I made my money the old-fashioned way… I earned it,” reads an old bank advertisement. The chatter for the past decade has focused on the economic growth in India since the 1990s, with credit often being given to changes in government policy. Certainly, liberalisation and reform were key prerequisites for growth and confidence. But too often another major driver of growth has been overlooked — India’s self-made men. As a self-made man, you have spent the better part of the 80s and 90s busting your backside studying to get marks, and the past decade working hard (and smart) to build a career from the ground up. Many of you are entrepreneurs who decided that the institutional life was too slow and predictable, and didn’t offer the adventure and upside that owning your own establishment would provide. And others among you have been keen to climb the ladder that would allow you to grow into senior executives leading major organisations. In either case, you deserve a salute for driving the economy in spite of the turbulent regulatory environment.For many indians — young and the young at heart — riding is rapidly becoming a passionCollectively, you form a new and growing tribe that is globally aware, confident and family-oriented. What binds you together are three core desires — to be recognised for your accomplishments, to rediscover your sense of freedom and adventure, and to spend your leisure time on passions with like-minded people. And the essence of luxury is being able to indulge in something that you want, not just what you need, and do so on your terms. It’s the simple act of choosing to invest your hard-earned money in yourself in a way that enhances your individual spirit and expression. For example, we at Harley-Davidson pride ourselves on welcoming all adventure-seeking men who share our values of freedom — a different approach to that of traditional luxury houses who emphasise old-world traditions. From premium cars to motorcycles to hospitality, some brands would prefer to be in a category we refer to as “inclusive premium” — designed to deliver excellent value and experience to all customers. The pursuit of leisure motorcycling represents this new definition of luxury in more ways than one. In the hectic routines of our lives, we yearn for the luxury of spending some “me time”, when we get to do the things we are passionate about. We believe that for many Indians — young and the young at heart — riding and the freedom it provides is rapidly becoming that passion. It’s also the opportunity to design their own unique machines that truly reflect their individual personalities. In this personalisation lies the intrinsic luxury of ownership. Leisure motorcycling is the ultimate form of self-expression, allowing you the freedom to choose what you ride, what you wear, where you ride to, whom you ride with, and what you do along the way. Isn’t that the greatest luxury of all?Anoop Prakash is the MD of Harley-Davidson India(This story was published in Businessworld Issue Dated 24-09-2012)
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When the 15-year-old daughter of a Delhi-based millionnaire saw the Richard Gere movie Hachiko, she fell in love with the dog. The teenager wanted nothing more than to have a similar dog as a pet. The doting father, an elite member of the luxury concierge service Quintessentially Lifestyle, called up his lifestyle manager Saurabh Singh and requested him to deliver two shiba inu pups. “These pups are natives of Japan and are not available in India. We bought them in Tokyo, got all the necessary vaccinations and then imported them after getting all custom clearances,” says Singh. The whole process took a couple of weeks but the young girl had her puppies and Quintessentially another satisfied customer. A Delhi-based CEO forgot his Cartier watch in the men’s washroom of Dubai airport. Not really having any hope of its recovery, he still called his account manager at Les Concierges, a Bangalore-headquartered concierge service with eight offices across the country, and requested them to trace the watch. “We contacted Dubai airport and were able to recover the watch in a few hours, which we then delivered to the client,” says Deepa M.P., vice-president of sales and marketing, Les Concierges Services. Whether its tickets for the opening night of a Broadway show, front row seats at the Milan Fashion Week, a table at a Michelin-starred restaurant, a Birkin bag or something more bizarre like wanting to eat Amritsari kulcha at home prepared by cooks from Amritsar or having a private meal with masterchef Patricia Wells in her home, all you have to do is ask. For high-end luxury concierge services, no request is too big or small. “It’s like having your own Jeeves,” laughs Mishti Bose, group CEO of Quintessentially Lifestyle, a UK-headquartered luxury ‘members only’ concierge club that started India operations in 2010. Globally they have satisfied the whims of Madonna, J.K. Rowling, Paris Hilton and Jennifer Lopez, among others. Of course, such service does not come cheap. Quintessentially has three types of membership — General (costs Rs 70,000 annually), Dedicated (Rs 1.65 lakh per annum) and Elite (Rs 7.20 lakh per annum). At Les Concierges, annual membership for Club Concierge (its uber-luxury division) varies between Rs 50,000 and Rs 5 lakh. Then there are others such as American Express which offers a concierge service with its Platinum charge card. The card has an annual fee of Rs 50,000. “Our customers are all time-poor and money-rich and see value in these services,” says Shailesh Baidwan, CEO of American Express India. Adds Deepa: “A concierge programme pampers customers through tangible and intangible benefits. It gives them what is precious — time, convenience and luxury.” (BW Pics By Tribhuwan Sharma) And that certainly seems to be the case. A booming economy, increased