Expert opinions

Unlike the West, interest in art as investment is at a nascent stage in Pakistan.

Answering questions on investment basics, three gallery directors in Karachi,
Sameera Raja of Canvas, Riffat Alvi of VM and Seemah Niaz of Unicorn voice their
opinions about consumer attitudes and art awareness levels.
Is art investment on the rise now?
Sameera Raja Art investment has taken a nose dive since the recession.
Personally, I feel this is positive, as earlier all kinds of works were being acquired
as investment with no understanding of their quality or calibre of the artist. The
buyer now has become more discerning and capable of sifting chaff from grain.
Riffat Alvi It is a seller's market these days, old buyers are cashing in on previous
investments and most new buyers are buying with the intention of gaining rapid
returns.

Seemah Niaz This is not so much in Pakistan as it is outside the country, due to
our economy.
What advice would you give to first time investors?

Sameera Raja I have always maintained that your acquisition should foremost be
based on personal liking. You have to live with the works; if you do not love it, do
not buy it.
Riffat Alvi Do not sell instantly; learn to love your art.
Seemah Niaz Buy good contemporary art that appeals to you. It will automatically
enhance in value.
Do buyers invest primarily in the reputation and ranking of an artist, or the
aesthetic value of an art piece?
Sameera Raja People buy art for reasons both aesthetic and social, while some
buy it for investment purposes as well. There are very few 'collectors' in Pakistan,
though the term is used very often and loosely to encompass all buyers. Each of
these patrons acquires art for his/her reasons, which I feel are self-explanatory.
Riffat Alvi It is the aesthetics of the art object that impact or attract the buyer at
first sight.
Seemah Niaz Mainly for the reputation, unfortunately.
Is there a criterion for investing wisely in art? Are there any guidelines investors
should follow before making a purchase?
Sameera Raja Ask the curator of a reputable gallery for their recommendation.
Do your research. Review art publications documenting concerned artists. Buy
living artists. Let the dead masters rest in peace. This ensures you get a genuine,
original artwork with no question of authenticity (from a reputable gallery and
not a framers' shop).
Riffat Alvi Investors must study basic art market trends and follow the progress of
artists they are interested in. The market is flooded with fakes and forgeries and
issuing authentication certificates for old master purchases is problematic.
Researching the art of living artists and meeting them via galleries or personally is
much more desirable. Moreover in some cases the older generation has not
transferred their 'art collecting' passion to their progeny who later on put up the
work for sale regardless of its 'museum 'quality status. This art awareness deficit
needs to be bridged so that an art work is given its due respect.
Seemah Niaz They should see the work, gauge its aesthetic merit, and they will be
safe with their choice. It will give them pleasure as well as financial benefits. —
S.A.