SANJAY BHATTACHARYYA Woman Through THe Arch, 2001 Price of Bhattacharyya's watercolours in 1995: Rs 35,000 Price in 2001: Rs 1 lakh Approx. Size: 22"x30"

PARESH MAITY Life, 1991 Price of Maity's watercolours in 1995: Rs 18,000 Price in 2001: Rs 65,000 Approx. Size: 22"x30"

It's truly an existential dilemma for the wired age: Old Masters or New Economy? Or N.S. Bendre or Hindustan Lever Limited (HLL)? Bendre, for the uninitiated, was (he died in 1992) one of India's finest painters-impressionism, cubism, pointillism, he did them all. At today's rates, a Bendre would set you back by at least Rs 2 lakh. That amount would have fetched you, on January 9, 2002, 900 shares of HLL. A year back, the choice would have been a no-brainer. Today, many aren't so sure. Not convinced? It took auction house Osian's portfolio analysis to convince us.

Osian's exercise was built around two portfolios-of paintings sold in 1997 and 1999-and measuring how each had appreciated. The '97 portfolio appreciated 31.28 per cent over three years; the '99 one by 57.44 per cent over a year. In the corresponding time-frames, the Sensex depreciated by 8.9 per cent and 7.33 per cent.

Art is attracting more new buyers. ''Thanks to the increase in disposable incomes and exposure to art, people are showing more interest,'' says Pravina Mecklai, the owner of Mumbai's Jamal Art Gallery.

CHITTROVANU MAZUMDAR Untitled, 1993-94 Price of Mazumdar's canvases in 1995: Rs 40,000 Price in 2001: Rs 80,000 Approx. Size: 5 ftx3ft

ANJU DODIA The Magician, 1991 Price of Dodia's watercolours in 1996: Rs 18,000 Price in 2001: Rs 40,000 Approx. Size: 22"x30"

Shalene and Salil Parekh are part of this smart set. She works for an NGO and he manages the India office of Cap Gemini Ernst & Young. ''We've sold some paintings at double the price we acquired them for,'' says Shalene, ''and bought other paintings with the money.'' The Springwalas, Kalpana and Zoeb, who run a garment export business in Mumbai, go further and say they believe in selling art and investing in other avenues, if they look better. And ask Vyshaley Thacker, an executive in a foreign bank, why she bought a Satish Gujral painting and she says something about ''portfolio diversification''.

More Buyers, More Sellers, More Everything

The result of this mini-boom is evident. ''The market has grown wider,'' says Mallika Sagar, the India representative of Christies. ''And people aren't just buying the top names.'' The number of galleries in Delhi and Mumbai has zoomed. Mumbai has 80-odd galleries, Delhi, 150. ''Prices of art have risen exponentially, making people look at it as an investment,'' says Minal Vazirani, the director of Saffronart, an art auction company.

So, has the art market come of age? Not quite, say the experts. ''The art market today is like the stockmarket was before SEBI was born and research became a way of life,'' explains Neville Tuli, Chairman, Osian's. Some auction houses (Osian's included) can lay claim to the research bit though. Some even publish regular price lists that help individuals track how their investments are doing.

Sangita Kathiawada, the owner of Mumbai's Melange boutique, swears by such data. ''Art is a serious investment. Till a few years ago, I wasn't aware that a painting that gives me pleasure could double my money.''

-with inputs from Moinak Mitra