affluence levels, globally aware consumers and more and more working women have increased the demand for personalised services. American Express Platinum charge card is seeing double-digit growth year on year. Though Quintessentially does not reveal the number of members, it says its members have doubled since last year, with 85 per cent being dedicated, 10 per cent elite and less than 5 per cent general members. Les Concierges’ Club Concierge membership has nearly 3,000 members and it expects to grow by 200 per cent over the next financial year. According to the World Wealth Report by Capgemini, India has 125,500 HNIs (those with over $1 million at their disposal) in 2011-12. And this number is likely to increase to 403,000 by 2015, according to Swiss wealth manager Julius Baer. And with people becoming richer and busier, the concierge business is set to grow. No wonder, Les Concierges attracted the attention of investors such as Rakesh Jhunjhunwala’s Rare Enterprises in early 2000 and private equity firm Acacia Redwood in 2007-08. Jumping on the bandwagon are high-end real estate players who are offering concierge services as part of the package. Quintessentially has tied up with the Lodha Group’s World One Tower in Mumbai, DLF’s Magnolia in Gurgaon, three projects of Embassy in Bangalore and with Nitesh in Goa. Those purchasing these really expensive apartments will be given a one-year general membership for free. Les Concierges has also tied up with the Lodha Group for a few of their projects. Bizzare DemandsA palanquin to carry a couple to a picnic in BaliPlay polo with a kingGifting a specific cricket bat from the UK for son’s birthdayPrivate dinner with the Dalai LamaWhile these lifestyle concierge companies are a new phenomenon, five-star hotels have always had concierge desks. But even there, the bizarre requests seem to be on the rise. Satish Gaikward, chief concierge at the Taj Mahal Hotel, Mumbai, tells the tale of the ‘Princess and the Tuk Tuk’. A European princess who was a guest at the hotel took a fancy to an autorickshaw and wanted to purchase one. Her personal butler approached Gaikward who, in turn, went all over Mumbai looking for an auto on sale. A permit is required for the purchase of an auto and it cannot be bought off the shelf. Finally Gaikward contacted the marketing manager of Bajaj Auto in Pune and convinced him to sell an auto for private use to the princess. So what does it take to be a good concierge? “You need to have passion, energy and an excitement to face new challenges. Another key characteristic of a good concierge is to be able to anticipate customer needs and preferences, cultural sensitivities and provide solutions which are the right match,” says Lakshya Narula, chief concierge at Taj Mahal Hotel, New Delhi. Oh and of course, the concierge always serves with a smile, irrespective of how bizarre the demand. smitatripathi(dot)bw(at)gmail(dot)com (This story was published in Businessworld Issue Dated 24-09-2012)
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To make a film work, you need Shah Rukh Khan or sex. This statement by Neha Dhupia struck a chord and got her more headlines than her Miss India title or any film she’s done since. What she said also rings true (with a minor tweak) for Indian fashion — it needs either weddings or Bollywood to sell. There is no question that today Indian high fashion is an industry, with designers finally talking turnover. Sabyasachi Mukherjee’s turnover touched Rs 60 crore last year, putting him in the league of India’s most commercially successful designers. But even he admits that almost half of this figure comes from the saree — a ubiquitous item which he drapes around many a Bollywood star and also what makes up the core of any bride-to-be’s trousseau. Says Tarun Tahiliani, another design success story with five flagship stores across India: “As a critical mass we still buy couture only for weddings. For the top echelons of Indian society, yes, once in a while couture moves beyond the wedding.” After weddings, it’s the reel connection that brings in the big bucks for Indian fashion. Tahiliani (the man behind the wedding ensembles of Shilpa Shetty, Sussane Roshan and Mehr Rampal) drives home the point when he says, “Indian fashion is greatly influenced by Bollywood. Everyone is waiting with bated breath to see what Kareena Kapoor is going to wear at her wedding (to Saif Ali Khan in October). Almost akin to Kate Middleton when she married Prince William, except our population is far larger than that of England. So you can imagine the sheer numbers influenced by Bollywood!” But things are changing within this scenario as the market begins to show signs of maturity. Evoluzione, one of India’s leading multi-brand stores with outlets in Chennai, Bangalore and Delhi, recently hosted the couture showings of Anamika Khanna and Gaurav Gupta. While there was a lot of wedding wear in their collections, there was also couture for other occasions. This signalled a move towards taking Indian couture beyond weddings. Atul Malhotra, the man behind Evoluzione, offers an explantion: “For a multi-brand store, wedding wear contributes about 25 per cent of the turnover while the rest is occasional wear. For a designer, however, I would say 50 per cent of value, if not volume, comes from bridal sales.”Courtesy: Tarun TahilianiSo, what explains the shift, albeit slow? International media (with Vogue, GQ and Harper’s Bazaar) launching in India and international fashion brands’ entry have helped tastes evolve. Vandana Mohan, managing director of The Wedding Design Company (the firm behind the recent Jindal wedding in Florence and the Mittal wedding in Delhi) says, “There is not one international brand that has not wooed the wedding market. This has made Indian designers sit up.” Net result: Designers have started looking at couture