Banks’ love affair with Indian arts seems to be blossoming. Not only the domestic banks are investing money to preserve and promote local arts, but foreign players are coming in, too.
Bank of America (BofA) became the first foreign lender to adopt a work of art for conservation in a museum in India.
It has funded the Chhatrapati Shivaji Maharaj Vastu Sangrahalaya here for restoring the Anvar-i-Suhayli, a 16th century illustrated manuscript, with a compilation of fables from the Panchatantra.
"In these economically challenged times, and as art conservation consumes ever greater portions of museum budgets, the need for private arts’ funding has become critical. We are proud of our 140-year presence in India and appreciate the opportunity to partner with CSMVS to preserve this cherished piece of Indian history," Kaku Nakhate, head of BofA’s India operations, said in a statement.
Globally, BofA has provided funding to restore a diverse range of artworks across 10 countries it operates in.
The manuscript contains 231 miniature paintings and dates from Akbar's era. It carries the an A++, positioning the manuscript as a work of unique national importance. The restoration will be done through BofA’s Art Conservation Project, in partnership with CSMVS. It will be done at the latter’s Art Conservation Centre. The restoration is expected to be completed by early 2013.
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The project will be jointly led by Vandana Prapanna, senior curator, and Anupam Sah, head of art conservation, research and training, at the CSMVS Art Conservation Centre.
Last month, ING Vysya Bank set up an 'art branch'. Spread over 1,300 sq ft in South Mumbai’s Cuffe Parade, it houses a gallery that gives artists a platform to display their work.