A study of contemporary Indian Art Market
We have discussed Indian Art forms including its varied painting styles in depth in the previous blog posts, and will be doing more. India, over several centuries, had set the benchmark for producing exquisite artworks and magnificent artefacts that went on to earn global reputation with a great price tag.
The ‘country of Vedas’, as India is known, is said to have produced some of the finest artists the world has seen. They were heavily influenced by the confluence of various religions, faiths and mystical practices in India. Its rich cultural heritage and traditions with its diverse forms gave rise to outstanding works. This rather brief article will throw some light on the contemporary Indian art market and how it has fared in terms of artistic and commercial value:
Though the current market of the contemporary Indian art is growing by the day, its commercial success has had its ups and down over the years. With the market estimated to be anywhere between 1000-1200 crores, the Indian paintings comprise 99% of the art market. This is a substantial increase from the previous decade that had a market size of only 50 crores.
-In 2010, the art business was worth about US$40 billion (approximately INR 1, 70,000 crores).
- Since 2003, the Indian art market has been growing steadily at an average rate of 20 - 30% annually.
- In retrospection, the artwork by an Indian artist fetched about $2500, whereas its present market value is nearly $1 million.
- Fortune magazine published a recent report that Indian art market has surged over 485% in the last ten years alone, making it the fourth largest in the world.
- The present Indian art business is valued at approximately US$ 0.24 billion which is about INR 1000 crores.
We believe this article would have given you some idea on the current status of the Indian art market that is growing at such a rapid rate, with the steady rise of the income of the Indian middle-class population fuelling its growth.