more seriously. Many who previously only did western silhouettes like Varun Bahl, Nachiket Barve and Atsu are now looking at doing more and more Indian shapes. As Tahiliani says, “Most women now wear western for regular everyday dressing! Having said that Indian couture will always belong to Indian designers — given that they understand the Indian woman’s body far better than any international design house.” Again, designer wedding wear has changed and, in a way, become more western. Tahiliani explains, “We still have our wonderful heritage of luxurious embroidery and textiles; in my opinion, more beautiful than anything that you would find elsewhere. But Indians are now more demanding, having been exposed to international fits and constructs which are now being translated into the Indian aesthetic. Couture in India is now more about lighter fabrics, elegance, finish and comfort. Over the last 20 years, I have seen duppattas being pared down in weight and size. We are doing concept sarees which just are zip-ups, so no more draping, giving the age-old 6 yards of fabric a whole new twist.” The concept saree means you can now be in a bridal outfit in five minutes flat. It makes a bridal outfit acquire more “re-wear potential” and edited embellishments show a move away from the dikhavat attitude. The lighter sarees are also the choice of many to wear to cocktail parties, thanks to their ease of draping. This explains why so many younger stars in Bollywood are opting to wear the saree to red carpet functions. Which brings us back to Bollywood — a topic fashion industry insiders love to hate. Says Malhotra, “The fact is we have always imitated Bollywood, back to the Rajesh Khanna days and earlier. And even in the West, fashion has a close relationship with celebrities. It is all part of being an aspirational industry.” Having said that, Bollywood too is becoming more fashion-conscious and dressing better, making stars good role models. “Look at Sonam Kapoor. She really is one of India’s best-dressed,” says Malhotra. Fashion designers may not like to admit it, but they often court actors to wear their clothes: at the recent PCJ Couture Week, Madhuri Dixit, Sharmila Tagore and Sridevi all took to the ramp. Mohit Rai, one of the stylists behind The Wardrobers, a style consultancy that works closely with Bollywood, says, “For designers it directly translates into sales. I have had many designers tell me that when I put their clothes on an actor, they immediately get calls asking for that outfit. Bollywood is the best way for fashion to reach the masses. For Bollywood, it is an important part of an actor’s brand image; now, they all work with designers and stylists closely. Better dressed women tend to get the better endorsements.”Designers who only did western silhouettes are looking more and more at indian shapesSo yes, Indians’ taste in couture is maturing, but let’s not get lost in glamour and remember that fashion, at the end of the day, is serious business. A growing number of venture capitalists is looking at fashion (Franklin Templeton recently invested Rs 60 crore in the multi-brand Kimaya). Fashion stores are no longer the domain of just Delhi and Mumbai. The fact is that Indian fashion is growing despite the influx of international brands. So what if weddings and Bollywood drive it — with both these businesses getting larger, it can only be good news for those in fashion.Sujata Assomull Sippy is the former editor of Harper's Bazaar & fashion consultant(This story was published in Businessworld Issue Dated 24-09-2012)
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Imagine a holiday in Venice that involves a sneak peek into the homes of local aristocrats including lunch with a countess, exploring the backstage of haute couture with a visit to a private shoe museum, and ordering a luxury bespoke bag with your photo — the perfect souvenir to a beautiful trip. All this with your own personal guide whose family has been in the hospitality business for generations, which makes him a host capable of opening doors to incredible experiences, including a private concert by Andrea Bocelli. Throw in a private jet flight from Rome to Venice, a chauffeur-driven Rolls Royce at your disposal, a stay in the presidential suite of the Excelsior hotel and you have your dream holiday. Just what Delhi-based entrepreneur Jai Singh (name changed) wanted for his 10th wedding anniversary. The cost: 28,000 euros for a couple for a week. Tired of run-of-the-mill holidays, Mumbai-based financial consultant Sameer Rekhi (name changed) flew to Johannesburg. Joburg, as it is popularly called, may be a tourist’s delight but Rekhi was not looking at merely staying in a 5-star property or eating gourmet food or even sightseeing. He wanted an experience of a lifetime. So, over the next two weeks, he stayed in a lion-raising centre in Kroonstad (around three hours from Johannesburg), where he helped clean cages, feed the lions and play with cubs. Welcome to the world of luxury travel. Staying at the Four Seasons and eating at Michelin-starred restaurants in New York and Paris is passé. Now it is all about being different and engaging in activities that not only become talking points but also create memorable experiences. And those in search of such experiences are willing to pay top dollar for them. Taruna Seth, founder and vice-president, Pearl Luxe Travels, says mature travellers want classic, experiential luxury(BW Pic By Sanjay Sakaria)“The true luxury traveller of today has been there done that and is looking for unique experiences,” says Taruna Seth, founder and vice-president of Pearl Luxe Travels, a boutique luxury travel company. Adds Vikram Madhok, managing director of Abercrombie & Kent: “Indian luxury travellers are buying experiences now, not mere destinations.” Kuoni India Holiday Report indicates that 37 per cent Indians