Israni feels that you need a do-your-own-research approach to collecting. He says he’s read almost every book on Indian art and this knowledge makes the process of acquiring art exciting, not challenging. “Collecting art is something that grew on me. I was always clear about what I wanted to buy and when. I don’t buy art from dealers or artists, I prefer auctions,” he says.

With a rise in disposable income and an expanding collector base in India, there has been a surge in buying art mainly as a form of investment. And that, Israni says, is a dangerous road to take. “You must like art first. I wouldn’t take the route of buying art solely as an investment. I do consign works to auction but that’s only because I want to upgrade,” he says, adding that he also doesn’t know anyone who buys art merely for its financial potential. “It’s like buying a diamond set for investment purposes. You don’t have a clue about diamonds; you don’t know where you’re putting your money. I know people who want to keep their art for generations and those who buy it as an investment, but they also know about art.”

Read the full story in the premiere issue of LuxeTrope, on stands now.

The vibrant scene of London’s auction houses in the 1990s set Tanuj Berry and Saman Malik on the path to appreciating art. For the two of them—who claim they’re not collectors per se—art has always been a matter of careful curation rather than impulse. They individually, and collectively, approach art with the precision of an investor, having built a philosophy that places their collections as both a store of value and a long-term asset. They have, through business and in their own way, also championed Contemporary Indian artists, who they feel hold true auction potential.

How did you start collecting, and what was the first piece you bought?
Berry: It was the concept, excitement and idea of prompt and transparent transactions at auctions that attracted me to auction rooms in London in the ’90s. Not that I bought anything at auction then, but it piqued my interest towards art. I began to look at Indian artists on my travels. The first artwork I bought was a K.M. Adimoolam on a visit to Chennai. I met the artist at his studio next to Cholamandal Artists’ Village. Over time, he became a dear friend and business associate like many other artists.

What’s your personal philosophy when it comes to collecting art?
Malik: Personally, I see art as an investment. Not taking anything away from its aesthetic value, but the reason for buying art then, and even today, is purely as investment. That may be why I’ve been able to sell works of art over time without having to dwell upon the idea of parting with them.

Were there any artworks that were particularly challenging to acquire?
Both: None; an unemotional approach removes most challenges in both buying and selling art.

You’ve spoken about choosing to invest in art rather than more conventional financial instruments. Does that still hold true?
Berry: It does. However, due to the larger entry and exit cost as compared to other assets, art does require a longer-term view. Even though some are able to speculate and trade for gains, art remains a long-term investment that also gives a recurring dividend of aesthetic pleasure to the buyer during the holding period.

You famously said you bought art in your children’s names. Why was that, and do you still do it?
Berry: Yes, it was something we started when our children were young. This way, we could hold some artworks in their name, so they stayed as long-term investments and allowed the children to unlock their value to further their education or career. We’ll continue to encourage our children to use this as an integral and important category for their investment strategy.

What are the biggest changes you’ve witnessed in the art market?
Malik: The consistency of auction houses in ensuring availability, reliability of authentication, and transparency in pricing is what has allowed the art market to thrive over the last few decades. Overall, awareness of Indian art and its acceptance as an important asset class has made it a more relevant and suitable investment.

Read the full story in the premiere issue of LuxeTrope, on stands now.