‘Indian art is pushing boundaries’, proclaims by a BBC News report by writer Sanjoy Majumder who elaborates how the Indian art market has really boomed over the past few years. He notes: “Christie's sold a painting by Francis Newton Souza Last year for a record amount of £1.2 million (about $2m).”
Indian art draws inspiration from a rich tradition, which goes back thousands of years. What we are witnessing now is its artistic and commercial evolution. A whole new generation of art lovers and artists is driving Indian art. The article points that new buyers are buoying the art market.
India's growing economy has thrown up new buyers. This in turn has resulted in a mushrooming of galleries across the country. The news report tracks one such popular art venue Gallery Espace, bang in the middle of a bustling neighborhood market located in south Delhi. It has been around for almost two decades and enjoys a reputation for promoting young artists often using unconventional materials and forms.
Renu Mody, the gallery owner, has been quoted as sating, "Earlier there were only traditional people buying art, collectors who were really passionate about art. But because of the market and wide investment possibilities, many professionals and even speculators have started buying art. Many of them are in their late 20s and early 30s. They have the money to spare and believe investing in art brings good value."
The deputy director of renowned British auction house, Sotheby's, Maithili Parekh, mentions the Indian art market is still quite young and new. However, it's exciting and has really taken off in spite of recession, which is encouraging. Of course, some shortcomings are also there.
"We are lacking enough critics and curators and art publications. We have little institutional and museum collecting that can help make art much more accessible to the public," Maithili Parekh points out.