With the globalization of art market over the last few years, collectors and curators have turned their focus to art works from emerging economies. It’s true that creativity goes hand in hand with an economic upturn. Lately, there have been shows of Indian art in London. Their success indicates the interest is strong, he added.
“The buyers are getting increasingly global. There is always a trend among collectors to buy art from their own country as it is often most relevant to their background, society and context. However, top Indian contemporary artists like T.V Santhosh, Thukral and Thagra, Jitish Kallat and Atul Dodiya employ techniques and explore themes that also appeal to the western audience, even while maintaining an inherent Indian quality.”Phillips de Pury on its part has continued to witness strong demand for the top quality and exciting new art from young as well as established Indian artists. The expert noted that contemporary Indian art and the market for it has changed quite a bit, almost beyond recognition, In the past ten years. International galleries operating out of Delhi, Mumbai, London, New York and Berlin, and global auction houses offering Indian art within the more recognizable context of western art sales have helped to widen the collector base.
Summing up the growth trajectory of the contemporary Indian art market, he pointed out how it saw remarkable growth in 2007-08 and took centrestage on the international stage before the price bubble burst in 2009. However, according to him, these corrections have only stabilized the market and have let investors and collectors to re-enter it at much more affordable and sustainable levels.