regard ‘Pure Luxury’ as the most important travel trend. The report also reveals that Indian travellers are gravitating towards experimentation. Even the Technopak Indian Luxury Outlook 2011-12 report says: “The luxury traveller in India wants to experience theme-based journeys, visit unusual destinations and locales set amidst grandeur and opulence.” The total revenue in the luxury travel industry in India is estimated to be around $1.7 billion, and industry experts say it is growing by around 20 per cent annually. “Over the next 10 years, the market will grow 15-20 per cent every year,” says Madhok. But, he explains, that is also because the base is low. While there are 12-13 million Indian outbound travellers, those in the luxury space are only about 100,000. However, with the number of ultra high networth households (HNH) — those with a net worth of over Rs 25 crore — on the rise, the market is expected to grow further. According to the Kotak Mahindra Top of The Pyramid report 2012, the number of ultra-HNHs in India is likely to increase to 286,000 by 2016-17, from the present 81,000. In the same report 79.2 per cent of the high networth individual (HNIs) said that travel was not hit by the economic slowdown. On an average, HNIs take two holidays every year — one long (mostly overseas) and one short (domestic). So, domestic luxury travel is also on the rise. The Oberoi group of hotels saw an increase of 49 per cent over last year (till July) in domestic traveller bookings in their Vilas properties . “Even at our Shimla hotels we have seen a 22 per cent growth in Indian guests with a majority staying at the premium Wildflower Hall. At the end of the financial year in March 2012, we had a seen a growth of 20 per cent from the Indian market. We expect this year to close at a higher rate,” says a spokesperson for the hotel group. Even at the Taj Hotels, domestic demand contributed to about 50 per cent of business. “On the rise has been the demand for all our grand palaces — Rambagh Palace, Jaipur; Taj Lake Palace, Udaipur; Umaid Bhawan Palace, Jodhpur; and Taj Falaknuma Palace, Hyderabad — where they feel that they can experience true royal luxury and live like a maharaja and maharani,” says a Taj spokesperson. To cater to this expanding market, the Oberoi group has launched Oberoi Experiences, divided into wellness, adventure, romance and family. For instance, at the Oberoi Rajvilas, Jaipur, you can renew your marriage vows at the 280-year-old Shiva temple in the hotel gardens, get beauty packages for a couple, a champagne dinner, and more, for Rs 1 lakh. The New Travelling Tribes According to the latest report on the Asian travel market by ILTM, the market has seen the emergence of ‘new luxury travel tribes’. These ‘tribes’ include the ‘new sophisticates’ who are rejecting the tried and tested destinations in favour of Yangtze river cruises, holidays on the Galápagos Islands and high-end safaris in Botswana, demonstrating their newly found connoisseur sensibilities. Though this group is still a minority in India, it is growing fast. Says Madhok, “Even when visiting the same destination, they want a different experience. So, they will book a chateau or a gourmet wine and food appreciation week in Tuscany. Their spend per night has risen from £300 per person to £700, and we are seeing double-digit growth in our outbound business.” break-page-break If the spending is increasing, so are the service expectations. Explains Seth, “The older and mature travellers who are 45-plus seek classic luxury in the experiential space. Indian luxury travellers are already used to a high level of service right in their homes with personal staff and hired help. They are open to new experiences but are not willing to compromise on the level of service which varies between Asia and the West. Consider the best resorts in the world in the Maldives versus those in the Caribbean — the level of service is strikingly different even when one pays top dollar for both.” Bargaining, a national trait so far, is fading when it comes to luxury travel. “One problem in the past with the Indian market has been the tendency to negotiate prices or services downwards only to find that the resultant product does not meet expectations. Nowadays, affluent clients understand that from a product perspective, there can be a vast disparity even with the five-star market,” says George Morgan-Grenville, CEO of UK-based Red Savannah, a luxury travel company. Vikram Madhok, MD, Abercrombie & Kent, says their spend per night has risen from £300 per person to £700(BW Pic By Sanjay Sakaria)For The Young And The Old The young travellers are leaning towards adventures — a trip to the South Pole and other relatively unexplored parts of the world. India is a young country and the booming economy of the past few years has seen a growing tribe of youngsters with enough money to spend on travel. The average age group of most luxury travellers in India is 35-44 years. “The young Indian luxury travellers are more open to experiment. Year 2012 saw the maximum number of Indian travellers to Myanmar,” says Seth, who has organised everything from a spin in the skies in a real fighter aircraft to a track day on a frozen lake with the ultimate race cars. “Adventure by day and luxury by night is the mantra for this group,” explains Madhok, which means that they are willing to stay at whichever is the best and most comfortable property there is in that region, even if it is a three-star hotel. Adds Vishal Suri, deputy chief operating officer of SOTC, “Young Indian travellers are leaning towards eco-friendly ways to explore the world without compromising on comfort and style.” Tui India has introduced i-to-i packages for young travellers looking for that unusual and unique experience. The lion camp in South Africa is part of this. The packages are 90 per cent travel and 