If sales at the India Art Summit are anything to go by, one can conclude that art is once again back in demand. And, the good news is that buyers now have the means to pay for it. According to art summit sources, sales worth approximately Rs 25 – 26 crores were made during the 4-day modern and contemporary art fair, held in the capital. More than 40 thousand footfalls were recorded to indicate that these many people visited the fair. These reports indicate a reawakening of interest in art, and is a positive sign for the Indian art market in general.
At the second edition of the Art Summit held earlier this month many buyers were spotted finalizing deals. In comparison to last year, this year’s event managed to gather top galleries from the country, showcased the biggies from the Indian art world, and also managed to convert a lot of interest into sales. An important point to remember is that at the moment art prices are comparatively less than what was seen last year. This, in fact, makes it a good time to buy art.
As galleries from Mumbai, New Delhi, Chennai, Bangalore, Kolkata and a few from abroad, participated in the summit, it meant that there was a wide selection of art on offer. With the cash register ringing, galleries and artists have come away happy. The sales happening after a particularly dull period in recessionary times gives more reason for cheer. And now that experts feel that the economic scene is looking up, it is all the more reason for buyers to turn to art for investment purposes. After all, as in any other investment, it makes sense to buy when the prices are low.
Hopefully, the next edition of the Art Summit will be bigger and better with more focus on emerging artists and increased participation from the well known international art galleries.
(Publsihed in Financial Times)