While the Indian auction market registered a slower growth rate in the second half, if economic conditions are favorable, it will again gather momentum in 2011.
According to ArtTactic founder and managing director Anders Petterson, the momentum will largely be driven by the blue-chip modern Indian art market. Also, parts of the contemporary market are likely to witness a smart recovery. Indications are that the momentum could pick up in the first quarter, as the latest Confidence Survey of ArtTactic for the Indian art market show.
The 'expectation indicator' for the modern art market in India stood 12% above the 'current indicator,' the survey noted. It also pointed to the strong comeback staged by modern Indian art market in 2010, with total auction value rising by 115% from 2009. It also exceeded the 2008 total by close to 16%. Though its total auction value has gone up to $6.97 million during 2010 from $2.7 million in 2009, the contemporary Indian art market is still 75% below the total it achieved in 2008.
At Christie's, the annual auction totals for both modern & contemporary Indian art went up to over $37 million by 2010 from approximately $ 6,00,000 in 2000. Auctions of Indian art are now held up to six times in a calendar year in London, Hong Kong, Dubai and New York, making Indian gallerists feel more optimistic of the market reaching back to its peak, albeit this time in a more mature and cautious way.
With optimism ruling the market, Bhavna Kakar of another Delhi-based gallery Latitude 2, feels that Indian artists are now an integral part of the rapidly growing economy, impacting creative spheres as well. The report by Garima Pant of The MSN News mentions her as saying, "This year, things will be even better since the performance in financial market spheres is exceptionally good and is predicted to continue. And the art market is a reflection of the financial economy of a country."
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