A corporate cloak seems to be enveloping contemporary Indian art today. Four new art galleries were launched in Mumbai within four months earlier this year, one of them by the 'Articullate' Yash Birla - who discarded his designer tees for a more suitable avatar on the occasion. These unveilings came close on the heels of senior artist, Tyeb Mehta's Mahisasura shattering the million dollar barrier at a Christie's auction in New York last year, which left both Indian and foreign investors feverishly chasing the rainbow of contemporary Indian art in search of the pot of gold. Why are the corporate czars of India - who were earlier content to be benign patrons and collectors of art - now making the marketing of art their business? Does the sudden surge of interest from the business world sound the death knell of art as a coveted status symbol and spell its reincarnation as mundane collateral like bonds and stocks? Finally, what does this mean for the older art galleries or dealers, for the collectors and for the artists?

The answers could probably help best-selling author, Dan Brown of The Da Vinci Code fame, to churn out another fictional thriller but we would rather stick to a realistic review of our findings after discussions with artists, dealers and gallery owners. Shireen Gandhy of Gallery Chemould observes, "In the past, every housewife who knew how to spell art became a dealer; today, it is the big players with the big bucks who have emerged on the scene. The good news is that the level of professionalism will increase with rising competition and the relationship between the gallerist and artist will get tighter and more contained."

Artists are redefining their expectations...and galleries are going all out to fulfil them. As Ranjana Steinruecke of Galerie Mirchandani+Steinruecke, which led the pack of new galleries, puts it: "One needs to cultivate new territory...and I see plenty of potential. Also, some realignment is taking place - which always happens when new options enter the market." Mumbai-based artist, Brinda Miller, admits that a number of senior artists have remained faithful to some of the highly-respected older galleries, but she has observed that "the newer galleries are far more aggressive in selling and they work hard on their PR. That doesn't necessarily mean that they are better or worse, but they are definitely making the hitherto complacent older galleries push themselves to sell more aggressively."

Like most artists today, Miller is quite pleased with the recent developments. "The art business can only be improved with the entry of the corporate world, as they are buying more," she believes. "Earlier, it was only to decorate their office walls, but now they are showing them off as company assets. Banks are collaborating with galleries to present art funds (a grey area…. as most people have yet to understand them, including myself!). Corporate houses are also sponsoring events like charity exhibitions and art auctions. Besides being an opportunity for them to grab visibility, it is a good platform for artists as well." The downside, in her estimation, is the spate of fakes that has flooded the market.