A market report by the leading auction house Sothebys points out that the recent results from auctions of art suggests that the Contemporary art market appears to be stabilizing after several years of rapid growth. Although, the report takes into consideration all contemporary art, it is an important summarization that will have an impact on the growth of the Indian art market as well. The report suggests that the collector base appears to be broadening, which means that the market is likely to see a further stabilization in the future. It also discounts the idea that the art market prices are likely to fall due to the rapid rise seen in the last few years.
According to the ArtTactic Indian art market analysis, contemporary Indian art is gaining momentum, and more Indian works are likely to be seen in Western contemporary auction. In fact, the report suggests that this may even happen probably at the expense of Chinese contemporary art. Newer partnerships that are being forged between leading galleries and Indian artists will have far-reaching impact on the prices and will provide greater exposure to Indian artists. According to these reports the future of Indian art market looks secure, at the moment.
All eyes are now on the Saffronart autumn online auction of Contemporary Indian art, which will take place online from September 3 - 4. This auction features 130 works by 62 artists of modern and contemporary Indian art. Previews will be held in New York and Mumbai prior to the online auction. Next in line is Sothebys Modern and Contemporary Indian art auction, which will be held on Sep 18 in New York. The sale features 127 lots by senior and upcoming artists from the country. Jamini Roy, FN Souza, Ganesh Pyne, Atul Dodiya, Baiju Parthan, Jitish Kallat, Hema Upadhaya are some of the artists whose works will be auctioned at the sale. Collectors and investors will find it interesting to see the results from these two auctions as they will further indicate the growth rate of the Indian art market.
(Published in Financial Times. ET online - title for the story erroneously reads Contemporary art edging towards stagnation instead of stabilization)