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The Indian Art Market |
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| Art is an inherent part of Indian culture. Its presence plays an important role in Indian history and society. The following are the trends in the current Indian art market scenario: |
- Contemporary art grows as economies globalize: it is happening here and now
- Growth of GDP & and the economy as a whole
- An immense increase in purchasing power of HNI’s & NRI’s
- Art is regarded as a trend for safe haven emulated by HNI’s & NRI’s
- NRI’s looking for identity
- Indian affluent looking for a new status symbol
- Availability of documentation and authenticity of works of art.
- Awareness about artistic significance and pricing of paintings
- Growth of services and expertise within the art world
- Market infrastructure is falling into place
- Growing secondary market has resulted in liquidity.
- No secondary market for any other collectable category
- ‘Never sell culture’ resulting in limited supply
- Increasingly being viewed as a component of portfolio analysis and investment
- An increasing realisation regarding the limited supply situation for great works of art; hence they tend to command a high premium in price.
- Investment in a new age market. Enter in early growth phase
- Supply side has matured over 3 decades with established art history, artists and galleries
- Buy side is consolidating after a break out
- Market is firmly in the sight of affluent Indian Diaspora
- Early mover scenario is still on offer
- Asset has a long term investment perspective
- Established artists have sustainable value
- Younger artists have higher risk/higher return
- Best value as an investment in times of economic depression.
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