Foreign artists, galleries eye share of Indian art market

Annie Samson

New Delhi, Aug 26 (PTI) After a steep fall in global
prices for art last autumn, domestic and international
galleries, testing waters at the recent Art Summit here, have
expressed optimism for the contemporary art market with
experts predicting a sooner than expected market recovery.

"After a dramatic drop in average auction prices for
contemporary Indian art (76 per cent between Sept 2008 and
March 2009) the market has strengthened, with average auction
price for contemporary Indian art currently at USD 24,536, up
from USD 13,827 in March 2009, says market research firm
ArtTactic.

The India Art Summit was the first time that 17
international galleries brought world renowned works such as
Picasso and Salvador Dali for viewing by domestic audience as
well as providing art collectors and investors a diverse
cross section of world art.

Most exhibitors were excited at showing in the
national capital and used the fair to develop contacts, build
collaborations and gauge the domestic market.

"For me Indian art is very new. European art and
American art have begun to bore me. I moved to Berlin recently
and will soon conduct an exhibition of Indian artists," says
Christian Hopp who represents Asian contemporary art with
special focus on India. MORE PTI