who has an eye for
investment, explains, One reason emerging artists are getting more attention is
because people are worried of throwing away their money on forged masterpieces.
The market is swarming with forged copies of Gulgee, Sadequain, and Mansur Ayes
works. Around 70 per cent of Sadequain paintings being sold in the market are
fakes, while 25-30 percent of Mansur Ayes are imitations too, Moti says.
The total worth of the Pakistani art sales, including the fakes, cannot be quantified,
since many people are not interested in declaring their assets. In this, collectors,
investors, artists, and critics are mostly on the same page.
Even Tauqeer Muhajir, author of "The Big Picture-Six decades of Painting in
Pakistan", who recently curated and contributed to the book "20 Pakistani Painters
you should know" says the same. Though Moti is bold enough to roughly estimate
the market at Rs1 billion, Muhajir says, I have catalogued more than four hundred
art pieces owned by Standard Chartered. It is a good collection, but it too cannot be
valued in terms of total worth.
However, he does have some good words to say for the local talent and artists - the
market is steady and getting sturdy.
Pakistani art in terms of quality and maturity is equivalent to Indian art, however,
often it is sold at a cheaper rate, Tauqeer says, explaining the reasons for such
disparity. Indians have a very good and developed advertising skill. If an Indian
artwork is worth Rs8 million, similar work by a Pakistani artist costs merely Rs1.5
million. So a small scale investor with less disposable income finds Pakistani art
more feasible for investment.

Emerging artists

Among emerging artists, art pieces by Abdul Jabbar, Abrar Ahmed, and GN Qazi
have been vouched by some investors, as well as a couple of galleries. But whether
it is the star system at work or the value of their work has actually increased over a
couple of years is a different matter altogether. The fact remains that the economics
of art investment does not just end here. Humble Abdul Jabbar reveals that he has
to give 30 per cent of the sale to the art gallery. I sell my painting to the gallery
owners for Rs25,000 right now. But once my exhibition in Dubai and Jharoka [Art
Gallery] in Islamabad concludes, the value of my work might increase, Jabbar
reveals happily.
On the other hand, Abdullah Qamar sells his sculptures, both locally and
internationally, between Rs120,000 and Rs200,000 per piece. He has recently
worked on a commissioned piece for the World Bank and has sold his sculptures in
Dubai, India, and UK.
Same goes for Abrar Ahmeds works. Among others emerging names in painting,
sculpture, and installation are GN Qazi, AQ Arif, Abdul Jabbar Gul, and RM Naeem.

Total sum

Price determination in art is a complex matter, since it does not depend on the
amount invested by the artist, but on the perception of the buyer, as well as the
gallery. Galleries mostly take a commission on the sale of the artwork. Depending
on the artists saleability, the percentage often varies. For example, if an emerging
artist is paying 30 per cent fee for a two-dimensional painting, a sculptor, whose
work is in high demand might be charged only 20 per cent fee.
So, getting the actual numbers becomes a difficult task, especially since the market
is undocumented.

Pakistan has a talented pool of master and emerging artists, but copy culture
hinders growth in the art market. The international community is distrustful of the
work coming out of Pakistan, be it old or new. Moreover, having the right people in
the right places is also an issue.