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Team No.

3

Amrita Biswas Ranjaboti Ghosh Monika Sharma Ushaman Sarkar

1. Would capturing the perception of consumers about art forms work?
The art market has developed in India around the high net worth individuals who have different motives and derives varied benefits from purchasing art works. From the exhibits we see that although the overall size of HNI in India is less as compared to the APAC and the world but the growth of HNI is quite promising in India as compared to the rest of the world. HNI size growth in India is at a CAGR of 13% from 2005 to 2010 as compared to CAGR of 5% and 3.79% for APAC and the world from 2005 to 2010. Over the couple of years, leaving year 2009 which marked the erosion of wealth for every economy, we see India’s growth in HNI size is much higher Year on Year against the APAC and the World. This means that more and more people are becoming richer and they would look for lucrative investment options, unique market places to spend their disposable incomes, higher need to differentiate themselves and accentuate their status levels. Therefore, luxury items market has tremendous growth potentials in India. Since art works contribute to a large portion of the luxury goods pie it is critically important to make informed and focused efforts to grow the pie. The market would function sub optimally in every category unless the capabilities are realized in full strength. Since we see that buyers of art forms are very unique in themselves and they have own perceptions, it is of prime importance to research them. This will help both the Artists, the buyers and the marketers. Artists: From young and budding artists to experienced artists, everyone needs income to nourish, develop and grow in their respective fields. When they become aware of how their potential buyers thinks and derive benefits from their work, or what their buyers will buy would help them focus and build on their areas of interest. Buyers: As already mentioned, wealthy buyers buy out of passion or to demonstrate their status, some buy as an obsession, some appreciate art as well as consider it as a lucrative option, some buy for decorative purposes and so on. The personality of a buyer is one of the main driving factors for art form purchase. Therefore, buyers must have adequate information, accessibility and options to make their informed decisions. For buyers who look upon art forms as an investment options must see the market place to be rewarding enough for them to invest in it. Art market must be segmented according to the key driving factors that emerge from the personality and perception studies and each segment must have a clear brand image for buyers to derive the full benefit from it. Therefore, buyer research is very important to make the market place more efficient and rewarding. Marketers: For every marketer, it is very important to promote the product in order to grow the market, drive volumes, grow category and so on. If marketers understand their buyers then they would be able to do a better segmentation, targeting and positioning of their product or service. Since, the buyers here are of dynamic nature and are dependent on cyclical and structural patterns, marketers should do the research even better to keep their market place alive. Depending on the outcome of their research they would be able to promote, attract and drive sales for themselves. Also, our very target should be to have a consistently growing market where buyers should be motivated to make repeat purchases, investments. By capturing buyer perceptions, it would be easier to move them through the funnel and help to form a more robust dependable market.

Buyers of fine art were usually socially active people who liked to travel in luxury cars and stay in mansions and luxury apartments. Abstract art appealed to people who were keen on understanding the deeper meaning of symbols and have their own interpretations of artwork. What was the level of involvement of consumers in art forms? Major Factors causing change in involvement of people: When current consumer spending habits were compared with similar habits in 2002.000. These people indulged in gardening and read a lot of books. Buyers of abstract art were reflective persons who were often reclusive and solitary beings. Abstract art was ambiguous and did not represent reality as observed with naked eye. color and style. Were art forms something that consumers used to reflect their personality? The art forms that consumers purchased and appreciated reflected their personalities significantly. These people typically indulged in performing arts either as audience members or as performers. Fine art buyers could be art collectors.Team No.000. more and more High Net worth Individuals were investing to satiate their tastes for finer things. Level of involvement of consumers based on segmentation is as follows: Lifestyle of Consumers Luxurious Consumer Characteristics Home Decorators . though it might be based on an actual individual. Figurative art was inspired by the natural and visible world and used tangible forms and objects to convey the artist's message. influenced by West Digital Art Medium 3. Indians now constituted a fifth of the world’s citizens below the age 20. 3 Amrita Biswas Ranjaboti Ghosh Monika Sharma Ushaman Sarkar 2. A rise in sales of art categorized as “affordable” which was in range of INR 200. Fine art was created to appeal to aesthetic people who understood and appreciated art. people who appreciated figurative art liked to understand the clarity of art or liked the aesthetics of form. it revealed that the expenditure on entertainment had increased significantly.000 to INR 1. Fine art was tasteful and needed to be appreciated as standalone pieces of art work. Family oriented Intellectual who enjoyed nontraditional concept imagery art Type of Art Fine Art Level of Involvement High Contemplative Abstract Art Medium Social Figurative Art Medium Young Buyers. A youth generation and the desire of this generation to look and feel good was becoming a major factor in making purchase decision.Art Collector & Wealthy HNI’s Intellectual who search for deeper meaning Homeowners who liked aesthetics . People who patronized abstract art had their own way of thinking that differed in general from other's opinions and were reluctant to share their ideas with others. As the disposable incomes increased. Since figurative art was detailed and unambiguous. These people . emotion or object.

Team No. The type of art work adopted by different segments of consumers varied depending on their personality. These people enjoyed art based on movies or other literally sources. 3. Were consumers associated with art different from other consumers in terms of their lifestyle? Consumers associated with Art differed among themselves. who preferred living in a solitary and reclusive fashion enjoying the simpler things in life like walking in parks or gardening. Digital art was created on a computer in digital form or significantly modified by a computing process. Therefore. Digital art buyers were generally younger intellectuals compared to other art buyers. These people were interested in contemporary society and socialized in pubs and discos. while others considered art as a lucrative investment option. They relied on social networking websites to search for unusual imagery and digital prints to decorate their homes. In terms of lifestyle. They were also family people who enjoyed spending time with their in-laws and travelling. Buyers of digital art were intellectual and enjoyed non-traditional. artists and techniques. They were highly influenced by western cultures and enjoyed remaining updated in Social Networking sites. while some buyers were obsessed with art. Buyers of figurative art were primarily home owners and people with strong analytical skills. from these various instances we can conclude that art forms are something that consumers use to reflect their personality. a typical buyer of fine art was usually very active socially. . They preferred decorating their homes with unusual imagery and socializing at pubs and discos. An average abstract art buyer was more of a contemplating person. The consumers had a habit of doing things themselves. These people wanted art works to reflect their interest and wit and have a high content of imagination and digital techniques. A figurative art buyer indulged in high level of TV viewing and movie watching. some preferred associating themselves with the finest creative minds. 3 Amrita Biswas Ranjaboti Ghosh Monika Sharma Ushaman Sarkar could be either rational buyers who understood exactly what the art work conveyed or cognitive buyers who enjoyed the detail of art. concept imaginary art. They were socially active and updated of occurrences in their communities. and preferred a luxurious lifestyle. They were typically young buyers influenced by the West.