Paintings sketched by famous artists are not merely source of thought for some people, but also a multi-billion dollar business across the globe. Besides artistic value, such artworks are also valuable articles that represent a country's rich heritage and culture.
Unfortunately, turnover of art sales in Bangladesh is still very limited, despite global recognition and acceptability of our artists and their artworks. Still, a very limited number of people are aware of the huge potential of art market in our country.
Estimation of arts' market value is as mysterious as of some abstract artworks. There are several assumptions regarding the international market value of arts and a number of art works changes hands -- from one art collector to another.
According to a recent report by the Netherlands-based The European Fine Art Foundation (TEFAF), the global art sales raised a total of $45 billion in the 2016 calendar year. The amount represented a slight growth of 1.7 per cent compared to that of the previous year.
The figure is much higher than that of TEFAF report according to the estimation UBS, Switzerland based financial institutions. In the same year, the UBS report said, total turnover of art collection market was $56.6 billion, o slump of 11 percent from the previous year.
Let's have a look at Bangladeshi art market. The local art market can also be attributed as a mysterious one, for several reasons. A good number of arts are sold without any formal channel, where money is paid to the artist or art collector by the customer without any official record. However local curators, gallery owners, artists and art collectors assume that the turnover from painting sales in Bangladesh is still limited within Tk 1.0 billion a year. The bazaar for artwork is not expanding at an expected level, despite world-class creativity, innovation, aesthetic sense of Bangladeshi artists for several reasons.
First of all, there is lack of efficient curators, logistic support and facilities to take care of paintings, patronize young artists, encourage art collectors, create a customer base and instill the sense of aestheticism among people.
Secondly, only a few galleries are actively organizing exhibition at regular interval. The number of galleries is said to be limited within 30, moreover almost all of those are located only in capital city. Galleries face various problems to survive including financial crunch, insufficient number of buyers and poor patronisation from government and non-government organisations.
Thirdly, peoples' conservative attitude towards artwork is also a barrier. According to some artists, the recent rise of militancy in the name religion is taking a toll on artwork market. In addition to this, people nowadays spend more time with electronic devices, social networks, and online entertainment in the gradually changing society. They don't have time to visit art galleries, let alone buy them.
People's reluctance to invest in such objects despite positive changes in people's living standard is also reason for sluggishness.
Bangladeshi artists, collectors and gallery owners and other stakeholders believe the sales of art may bring financial benefit to them at much greater extent than that of present situation. Even if an artist's primary objective is not earning money from selling paintings, rather practicing aestheticism, a strong market is essential for survival of artists and such aesthetic practices.
At present few noted Bangladeshi artists can ask high financial feedback from a collector, while many young artists cannot secure a stable position. Sector insiders said, unlike other profession, an artist needs decade to become a noted and dexterous one.
Some initiatives from both government and non government organizations can support this form of fine arts in numerous ways. They can use more number of artworks to decorate offices and other facilities. Artworks can be used as a gift to foreign delegates visiting Bangladesh and vice versa. Individuals can also use those as presentation for any social occasions. Corporate organizations may provide financial support by sponsoring exhibitions and other events revolving artworks.
According to experts, for some affluent people, art collection can be a good investment opportunity apart from obeying their thirst for aestheticism. For example, an enthusiast starts collecting paintings of 10 or more emerging artists at an affordable rate now. After a decade or later, when two-three of those artists will become more famous, their paintings will be 100 times pricier as well. Globally known auction houses and art collectors earn millions of dollar by doing so.
It is also evident from sales of famous Bangladeshi artists. Shilpacharya Zainul Abedin, S M Sultan and Kamrul Hasan art works change hands at a cost of millions of taka, if made available at any platform. Price of those arts will keep soaring in coming days. Italian renaissance artist Leonardo da Vinci drew his masterpiece artwork 'Mona Lisa' in early 1500. Its present price is estimated to be nearly $800 million in 2017 after adjusting inflation.
Recently, Spanish artist Pablo Picassos painting 'Seated Woman in Blue Dress' sold for $45, while American artist Jean-Michel Basquiat's 1982 painting of a skull brought $110.5 million at an auction organized by Sotheby's, a global art dealer company.
Four years back in 2013, a painting by famous Bangladeshi artist Shahabuddin Ahmed was sold at Tk 1.2 million. Some other artworks were also sold at handsome amount then, which spurred the artists to dedicate more. Unfortunately the positive trend declined in a very short time.
At present some galleries are trying heart and soul to popularize artworks among the new enthusiast by organizing exhibitions at regular interval. Some of those are Gallery Chitrak, Galleri Kaya, Cosmos, Tivoli, Drik Gallery, Athena Gallery of Fine Arts, Dhaka Art Centre.
Some cultural centres of foreign organisations in Dhaka like German Cultural Centre, Alliance Francaise organises art exhibiting do organise art exhibitions at times.
It is said many Bangladeshi paintings are sold to foreign buyers at high prices. But financial transactions are not officially recorded to evade taxation.
The writer is Staff Reporter at The Financial Expess.
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