The latest ArtTactic Indian art market survey shows that the global economic situation is having an impact on the overall sentiment in the Indian art market. Despite this, both the Modern and Contemporary Indian Art Market Confidence Indicators have reached new heights, showing the continued optimism in these market.
The overall ArtTactic Indian Art Market Confidence Indicator fell 13% from the last reading in October 2007. The Indicator has been hit by a 54% drop in both current and future confidence in the economy. With India`s inflation surging to a more than 3-year high, global financial markets in decline, and crude oil hitting $125 a barrel, the economic prospect looks less promising than 6 months ago. And as the economic component of the confidence indicator carries a 33% weighting in the overall Indian Art Market Confidence Indicator, the significant loss in confidence weighs heavily on the overall results.
Artists covered in this survey:
F.N.Souza, M.F.Husain, Ram Kumar, S.H.Raza, Akbar Padamsee, Himmat Shah, Jogen Chowdhury,Arpita Singh, Krishen Khanna, Rameshwar Broota, KG Subramanyan, Vasudeo S. Gaitonde, Tyeb Mehta, Zarina Hashmi, Anju Dodiya, Atul Dodiya, Shibu Natesan, Sudarshan Shetty, Ravinder Reddy, Nataraj Sharma, Surendran Nair, Subodh Gupta, Bharti Kher, Jitish Kallat, Thukral & Tagra, Rashid Rana, T.V. Santhosh, N.S. Harsha, Ryas Komu, Justin Ponmany.
The ArtTactic Indian Market Confidence Indicator was launched in May 007, and this month will act as the base month for the indicator. Data is collected and made available every 6 months. The sample includes around 80 respondents, which consists of curators, collectors, dealers, galleries and auction houses operating in the Indian art market.