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.

Vibhu Kapoor of Gallery Beyond supposes that the new participants have done their homework to confirm that art is on a bull run before joining the race, but what he considers more important is that their entry will lead to greater transparency and "help take up long-pending issues like high taxation with the government." Hopefully, it would even lead to the formulation of a body that authenticates works of art. While Tarana Khubchandani of Gallery Art & Soul welcomes corporate czars as dealers because "it boosts investor confidence and means an increase in the number of primary collectors," Meena Hingorani of the newly-minted Art Mill agrees that transparency in art dealings and infrastructure improve with the entry of the corporate world.

Each new art entrepreneur has his own vision for the future. Bodhi Art Gallery, which opened its doors in the art district of Mumbai recently with a long-awaited solo show by Atul Dodiya followed by a group show curated by Bose Krishnamachari, claims it is not trying to 'compete' with other galleries - whether it is the older ones that have been around or those that might have corporate backing. "We just believe in working hard towards our larger goal of providing a nurturing platform for the artists we represent," says Bodhi spokesperson, Sonal Singh. If, in the process of cultivating creative talent, there is a lot of money to be made, no one is complaining.

Before you gear up to join the bandwagon, watch out - there's a twist to the tale. "With regard to corporate India entering the fray, it seems like a way of filling its coffers with art. Today, you might have the biggest budget for art, but to acquire it at 'reasonable' prices is what has become the main challenge," insists Gandhy. "Opening art galleries and asking 'curators' to collect and put together shows, is certainly one strategy." It has been adopted by Birla, who appointed Niyatee Shinde as curator for his venture, Articullate. Until last year, Tina Ambani used the services of Vickram Sethi to put together The Harmony Show...and Harsh Goenka continues to repose his faith in the assessment of Sethi, as he has done since he began holding his annual RPG Art Camp over a decade ago. As for the specially commissioned contemporary art installations in the lobby of the Grand Hyatt Mumbai, they could become a reality only with Delhi-based art impresario, Rajeev Sethi, acting as a catalyst.

Sourcing good art certainly poses a problem. From our experience of art exhibitions being 'sold out' at the preview itself, we have learnt that even if you have the money, you may not acquire the painting you desire. In fact, some dealers are guilty of holding on to works of artists they are promoting - only to sell them when prices skyrocket. "Gallery dealers, both existing and new corporate entrants, will face the same overriding problem of sourcing," agrees Kapoor. "For fresh entrants coming in with a core collection of the last several years, replacing stock becomes difficult. This might lead to a price escalation if they purchase at higher prices from the secondary (auction) market and then mark up sale prices. Despite their corporate reputation, with artists already so overly committed, they would be hard put to replace depleting stock."

Transparency, infrastructure, strategy, depleting stock...it is astonishing how a major portion of the art world's vocabulary is being drawn from business jargon today. Consider how Kapoor speaks about art evolving into a business: "With so much focus on this very young 'industry' from media and the government, there is a new set of buyers. While art is considered a lifestyle 'must' like so many other consumables, we also have various shades of pure 'investors' who will now, either on their own or with help, create a collection of 'Blue Chips' - as the better-known artists are being called!" Hingorani's conviction is that art donning a corporate suit also means better returns and easier liquidity for those who are buying paintings and sculpture as investments.

Not only do gallery owners and dealers converse in such terms, artists are spouting the new lingo too. "It is true that the art market is experiencing unprecedented buoyancy these days - which, without doubt, augurs well for artists in general," admits Kochi-based artist, Rajan Krishnan. "But I personally believe that an artist's job is to focus on the quality of work rather than sizzle his/her brain, thinking about who comes up in the market. Finally, an artist is going to be assessed by the excellence of the work and not by market forces." While Mumbai-based artist, Papri Bose, echoes Krishnan's views when she says, "As an artist, at the end of the day, why I paint and what I've done is what matters," she believes that prices will increase because the corporate houses are investing so much.

On the other hand, Steinruecke attributes rising prices to the fact that well-to-do Indians in all fields - both at home and abroad - are buying art. Miller insists, "It's not only the regular businessman buyer who is pushing up prices; they are also being artificially pushed up by auction houses and art galleries. Even they are businessmen after all!" And Singh puts things in perspective when she says, "Compared to prices commanded by international art, Indian art is grossly undervalued. With art markets booming and Indian art steadily gaining international recognition, an equivalent rise in prices is natural. We do not see this as an artificial or volatile inflation, but believe it indicates growth and only heralds good tidings."

While artists are not business people, Gandhy declares that they are interested in their art being handled in a businesslike manner. At the same time, she warns that this is not as hardcore a business as others in the corporate world. "You are dealing with emotional human beings who need a humane approach - so you really need a combination of business and psychology. You have to be emotive and have a sensitive nature combined with some knowledge of art. It's easier said than done having all this wrapped up in one parcel! I am not sure that a corporate entity or someone from the corporate world has the necessary patience and know-how to display these qualities - so, in that respect, they are not necessarily hard-edged competition."

Bombay Art Gallery, launched by Aditya Ruia with a mammoth show of Mumbai-based artist, Bose Krishnamachari's works, however, seems to have found its niche. "Aditya Ruia is among the new generation of gallerists who show more interest in new art," discloses Krishnan, whose last exhibition presented by Ruia at the Jehangir Nicholson Gallery was a sell-out. "Like the new artists, these new gallerists are in the process of establishing themselves, and it is not possible to acquire a standing unless they work with the best talent - so most of them are careful in choosing who they will promote. Of course, a lot of trash might also be generated, but the best will survive." Finally, it is up to the buyer to develop a discerning eye by investing time in studying contemporary art.

Hard-edged or not, competition is always healthy...but while the launch of new art galleries combined with escalating prices proclaims good tidings for the artist, the dealer and even the seasoned collector, one must guard against the twin devils of speculation and greed destroying art. Artist, Shakti Maira, in his recent column in a design magazine, struck a note of caution when he said, 'There is nothing about art that protects it from the boom-bust cycles that crippled prices of Tokyo real estate, the dotcom stock boom in the US, and the tulip boom in the Netherlands many centuries ago.' And Gandhy warns that the art market could deteriorate because "art and artists have never seen money like this being pumped in - so expectations can become far removed from reality."

Hopefully, the long-distance runners among gallery owners, dealers and auction houses will eventually put up a united front to check speculation by fake bidders, stem the tide of fake art and stop poaching on each others' preserves. After all, as all those connected with it will vouch, there is certainly no business like art business!