03 June 2023 | B W BUSINESSWORLD | 101 Modern or Contemporary, Which Way is the Collector Leaning? Modern masters have established market values, historical significance, and a proven track record of appreciation over time. They are sought after by collectors and investors for their enduring appeal and potential to hold or increase in value. begins at Rs 20,000. This allows new buyers to confidently bid and acquire some rare works, says Sunny Chandiramani, Senior Vice President, Client Relations, AstaGuru Auction House. Talking about the India Art Fair, Director, Jaya Asokan says, the buyer base has definitely grown. We have seen a wide range of visitors at the India Art Fair over the nessed a recent uptick in new collectors who are keen to delve into art and collectibles. The market has seen an influx of young buyers who are keen to experiment with their first collections. To encourage budding collectors, our ‘Collectors Choice’ auction offers unique works from the oeuvre of eminent artists. This auction has no reserve and bidding last few years, from seasoned collectors to young buyers, and even students. Our ‘Young Collectors Programme’ aimed at nurturing a new generation of art collectors has done exceptionally well. It pairs emerging galleries showcasing work below Rs 5 lakh with young patrons in an effort to encourage young collectors to engage with and acquire art.
102 | B W BUSINESSWORLD | 03 June 2023 Established modern masters continue to hold significant value and appeal due to their historical importance and scarcity. Some investors are drawn to the potential for acquiring artworks by emerging or mid-career contemporary artists who have the potential to achieve greater recognition and value in the future. C o n t e m p o r a r y a r t offers a fresh perspective, reflects current social and cultural contexts, and can present opportunities for high returns on investment if an artist’s career takes off. In recent years, there has been a growing interAFTER HOURS BUSINESS OF ART well, she added. Speaking about cont e m p o r a r y a r t , Chandiramani says, notable contemporary artists that have gained internat i o n a l r e c o g n i t i o n include Subodh Gupta, Raqib Shaw, Bharti Kher, Atul Dodiya and Jitish Kallat. Earlier this year at AstaGuru, Raqib Shaw’s est in contemporary art, driven by the rise of art fairs, curated exhibitions, and increased visibility of younger artists, says Tanvi Kanchan, Head - C o r p o r a t e S t r a t e g y, Anand Rathi Shares and Stock Brokers. One is seeing the contemporary art market making a mark. Gallery representations, artist residencies, biennials, have all contributed to a higher exposure quotient for contemporary artists, says Asokan. If you look at it from a market perspective, in India, paintings and sculptures are still the best-selling works. However, these days we are seeing collectors keen on digital art, as ANISH KAPOOR: Untitled Medium: Lacquer & stainless steel Year: 2011, Size: 62.5 x 62.5 x 7.5 in BHARTI KHER: Untitled Medium: Bindis on painted board Year: 2015, Size: 72 x 60 x 3 in S. H. RAZA: Bindu Medium: Acrylic on canvas Year: 1985, Size: 39.4 x 39.4 in
03 June 2023 | B W BUSINESSWORLD | 103 large-scale artwork titled ‘Fall of The Jade Kingdom II - Paradise Lost II’ was auctioned for Rs 2,56,55,424. In 2022, an untitled work by Bharti Kher from her oeuvre of works utilising ‘bindis’ sold for Rs 1,00,01,267. In addition to adding value aesthetically, newer collectors are looking at art as an asset. These are savvy investors and want to diversify beyond reale s t a t e a n d s t o c k s . However, in their bid to build a solid financial portfolio, they engage in the practice of art flipping, which has raised eyebrows in the art world. Did You Say Flipping? Shh! Flipping an artwork in simple terms means acquiring it and then putting it back in the market fairly quickly. Collectors do this to make profit on investment, or at times to dispose of a piece and add a new piece to their collection. There are ethical concerns around the practice since experts believe it negatively impacts the careers of young artists. The opinion on ‘flipping’ in the art market is divided, it doesn’t matter which side of the argument one picks, but the fact remains that it does dictate the market. The practice of flipping art depends on the investor’s knowledge of the demand of the said art and the value of it being readily available. Flipping has positive and negative connotations in the art world, ultimately, it depends on the motivations, approach, and impact it has on the art market, artists, and collectors’ own relationships with art. Striking a balance between financial considerations and the appreciation of art’s cultural and creative value is crucial for a sustainable and ethi c a l a r t e c o s y s t e m believes Kanchan. For now, Anita and Rohan are considering a Bharti Kher artwork for their home. Along with the traditional patrons of art, India is also home to these new age collectors for whom art is no longer an emotional purchase but also a thought-out investment. The opinion on ‘flipping’ in the art market is divided, it doesn’t matter which side of the argument one picks, but the fact remains that it does dictate the market RAQIB SHAW: Fall of The Jade Kingdom II - Paradise Lost II Medium: Oil, acrylic, glitter, enamel & rhinestones on birchwood Year: 2014, Size: 36 x 60 in