10 per cent volunteer work. “Rich parents are increasingly sending children in the 20s to places like South America and Cambodia to volunteer at orphanages, schools, etc.,” says Sunil Hasija, executive director of Tui India. Another segment of travellers is of the ‘ultra honeymooners’ with huge wedding budgets. “For many, the honeymoon is the first holiday that a young couple really gets to splurge on. In many cases it is a gift from the parents so people do tend to go all out to plan a memorable getaway,” says Seth. Antarctica is among the popular destinations for luxury travellers(Courtesy: TUI India) Travelling with the family has always been popular in India. The ‘luxe pack’ travellers often have multiple generations travelling together. “Intergenerational travel has seen an upward trend. More families have been organising luxury holidays with three generations spanning grandparents and grandchildren,” says Seth. Adds Hasija, “Cruising is a popular option. We organised a private yacht for a family of eight who took a two-week cruising holiday around the French Riviera to celebrate the grandchild’s 10th birthday.” And like all things luxury, travel, too, is moving from the big metros to tier-2 and -3 cities. Seth says she gets customers from places such as Ludhiana and Ahmedabad. “They are successful business owners; they have the means but not the exposure to high-end travel.” For luxury travellers, the world is their oyster. Hot destinations include Antarctica, Baku (Azerbaijan), Kiev (Ukraine), St Petersburg (Russia), Galápagos Islands (Ecuador), Botswana and Myanmar. Have money, will travel to the ends of the world is the new mantra for luxury travellers. smitatripathi(dot)bw(at)gmail(dot)com (This story was published in Businessworld Issue Dated 24-09-2012)
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The world is full of cliches and the most abused would be ‘Rich Boys’ Toys’. If you think owning two smartphones, an iPad and a ultrabook gets you into this elite club, then you’re smoking some pretty strong stuff. You need to be in a different league, with passion running at a new level, a certain fanaticism coursing through your blood, a flair to pull it off and a jaw-dropping cash flow. This is where state-of-the-art meets luxury — but this is also where silly tech can be mistaken for out-of-the-box gadgetry. Luxury technology is basically either silly gadgets priced sky high due to some materials added (gold casing, diamond buttons, platinum highlights) or game-changing ones. To be part of the RBT domain you need to be playing only with the latter. Here’s a quick primer on what qualifies: Meridian 810 Reference Projector Some people add two speakers, a DVD player and 42-inch TV and call it a home theatre (you should be ashamed of yourself), while others spend more on their HT room than their entire house. If you are in the second category, then you’ll need this amazing beast. This is a formidable contraption that has a fascinating form factor and some of the most incredible specifications to ever come out of the projector category. It weighs 80 kg, throws a whopping 96 per cent more resolution than your normal DVD, and is the world’s first 10 megapixel ultra high definition projector delivering up to 4,000 lumens — enough to light up a 30 ft screen. It offers an unprecedented resolution of 4096 x 2400 pixels and comes with a series of interchangeable lenses. This is your ticket to the big boys’ club and costs upwards of a crore. Live Luggage Power-Assisted Suitcase If you can afford to get into this club, then you have to be a bit of a jet setter. This is luggage that works for you with technology embedded in its very core. With wheels powered by separate motors and a handle that jumps into your hand, Live Luggage is the kind of baggage that will get you noticed. It has an internal rechargeable battery which gives you 2 hours of usage — enough to walk at least three airport ramps. There’s more. If you walk down an incline, it will not only shut down its motors to conserve energy, but also recharge them with the same type of regenerative braking system found in hybrid cars. Price tag? About Rs 1 lakh apiece. Luvaglio LaptopIt looks like a million bucks and also costs you exactly that. Fortunately, it has all the bells and whistles that you need. Top of the line firepower and processor, LED screen, SSD drive, Blu Ray drive and pretty much anything that is counted as state of the art in the world of laptops. But that’s only 5 per cent of the story (and the cost). A diamond doubles up as the power button and acts as security identification; plus, it has skins like ostrich and premium leather. If you’re using your own jet plane and fishing this one out — you’ve just announced your arrival. Venturi Fetish Sports Electric Vehicle Going green is pretty much the in thing — also pretty much the ugly thing. Hybrid cars and green tech have a sad offshoot: ugly machines. This is the car that beats those odds, by a long long margin. This is 250 horsepower of pure green with a 0-100 km/hr time of under 5 seconds. It runs on an electric traction motor and has a range of 250 km. The car uses lithium-ion accumulators and recharges fully in 3 hours. While the body, form factor and ergonomics are brilliant and the updated version is to die for, it also gives you on board computing power as well as WiMax connectivity. And it’ll cost you a very cool $700,000. Ciclotte Exercise Bike Luxury technology is either silly gadgets priced sky high or real game changersClose your eyes and think of the gym you go to. What’s the first thing that hits you as the images start to flood your brain? Just how awkward all those workout machines are. This is one company’s effort to make sure that the exercise bike in your home is better looking than any piece of art or furniture. This Italian-designed and manufactured exercise bike has great lines, fantastic technology and comes in three colours. It will also set you back about Rs 7 lakh. EcosseThis is the motorcycle that wasn’t even part of your dreams. The Ecosse is a pure adrenalin rush, a dose of compounded testosterone. A titanium chassis atop carbon fibre wheels, technology in every part and space, 200HP pulsating under its wings, 210 foot pounds of torque that can blow a car’s door off and tyres that balloon out and never seem to stop. It’s big, it’s bad and it’s a bank balance burner, at Rs 1.65 crore. There you have it. A quick and easy way to go right to the top of the class in the RBT Club. Truly beats owning two smartphones, doesn’t it?Rajiv Makhni is the managing editor, technology, NDTV(This story was published in Businessworld Issue Dated 24-09-2012)
