Reliance Plans Art Galleries At Its Upcoming Retail Outlets

HE’S already mastered the art of doing business. He’s now getting ready to conquer the business of art. As Mukesh Ambani’s Reliance gives finishing touches to its retail canvas, the company has drawn up plans to sell affordable artworks at its soon-to-belaunched hypermarket chain. Mr Ambani is seeking to take artworks, a preserve of the rich and the famous, to the Indian middle class by setting up art galleries at the company’s soon-to-belaunched hypermarkets. A senior Reliance executive said that space is a critical issue in setting up an art shop. “But with a booming art market the possibility of art section in the retail chain is being considered,” he said. Reliance is studying the area carefully. Art galleries are dominating the market and no retail model has been adopted yet, he said. The company is considering setting up small and big art galleries in its retail chain. “The size of the art market for current fiscal can be estimated to Rs 1,500 crore, which is likely to touch Rs 2,500 crore during this year. Buoyed by an increased interest from collectors and investors, the size of the market is growing rapidly. It is definitely attracting new players in the field,” said Ajay Seth, head of operations of Copal Art.

Courtesy: EconomicTimes
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