104 | B W BUSINESSWORLD | 03 June 2023 Sustainable architecture is no longer a term used by architects and designers, the consumer now knows and demands it. We speak to experts in the space to understand the practicalities of developing sustainable buildings in India By Jyotsna Sharma AFTER HOURS DESIGN he concept of sustainability has become central to our way of life. It has permeated every aspect of our lives, from the food we eat, to the cars we drive, to the clothes we wear and even the homes we live in. We all know that the spaces we inhabit have a direct correlation to our mental and physical well-being. Post the pandemic, and as a result of it, we have become more aware, and many of us have redesigned the spaces we inhabit. This is not just limited to residential spaces but also to commercial areas. Sustainable architecture is the need of the hour. Interestingly, a number of organisations that have office space in older buildings (built before the concept of green architecture and sustainability came into prominence) are working on redesigning the interior, installing energy efficient mechanisms, and focusing on water conservation T Director, GPM Architects and Planners believes that architects must recognise the importance of designing buildings that support the health and well-being of their occupants and must consider the WELL certification in addition to green certifications. They should also become more inclined towards finding solutions for the neighbourhood and not just be foc used on isolated building projects. In addition, architects should prioritise using sustainable building mateMITU MATHUR, Director, GPM Architects and Planners “Architects must consider the WELL certification in addition to green certifications” and responsible waste management. And, this awareness is now leading people to reimagine spaces at the neighbourhood, town and city level. Going Green Green buildings are the future as they have a positive impact on the natural environment and also the inhabitants of the space. These use processes that are resource efficient and environmentally responsible, which last throughout the life cycle of the struct u r e . Mi t u Mat h u r, Designing for a Sustainable World
03 June 2023 | B W BUSINESSWORLD | 105 struction refuse, but is also resilient to the instability of the real estate market”, says Ambrish Arora, Principal and Founder, Studio Lotus. Net Zero Energy Buildings While we are moving towards designing green and sustainable structures, the one thing we can i m m e d i a t e l y m o v e towards is zero energy buildings. These are structures that have zero energy consumption and carbon emissions during their construction and operation. These buildings generate the amount of energy they require on-site using renewable resources. With support from the government on regulations regarding these India can see more zero energy structures coming up. “By setting energy efficiency standards and building codes, the government can ensure that new construction and retrofitting of existing buildings meet minimum e n e r g y p e r f o r m a n c e requirements and utilise energy-efficient technologies and materials. In addition, offering financial incentives such as grants and low-interest loans to builders and developers who adopt sustainable building practices can prov i d e t h e n e c e s s a r y resources to support their efforts”, says Bhatnagar. Ambrish Arora believes that by adopting the idea of adaptive thermal comrials, such as recycled or renewable materials, that have low embodied energy and reduce waste during construction. The design must be adaptable and flexible to accommodate changing needs over time, which can reduce the need for new construction and demolition, reducing negative environmental impact, believes Smirati Bhatnagar, Head, Design and Strategy, Design Forum International. “Emerging from the idea of circular economies, and going back to the question of care, if we begin to SMIRATI BHATNAGAR, Head, Design and Strategy, Design Forum International “The design must be adaptable and flexible to accommodate changing needs over time” understand the building life-cycle as a closed loop instead of a straight line, where the building and all its parts can be traded in cycles – being recycled, r e f u r b i s h e d , a n d /o r reused; a regenerative urban framework might emerge; one that is conscious of capital, energy consumption, and con-
106 | B W BUSINESSWORLD | 03 June 2023 fort, we can begin to create more localised benchmarks and metrics based on regional and climatic context. For instance, the threshold for comfort in Ladakh is vastly different from a region like Kerala. Thereafter we need to ensure that these localised benchmarks are widely advocated and enforced – perhaps by making them a part of the local building code in each region. He says, a shortcoming to the widespread implementation of the current net-zero regulations is that these standards currently focus on air-conditioned buildings with highly engibuilding has to be smart too! Given how we have embraced technology across sectors, it is obvious that it would integrate with architecture. There are a number of smart buildings coming up but the key is to marry them with sustainable buildings. What we want are smart buildings that are sustainable too. For instance, would something like, The Line, NEOM Project in Saudi Arabia be possible for India? Aspects such as the potential displacement of local communities, and the potential environmental impact of such a largescale development project need to be kept in mind, says Bhatnagar. Talking about some of the challenges in building smart buildings in India, Mathur says, “One of the major challenges faced by smart building technology