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It is easy to read into Edvard Munch’s The Scream, four renderings of which were made by the artist in his lifetime, and of which the 1895 pastel version was auctioned by Sotheby’s in May for Rs 600 crore. Whatever else critics, sociologists or analysts might say about the work, its focal point is uncontainable anguish. Yet, an anonymous bidder thought the pain and suffering deserved $120 million, making it the most expensive painting ever to be bought at the drop of a gavel. And yet, The Scream is not the highest-priced painting to be sold, since gallery sales are hardly ever reported, and certainly rarely recounted correctly. Still, Paul Gauguin’s The Card Players is believed to have been privately traded for a sum at least twice that of Munch’s The Scream, at anywhere between $250-300 million — alone the size of the entire Indian art market. This begs the question: what is it that drives collectors to spend vast fortunes on a piece of canvas and frame, or, say, a lump of bronze, which has absolutely no value of its own when compared with real-estate, bullion or diamonds, all of which are considered safe assets for their liquidity.Ancient civilisations are identified as much by their art as medieval ones are by their promoters — the Medicis alone creating one of the largest such repositories across Europe — and art formed part of the secret shipments out of Europe at the height of the World Wars. Patronage was established in the US under such collectors as the Guggenheims and the Rothschilds, and the Amercians were at the forefront of collecting for several decades of the last century, followed closely by the UK — which, as one of the most important art trading destinations in the world, has traditionally included other Europeans as well as wealthy Asians who are now establishing massive collections of their own, so much that in a few years all we’ll have to do to view works from the Louvre and the Guggenheim is to take a flight out of India to Abu Dhabi. But the big surprise is that the Chinese are now leading the market as art collectors, spending huge fortunes not just on Chinese artists — which would be natural — but also on well-known international artists such as the Manets and Monets and Van Goghs. Pablo Picasso’s Nude, Green Leaves and Bust which, at Rs 550 crore, was acquired by a Chinese collector at an auction, is a pointer to that interest and ability to spend. By comparison, Indian collectors are still a modest lot. Except for a handful of them. For most others, Brand Art exists as an extension of the current desirables: an Hermes Birkin ‘It’ bag, Bvlgari baubles, Ferragamo suits, a Porsche in the garage and part-ownership of a business jet. The few serious collectors may be driven by a different passion, but India is yet to arrive at the global stage as far as art is concerned. Even when the art market was not hit by recession — and it is in its fourth successive year now — the rise and rise of art prices that the financial media focused on to the detriment of actual art criticism was hardly spectacular by global standards, even as the crore club became the sole benchmark for an artist’s merit in popular perception. The rising but lopsided interest in moderns and contemporaries ignored an important aspect of India’s art class — its Renaissance equivalent, the miniature tradition of painting, as, indeed, the whole gamut of its antiquities — which have continued to suffer because of moribund regulations. Generations after these were taken out of the country, they are now regularly traded at international auctions at a fraction of the cost they might command should the government allow free movement of such works in and out of India. While it is true that a relaxation in rules might result in some “loss” as paintings, statues, manuscripts and other collectables are sold overseas, there is a greater chance of acquiring and bringing back to India much that was moved out earlier, or smuggled later. break-page-break India’s collecting base is as yet minuscule, and the focus is still on Indian artists — a pattern common to developing markets which seek to validate their roots in a nod to nationalism. For all its jingoism, though, India’s artists are simply not known enough internationally, however much we might believe otherwise. Nor should this be surprising — how many Chinese artists can Indians even name? And yet, in the Western markets, Chinese artists have made their mark, helped to some extent by state support, which has turned them into an international asset class. India’s rich need to pay attention not just to the husains and razas but to artists beyond our bordersFor now, few of those international collectors have an interest in Indian art, but this too is likely to change — and it is this that will bring about a surge in their values, making the current highs for S.H. Raza (Rs 16.5 crore), Tyeb Mehta (Rs 12-14 crore), Subodh Gupta (Rs 14 crore), F.N. Souza (Rs 10.5 crore) M.F. Husain (Rs 8-10 crore) or Arpita Singh (Rs 9.5 crore) seem like