Adar Poonawalla, CEO, Serum Institute of India (SII), started collecting art two decades ago
On February 5, AstaGuru announced that Adar Poonawalla, CEO of the Serum Institute of India (SII) and an art connoisseur, had bought a 20 percent stake in the online auction house. Poonawalla and AstaGuru declined to reveal the amount of investment, or the total valuation of the auction house. However, Forbes India did manage to get a sense of how this investment will influence AstaGuru’s future, and how that is linked to the new investor’s past.
In an exclusive interview, Poonawalla says he has been passionate about art since childhood, growing up in an environment where art was a significant part of his family’s life. “My family has been collecting art for several years, which naturally nurtured my appreciation for it. Personally, I started collecting art two decades ago and have been an avid enthusiast ever since,” he says.
Poonawalla’s collection includes several works of Indian artists such as SH Raza, MF Husain, Jehangir Sabavala, Raja Ravi Verma and Amrita Sher-Gil. “Their works happen to be some of my favourites,” he says. The international artworks in his collection include Marc Chagall, van Gogh, Salvador Dali, Pierre-Auguste Renoir, Rembrandt and Pablo Picasso.
Explaining his thinking behind this investment, Poonawalla says, “The Indian art market still lacks widespread infrastructural awareness and appreciation across different geographies. Currently, interest in Indian art is concentrated within a niche audience. However, as the market continues to evolve and expand, so will the business opportunities in this sector.”
He adds that AstaGuru has successfully scaled its presence in the art market and significantly grown its market share over the years. “I have closely followed the auction house since its inception, having acquired several artworks through them, and have maintained a long-standing relationship,” he says. Poonawalla’s involvement in the company will primarily be from a strategic perspective, helping shape its future.
