Art At Heart

Mumbai-based art auctioners Osian’s Connoisseurs of Art Pvt Ltd is introducing a fund for contemporary art where art aficionados can invest. The idea is to raise about Rs 60 crore which will be used to trade in art. The company hopes to start with the works of about 40 artists and then increase the base as the fund gains popularity. The idea to start an art fund was floated two years ago but not many FIs were convinced by the viability of the project then. Now, at least four banks have shown interest. The Indian art market is estimated to be anywhere between Rs 650-700 crore per annum and much of the business is concentrated in Delhi and Mumbai. The art fund could offer lucrative returns if the market grows. Currently, it has been growing by about 35 per cent every year.