petty change. But India will have turned into a collecting market when its billionaires turn their attention not just to the Husains and Razas but to artists who are not defined, or confined, by borders — whether they be American or European, Iranian or Chinese. That will happen only when India’s Lakshmi Mittals and Narayan Murthys gain enough confidence to see that art has the ability to transform as well as transcend civilisations. While that might appear like sentimental chauvinism, there is a greater chance that Indian collectors, like their Chinese counterparts, will invest in global art because, like them, they will have realised that when it comes to instant recognition, or instant liquidity, Pablo Picasso at Rs 500 crore is rather more likely to find a buyer than a Souza at Rs 5 crore — at least for now.Kishore Singh is the head of publications and exhibitions, Delhi art gallery(This story was published in Businessworld Issue Dated 24-09-2012)
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It seems like a new generation has discovered that rare books still represent the vital pulse of world culture. I’ve exhibited at the New York Antiquarian Book Fair for over 20 years, and this year’s fair, the biggest ever, gives the lie to all the whining about the impending death of the physical book. The fair was jammed with smart, sophisticated, and to a remarkable degree, young collectors.” This was Tom Congalton, a high-end dealer in modern first editions, speaking about the 52nd edition of the New York Antiquarian Book Fair held this April. This was only my second time at the fair, but even I noticed a number of young people at the booths, carefully examining items and striking a deal. There is no need to preserve or save or collect every printed book. What we need to preserve are the stunning examples of the printed book, the truly rare book and first editions of good books. At the great auction houses around the world, manuscripts, rare books and first editions command new prices. The 10 rarest, most expensive, most sought after books seldom turn up at auctions, but when they do they easily break the million-dollar barrier. A complete two-volume copy of the Gutenberg is so rare that if one does turn up, no one can say how much it will go for, and how prolonged and fierce the bidding will be. What comes up for auction these days is usually a leaf from the 42nd line Bible which sells for upwards of $50,000 — just a page. Previous copies of the Gutenberg have sold for five million. It is perhaps not the most expensive antiquarian item (Leonardo Da Vinci’s notebooks, The Codex Leicester, sold for more than 30 million) but it is undoubtedly the most desired as a stunning example of movable type from the 1450s. Ptolemy’s Cosmographia, 1447, not only becomes the first printed atlas but also the first work in print to feature engraved illustrations. The few surviving copies have sold for upwards of four million. What circulates in the market today, however, are individual maps from broken-up copies. Book dealers say that the second, third and fourth Shakespeare folios have become just as rare as the first, making William Shakespeare’s Comedies, Histories & Tragedies (to give the First Folio its full name) from 1623 one of the desired items in print. A 1,000 copies were printed. Today, 228 copies remain, auctioned at prices starting from two million. The Birds of America by John Audubon is another hotly pursued book. Very few complete copies of this book come up for auction. Most copies — about 110 of them — are in museums. When a copy does come up for sale, it usually breaks records. A copy sold this January for $7.9 million. (Clockwise) A gemstudded copy of Omar Khayyam; a single page of the Gutenberg sells for more than $50,000;Arthur Conan Doyle’s The Hound Of The Baskervilles; the much sought after first editions of Agatha Christie’s The Murder on the Links; Ian Fleming’s Goldfinger; J.D. Salinger’s The Catcher In The Rye; Edgar Rice Burroughs’s Tarzan Of The Apes; copies of Ptolemy's Cosmographia have gone for over $4 millionTamerlane is a slim, plain booklet of poems; 50 copies were printed in 1827 and since the author was unknown (identified simply as A Bostonian), most copies disappeared. Perhaps only 12 copies survive. A copy of Tamerlane is so scarce that the discovery of one becomes international news. At a Christie’s auction this August one copy sold for $662,500. Why all this fuss? Tamerlane, on later examination, turned out to be Edgar Allan Poe’s first book . The mainstay of collectors is modern first editions and the bookwork of fine and private presses. The first edition of The Great Gatsby is the holy grail of modern first editions. The first printing in 1925 itself has several states, and even a copy without the dustjacket is highly collectible, highly valued. A true first printing with a decent example of this book’s very scarce dustjacket can go for $180,000 and an inscribed copy for $550,000. There can be, of course only one holy grail, but if there is a close contender it is a J.D. Salinger signed copy of a first edition of The Catcher in the Rye in a near-fine unrestored jacket. Equally sought after and collected are limited signed editions and association copies. Any interesting edition of Ulysses is much desired. The various editions of Alice in Wonderland, Moby Dick, the Peter Rabbit books, the children’s classic The Wind in the Willows and signed (Milne and Shepard) first editions of Winnie the Pooh, the first issues of Burroughs’ Tarzan with dustjackets, Doyle’s A Study in Scarlet and The Hound of Baskervilles, the early firsts of Fleming’s Bond (Casino Royale, Goldfinger) books, a first printing Dracula, Lolita, the first Harry Potter, the early Chandlers and Hammets (The Big Sleep, The Maltese Falcon) and The Hobbit. Highly desired and collected copies of books are not