India’s Economic Times makes a case for greater transparency in the Indian art market through better and more consistent valuation of work. This is the kind of stability auction houses provide to a market, ET argues:

“The present downturn in the art sector, especially beyond the auction circuit in the retail and dealer segment, is making a cross-section of buyers question the intrinsic value of art as an asset class. If one does not read too much into the recessionary conditions, the position of art as an asset is proved by the fact that top auction houses abroad run a valuation service where they carry out a detailed cataloguing and evaluation of art collections,” art connoisseur and Kolkata’s oldest gallery owner Prakash Kejariwal, told ET. […]

According to Mr Kejariwal, this evaluation by these leading overseas auctioneers is accepted by banks and insurance companies. “Recently, a section of Indian collectors have got some of their artworks assessed and the results were fairly encouraging. Therefore, those who have been buying art should not be entirely disheartened by the current atmosphere. It may not be a surprise if artworks again see an appreciation over a period of time like it happened in the boomtime. Of course, high value art should follow their own price graph as they have scaled international levels. But, quality art, which is still lying low, can be poised for appreciation in future,” Mr Kejariwal said. […]

“Taking the cue from auctioneers in the West, recognised Indian galleries and auction houses can kick off valuation services. It is important to get experienced galleries involved in this process because they can not only perform the job of evaluating artworks, but can also authenticate the pieces based on their track record,” Mr Kejariwal said.

Valuation Services Bring Stability, Strength in Art Market (Economic Times)