1. Copal
The Leading Authority on Indian Art
Weekly Collector Issue: III
February 2011
Newsletter for Art Collectors & Aficionados
Business process validated by-ERNST & YOUNG

2. THIS WEEK'S THOUGHT…
An art object is a soulful expression of the artistic sensibilities that has an intrinsic
value. Which is not just because of the interlaced creative and aesthetic value but
also because of its relevance in the time frame of an era; and it is due to these
attributes that an art object acquires a financial value.
COPAL'S OUTLOOK ON SENIOR MASTER ARTIST BADRI
NARAYAN
Since the year 2002 India art market has grown from USD 2 Million to USD
400 Million. Prices of Indian paintings are continuing their skyward
trajectory. The phenomenal growth is because of Indian artists who are
getting noticed for their new mediums, diverse explorations and differential
contexts. They are producing high quality works that is still undervalued
relative to their western counterparts.
One such artist exhibiting the magnitude of future growth for his diverse
mediums is Badri Narayan. Narayan's work titled “The Table at my
Sickbed” measuring (1.95 sq ft) fetched USD 442 (INR 21,216) in the year
2002.
Lately in Sep 2010, his artwork “Untitled” painted in 1989 measuring 21.5 x
21 in. (3.13 sq ft) was sold for USD 28,187 (INR 12, 68,393).
Works by Badri Narayan have experienced the wide acceptance from global
connoisseurs. Over the past 7 years, the artist's collector base has also
expanded and works have gone places in the collection of many bigwigs.

3. ART BECOMES A SERIOUS BUSINESS FOR BANKS: A MUST READ
By Tara Loader Wilkinson
Wealthy investors are increasingly viewing art less as a passion and more as a serious
asset class in its own right. Anish Kapoor's 'Turning the World Upside Down III',
1996 is owned by Deutsche Bank. Demand for good art has been buoyed by interest
from buyers from emerging economies, and an increasing number of private banks
are teaming up with experts to advise clients.
At JP Morgan's annual conference for ultra high net worth clients in Paris last year,
art investment was on the agenda for the first time.
The world's major private banks, including UBS, JP Morgan and Deutsche, are under
pressure to come up with an art market strategy beyond simply offering their clients
access to art fairs and other concierge type services. The switching cost in private
banking is so insignificant that banks are forced to develop products that appeal to
client's emotions – and art is a good place to start.
Wealth managers are also interested in using art collections as collateral against large
loans. Deutsche Bank's head of lending and credit solutions, Michael Darriba, spoke
at the November seminar on options for using art as collateral.
The Capgemini and Merrill Lynch World Wealth Report 2010 found that high net
worth individuals are returning to art investment, seeking items that are perceived to
have tangible long-term value. Some institutions are encouraging clients to
incorporate art into their investment portfolios. Swiss private bank Lombard Odier
has developed a custody platform that integrates deposited assets, such as equities and
bonds, with non-deposited assets including art.
PICASSO FETCHES USD 40 MILLION
A Pablo Picasso painting of his mistress and model Marie-Therese Walter titled "La
Lecture" fetched USD 40.7 Million at a Sotheby's auction on February 8, 2011.
The painting, which had been expected to fetch between GBP 12 and 18 Million
helped lift the modern and impressionist art auction total to GBP 68.8 Million.
La Lecture

4. It points to another buoyant year on the art market and the escalating interest and
valuation significance for Masters amongst the sophisticated collectors.
The response to the works by Masters is crucial towards developing the market
dynamics and in topical scenario, Copal's Art Advisory Team recommends one to
collect works by established Modern Masters since they are available at very
attractive values and are bound to rise multifold in future (as per analysis done by
Copal Research Team). So the long term value appreciation coupled with aesthetic
quality (of Modern Masters) is the quintessence.
LONDON ART FAIR TO HIGHLIGHT HUSAIN'S WORK
Leading Indian contemporary artist M.F. Husain's art will be the highlight of the
20/21 International Art Fair in London Feb 17-20.
A six-foot abstract composition by Husain, known as the "Picasso of India", depicting
human figures cavorting in a woodland, richly textured and intricately executed, will
be on sale at the fair.
The work painted by the artist during the 1970s, when his works were much sought
for their complex and colourful texture, is priced at GBP 180,000 while a smaller
canvas is estimated at GBP 120,000.
Husain canvases are attracting attention from buyers and generating interest among
the "emerging generations of contemporary artists for its rich textures".
Other artists exhibiting at the fair include Pawel Pyrz, Anthony Green, Kasia Kamita,
Anthony Murphy, Jean Marchard, Peter Blake, Rob Ryan, Maria Rivans, Jim Dine,
Roger Hilton, Romyn and Emiko Aida.

5. COPAL IN NEWS
Yet another feature of Copal's Ajay Seth as appeared in Sunday Financial Express dated
February 13, 2011 highlighting the growth and future potential of artist Rameshwar
Broota.
Rameshwar Broota
Copal Recommended Broota's photographic expedition
Rameshwar Broota, the veteran artist's photography exhibition 'Open Enclosures'opened
at the Triveni Kala Sangam in the capital. The exhibition is on at Shridharani
Gallery,Triveni Kala Sangam from till February 21, 2011.
I can't sit still, my entertainment, I feel great with my computer, camera and painting. I
have not earlier the satisfaction that I wanted from photography which I have got now
thanks to the technology available
~Broota

6. EVENTS: YOUR WEEKLY CALENDAR FOR ART
Black Brown and The Blue
A selection of personal photographs and other rare memorabilia of one of India's premium artists
Shuvaprasanna Bhattacharya in this show are worth a watch!
@ Lalit Kala Academy, Connaught Place, Delhi
February 21 - March 4, 2011
Group Show
Five artists including Jaideep Mehrotra, Manu Parekh, Akbar Padamsee, Azran Khambatta and
Bindra Miller will sensitize your lives with various forms, colours
@ Tao Art Gallery, Worli, Mumbai
Till February 18, 2011
Resonance
A group show, 'Resonance', featuring S H Raza, Anjolie Ela Menon, Sakti Burman.
@ Art Musings Gallery, Colaba, Mumbai
February 4- February 26, 2011
Raghu Rai - A Retrospective
@ Aicon Gallery, New York
February 18 - March 20, 2011

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DISCLAIMER: The contents of this message or any other communication from Copal should not be taken as investment, legal or tax advice. Each individual should consult his / her / their own financial and legal advisors
and accountants as to tax and related matters concerning potential purchase of the artworks. Although the information contained herein has been obtained from sources which Copal reasonably believes to be reliable and
authentic, Copal, its auditors and / or its legal advisors make no representations or warranties regarding its accuracy or completeness. Nothing contained here is to be, or should be, relied upon, as a promise or
representation of Copal. The information contained herein is not an assurance that a market will develop for the artworks purchased from Copal by the Art Collectors. Each individual must be prepared to bear the economic
risk of the purchase. Kindly refer to our website www.copalart.com, for detailed disclaimer.
Special Contributions by: Ashok Vajpeyi , Ajay Seth, Devesh Garg
Editor: Saguna Ahluwalia
Contributing Editors: Mithila Kapoor, Nikhil Khandelwal, Ricky Seth, Sahitya Prakash, Sharan Seth,
Swati Sharma, Mahendra Nayar
Coordinator: Sanjiv Choube
Copal Art P. Ltd. 1112, DLF Tower B, Jasola District Centre, Mathura Road, New Delhi – 110 025 (India)
Phone: 011- 40647045- 52. Email: contact@copalart.com, office@copalart.com. Website: www.copalart.com