only antiquarian, rare and first editions but also fine bindings. Magnificent, jewel-studded medieval books: Islamic bindings, the Book of Hours, the Lindisfarne gospels, North African Korans, the Cosway-Rievere bindings and the fabled Sangkorski Omar Khayyam. Perhaps more artistically valued is the work of the modern binders and typographers: William Morris and Cobden Sanderson and their stunning bookwork from the Kelmscott Press and the Doves Bindery. The focus of all these books is not the text but the physical book itself. As Philippa Marks, curator of bookbindings at British Library noted, ‘The advantages of the electronic book may be many, but who can deny the visual and tactile appeal of a beautifully bound book?” And bibliophile-author Paul Collins writing about a copy of Shakespeare’s First Folio couldn’t help remark, “Books bear a tangible presence alongside their ineffable quality of thought: they have a body and a soul.” Pradeep Sebastian is a bibliophile and columnist (This story was published in Businessworld Issue Dated 24-09-2012)
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The manager of a multi-brand watch retail outlet in New Delhi had this story to tell when asked about the new luxury consumer in India: a well-built Sikh gentleman from Amritsar in his mid-30s walked into the store to buy a watch. After going through a selection of high-end watches, he finally asked to see a Rolex. When shown an understated (matt finish, small dial) model, he asked for one with a big gold dial. His specification for the watch, which he articulated in chaste Punjabi, was that if he wore it and stood at one end of his field, the watch should be visible from the other end. But that’s not all. He demanded a luxury experience. Having selected the watch, he demanded that it be delivered to him in Amritsar by no less than the manager himself. The Rolex bore a price tag of Rs 15 lakh, and the manager was more than happy to oblige. Another story now. A Mumbai-based couple’s only criteria for their Valentine’s Day celebration was that the experience had to be memorable. They decided on the Valentine’s Day bespoke package offered by Taj Falaknuma Palace, Hyderabad. Customised invitations were delivered to guests by the palace butler, who even fixed appointments with Canali for ‘him’ and Burberry for ‘her’ to design the outfits. The chef discussed the menu with them over Skype, and a customised diamond ring was designed for the lady. A champagne dinner was served in the evening followed by a lavish champagne breakfast the next morning. The tab: Rs 10 lakh. CONSUMPTION OF LUXURY PRODUCTS HAS GROWN 29 PER CENT, AND 22 PER CENT IN SERVICESThe luxury consumer in India is slowly but surely evolving from one who only splurged on high-end products to one who is willing to add an extra zero at the end of the final figure for the overall experience. “Being a luxury consumer is not just about buying an expensive product; it is an experience. It is all about feeling pampered,” says Sanjay Kapoor, managing director of Genesis Luxury, which brought brands such as Canali and Jimmy Choo to India. Says Tikka Shatrujit Singh of LVMH: “You must feel like a million dollars on purchasing a luxury product. The whole selling ceremony has developed into an art form now.” Two To TangoTo woo consumers, luxury brands are doing everything to make the whole experience memorable: special screenings, VIP lounges, and even trips to their iconic stores in Europe. And the luxury consumer is keeping pace, by spending more on travel, fine dining, concierge services, spas, and the like. According to the CII-AT Kearney India Luxury Review 2011, the luxury market in India is pegged at $5.75 billion and is expected to grow to $14.72 billion by 2015. While consumption of luxury products has grown 29 per cent since last year, services have grown 22 per cent. Fine dining has grown at a very fast clip, 40 per cent; travel by 22 per cent and spas by 27 per cent. The Boston Consulting Group’s latest report Luxe Redux: Raising the Bar for Selling of Luxuries reiterates this: “…the most significant area of change in the luxury market is the consumer’s shift in preference from owning a luxury to experiencing a luxury.” In fact, experiential luxury captures more than half of the spending share in most countries. In Brazil, Russia and India, the share of experiential luxury spending has grown at a CAGR of 27 per cent between 2009-11, versus 19 per cent for luxury goods. Says Delhi-based Annika Talwar, who runs The Only Network, an event management and concierge service: “People are willing to go to any limits for that all-exclusive experience.” Her list of achievements includes organising a drive in a Lamborghini, and sourcing a Picasso. Adds Gaurav Bhatia, marketing director at Moët Hennessy India: “The very definition of luxury has undergone a big change; what was once about ‘status symbols’ is now a lifestyle.” The business of luxury experiences is not restricted to just exclusive safaris and spas, but has permeated into interiors and high-rise apartments designed by the likes of Armani. Be it customising a private jet or having a 24x7 concierge ready to pander to every whim, the luxury consumer is willing to spend if the final offering is unique, exclusive and memorable. And the same level of service is expected while shopping for a luxury product. “Every customer needs to be treated as a prospective buyer and given the same level of respect and service. He may not buy today but if he is serviced well, he will buy tomorrow,” says Abhay Gupta, founder promoter and CEO of Luxury Connect, a luxury service organisation. With money to spend and a desire to experience and experiment, the new luxury consumer has most definitely arrived. (This story was published in Businessworld Issue Dated 24-09-2012)
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