Passion Pays. Idol investment

For most of recorded history, mankind’s fascination for idols and imagery is well-known. The biblical King Solomon is said to have been fond of idols and had a rich collection of idols made of gold.

In Mahabharata, Lord Krishna saved Bhîma from the crushing embrace of the embittered blind king Dhritharashtra by instructing Bhima to push an iron idol of Bhîma before the king.

People all over the globe have collected or acquired certain items that reflect a lost culture’s history. These commonly include coins, paintings, vintage cars, sometimes even antique weaponry. The tooth of Buddha, the shroud of Turin of the Jesus and the footprint of Lord Rama are images of sacred iconography.

But the antiques which best show off their past and are steeped in an eventful history are statues and idols. India enjoys a rich tradition of idol culture and collection. The richness of Indian ethos is a guarantee of the quality and variety of Indian art.

The images of gods and goddesses dominate the idol collection scene in the country, along with statues of divine animals and scenes from the Puranic lore — such as Demon Ravana trying to lift the holy Mount Kailash.

With disposable incomes rising in India and devotional fervour keeping pace, there is no dearth of idol collectors in the country. Sotheby’s and Christie often conduct auctions of idols of exquisite charm and workmanship that sell for a few million dollars at the high end.

The statues of Lord Nataraja belonging to the 10{+t}{+h} Century and Chola-age sculptures are the most sought after in the International and Indian markets alike. A gilt-bronze sculpture of Vajrabhairava is to be auctioned in March 2016 for an indicative price of $5,00,000.

How do collectors ensure that valuations are fair and they get good value? Often, the source from which the idol is procured may indicate possible illegality. For example, the Tamil Nadu Police maintains a list of shady idol brokers. Internationally, there are black-listed idol smugglers. It will be wise to depend only on authenticated sources of integrity.

Often, the sculptures and idols under offer may have been plastered after suffering material damage or may have flaws that are smartly hidden with metal treatment.

While purchasing expensive idols, collectors are known to take experienced idol-makers along with them.

If the seller puts in conditions such as requiring the buyer not to exhibit the item for a period of time and imposing some restrictions on re-sale etc, it should serve as a signal about problems regarding the legality of the sale. India is a party to the UNESCO Convention on the Means of Prohibiting and Preventing the Illicit Import, Export and Transfer of Ownership of Cultural Property, 1970.

The framework covers idols and sculptures as cultural property. Sellers and buyers must verify the origin of idols and ensure no prohibited item is bought or sold.

Some countries require export licences if antique idols are to be moved out of the country. Such legal requirements must be enquired before completing the purchase.

If the sellers claim that the price included export or import duties of a considerable sum, they may be asked to provide proof of having paid such duties.

At idol auctions, it may be wise to enquire if local taxes would apply and, if so, the quantum of the tax. This will help in rationalising price bids.

Generally, idols and sculptures which are more than a century old are classified as antiques. Countries have different sets of rules for trading in antiques.

It will be essential to obtain and understand the legal framework concerning such antique idols before venturing to buy them.

The list is incomplete without a physical examination of the idols and sculptures involved. But passion often determines the final price.

There are inveterate idol collectors like Joginder Singh Kahaan who claim to possess 10,000 Ganesha idols. The record is held by P Shekar who owns more than 11,000 idols of Ganesha and has entered the Limca book of records.

He wants to take the figure to one lakh idols. Lord Ganesha is said to be the remover of obstacles. The idol collection scenario in the country is expected to grow by leaps and bounds in the years to come.

In recent decades, the world has seen the evolution of art collection from a passion-oriented hobby to an outright profitable industry with its own values and mechanics.

However, the passion for idol collection has to be encouraged even as the profit motive can be reined in, though not eschewed.

According to Gita Ram of the Dakshinachitra, the memorable collection of exquisite craft heritage of South India has to be preserved.

“Heritage and culture are not stagnant and are always evolving”, she feels. In her view, the skills of idol-makers need to be nurtured and disseminated so that the culture and heritage can be vibrant.

Ravi Sam, a businessman with love for art, echoes the sentiment. He says his interest in art grew with exposure to South Indian temple architecture that includes a varied range of idols and statues; slowly, he began to appreciate contemporary art.

He makes a telling point that like in Europe, art appreciation has to be taught at the school-stage itself. This will be conducive to the growth and prospects of art collection in the country.

The writer is a student of SRM University. He is an intern with Business Line