After a significant fall in art prices last autumn, domestic as well as international galleries are optimistic about the contemporary art market. Experts predict a sooner than expected, however, a gradual recovery.
According to ArtTactic, a market research firm, the market sure has strengthened after a noticeable drop in average prices for contemporary Indian art at the recent auctions (roughly 76% during the period of September 2008 and March 2009). Average auction prices for Indian art are currently at around $24,536, up from the lows of $13,827 in March 2009.
In an effort to add momentum to the recovery, Art Expo India 2009 is bringing together the country's largest fine and popular art galleries, art dealers and artists. Apart from thousands of quality art works by Indian artists, it will include displays from international galleries.
Art Expo India 2009, in a way, provides art investors and collectors a cross section of Indian and world art. Most exhibitors are keen on showing their best works in the financial capital of India. The fair is an opportunity for them to develop a strong network, add to their contacts, enhance collaborations and gauge the mood of the domestic market.
Despite the recession and the subsequent fall in prices, experts feel the market for fine art is still very strong, though not as hyped as it was a couple of years ago. Importantly, long term collectors want to use this phase to enhance their portfolios.
A host of investors-individual as well institutional- from European and American art circuit are looking to add Indian art to their collections. However, for many of them Indian art is still new. Art Expo India 2009 will act as a window for them to peep into Indian art.
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