A kaleidoscopic view of contemporary and modern art market

A recent BBC News repot pegs the value of the modern and contemporary Indian art market at an estimated $400 million (£250 million) even while the world art market value is said to be about $40 billion (£25 billion). So the country represents just a percentage of the global share, which is not very encouraging. But that also leaves immense scope for growth and expansion. But how to make this happen in real terms…that’s the real challenge!

One obvious ingredient is to set up more world class art institutions. Several private museums are coming up and that’s a promising development, but they won’t be able to keep up the good work without the necessary support from the Indian government in terms of tax benefits and import restrictions. India needs more private public partnership in the arts sector.

Painting a positive picture in this regard, The New York Times columnist Somini Sengupta notes: “Apart from Kiran Nadar Museum of Art (KNMA), at least two other private museums are in the planning stages, one in Coimbatore, the other in eastern Kolkata. And there is already one devoted to new, often unknown contemporary work from across South Asia (Devi Art Foundation), which reflects the interests of its backers, the mother-and-son duo Lekha & Anupam Poddar.”

Clearly, awareness of art and art practices is a vital aspect that demands a greater emphasis even as an increasing number of collectors are queuing up. The recent Deloitte art & finance global conference with a focus on the increased importance of art & collectibles, covered a range of topics like Lessons learned from the art market crash of 2008, recent developments in art & law, new directions in art investment, a vision for the art markets, a new art from emerging markets, art philanthropy , growth of art market research firms and databases etc.

India needs similar such initiatives to highlight value of art as a mirror to society and self-introspection, apart from the investment angle and sheer decorative purpose. Most gallerists, curators and art practitioners point to a general lack of understanding. They also concede that the task of creating conducive culture will demand resourcefulness. Yet a section of them are optimistic that things will change.