The Indian Art Market Boom

By On June 1, 2007 · 3 Comments

The Indian Art Market Boom

wp04 The Indian Art Market Boom

The Indian art market has been receiving a lot of media attention recently and with good reason. Although it may not seem like a country that could sustain an art market, India has recently experienced an economic boom that has seen the emergence of a new wealthy class of people who need

something to invest their money in. With art prices in India tripling across the board there is a good reason why people are viewing India as a serious player in the world art market.

 

The auction market in India gives a good indication of the progress of the art market which was worth $150 million last year which is almost triple what it was worth in 2005. The number of buyers is still relatively small but with such a large population and continued economic growth the future for India’s art market should be huge.

 

To give you an idea of how far the market has come, an artwork by M.F.Husain could have been purchased for $16,000 in 2000 but are now selling for several hundred thousand dollars. Another artist Ram Kumar is now selling works for up to $500,000 whereas in 2003 they were being bought for $32,000 which is an increase of 1462%.

nick nice1 The Indian Art Market Boom**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of artmarketblog.com, writes the art column for the magazine Antiques and Collectables for Pleasure and Profit and contributes to many other publications.


The Indian Art Market Boom

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  • Preeti

    What about the Indian art awareness and market in countries like Australia, any new trends?

  • http://freedomofexpressionmovement.blogspot.com rahul

    The Rang Rasiya Freedom of Expression Art Competition aims to bring about a socio cultural movement which discovers new talent, and brings contemporary art into the discursive domain of the middle class. It attempts to create a domain for contemporary art outside the current dominant systems. Working in network partnerships with galleries, auction houses and state run art institutions, the competition aims to bridge the aesthetics of the common man with ‘high art’ tradition in the true spirit of the master painter Raja Ravi Varma. He succeeded in bringing art out of the clutches of the aristocracy and the and the orthodox temple priests. Making art an integral part of popular culture. Often celebrated as a reformer who brought God outside the confines of the temple, Raja Ravi Varma was successful in radicalising and energising the relationship between the audience and the painted image.

    Organised by the ‘Infinity Art Foundation’, The Rang Rasiya Freedom Of Expression Art Competition, aims to push the newly developing notion of art, which goes beyond the traditional understanding of art as being (only) either in terms of painting or sculpture. The competition embraces and welcomes new media expressions in art (, performance, graphic design video, photography).

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