in India is cost-effectiveness and regulatory incentivisation. A governmentadopted framework that encourages using smart technology to reduce environmental impact can be extremely beneficial to convince stakeholders and designers involved in a project.” Arora believes that we need smart design thinking and not smart technology. For instance, the interstitial, transitional areas in a building need not be air-conditioned, and could instead be passively cooled and naturally lit. These areas make up 25-30 per cent of the built footprint which means one stands to gain 25-30 per cent in terms of savings on operational costs. This can also be achieved by regulating our thresholds of comfort. Even a 2-degree increase in set point along with the use of a fan can result in massive energy gains. Passive technologies are the way forward because they take the issues of environmental consciousness and climate action to the grassroots. All in all, whichever way you look at it, it seems green is the way we are going when it comes to architecture. neered capital-intensive responses; whether it is through high performance envelopes or smart cooling / heating technologies. In the context of the subcontinent, this ends up excluding a majority of the built footprint. We need to start developing a set of guidelines focused on passive design and low cost, lowtech methods to ensure that a net reduction of energy consumption is achievable by all. How Smart is Your Building? Gone are the days when all you wanted was for your kids to be smart, now your AMBRISH ARORA, Principal and Founder, Studio Lotus “We need to start developing a set of guidelines focused on passive design and low cost, lowtech methods” AFTER HOURS DESIGN Photograph courtesy: Studio Noughts & Crosses LLP
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108 | B W BUSINESSWORLD | 03 June 2023 I n the face of uncertainty, relying on outdated strategies is akin to chasing shadows in the dark. Uncertainty demands action. Consider the potential of generative AI, for example. Just when society was getting comfortable with artificial intelligence, ChatGPT entered the conversation. We had long grown used to AI-powered chatbots and the countless other ways that AI made our lives better and transformed businesses. And now as organisations strive to keep pace with the breakneck speed of GenAI development, they are challenged with where to start, how to prioritise, what steps to take, and how to maximise value. Complicating matters further, GenAI is not emerging in a vacuum. An economic downturn is potentially on the horizon. To navigate the current challenges, leaders must concentrate on four priorities: Protecting long-term strategic imperatives When there is short-term pressure on investors and shareholders, businesses need to evaluate their long-term strategic imperatives and the investments associated with them. Great companies will protect those imperatives as they navigate uncertain times. Think ESG, for instance. Companies that make the right bets today will be the winners in the future. Similarly, in the case of GenAI, leaders can use this time to explore how the democratisation of AI can raise long-term value creation. The trick is to not take your eyes off the long term. Embrace curiosity, diversity and create a culture of continuous learning Throughout history, curious men and women have asked the big questions: on the origins of life, the fate of the universe, and how the brain works. A curious and diverse workforce with unique perspectives unlocks innovation and fuels growth. Coupled with continuous learning, it will allow people to drive concepts in new ways and inject diverse thinking into the organisation. When done at scale, this can significantly increase the organisation’s ability to transform and build resilience. Prioritise ruthlessly, and fast Leaders must resist the urge to make too many things a strategic imperative, diluting resources and the attention of leaders, and ultimately, impacting overall outcomes. Every aspect of a business can be prioritised. The solution lies in focusing on fewer endeavours and executing them at speed. Drive agility & embrace change The ability to be nimble in ambiguous situations is rewarded in today’s fastpaced world. Everything can be made more agile. Supply chains infused with technology can be agile, predict demand with much greater accuracy, and source materials on the fly. Agile teams open to embracing change — reflective and resilient, yet actionoriented — are more successful because they are willing to take risks and are unafraid to fail. For instance, a company that wants to get started with GenAI must first create a culture that can support the rapid innovation that this technology permits. Ensure that its teams are diverse, capable of continuous learning, and eager to embrace new ways of working. As we navigate the complexities of an ever-changing world, it is essential to recognise that stability may remain elusive. The best companies and leaders refuse to be thwarted by it. In fact, they view change as a motivator, a catalyst for leveraging strengths and embracing opportunities. Tiger Tyagarajan, President and CEO, Genpact on what business leaders should concentrate on to navigate the current economic challenges LAST WORD TIGER TYAGARAJAN Building Resilience in an Era of Uncertainty Leaders must resist the urge to make too many things a strategic imperative, diluting resources and the attention of leaders, and ultimately, impacting over all outcomes
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