Quick grasp of the Indian art market scene

Most market participants expect a positive development in the second half of 2012, indicating the overall optimism that prevails in the Indian art market. Here’s a quick grasp of the Indian art market scene

• As has been rightfully observed, it's the Asian artists and buyers that are keeping the international art market afloat. Fueled by the strong economic parameters, the growth in this dynamic region has been accompanied by an increasing interest in more traditional Indian art forms, as well as the continual growth of modern and contemporary art, mentions a recent report in The Independent, UK.
  
• In fact, 2011-12 has proved to be a satisfying phase on the auction front for Indian art, despite the prevailing pessimism. Leading players focused on quality works, to target the more discerning buyers/ collectors. There is a rising international attraction and appreciation for the quality works of Indian and South East Asian artists.
  
• According to art market experts, demand from Asia continues to lead the global recovery of the auction market and to drive the growth.' Experienced market players are focusing on quality works in order to target the discerning buyers’ category. Incidentally, most top lots at prominent sales are dominated by traditional and modern art.
  
• Top quality art with stellar provenance and in good condition finds buyers in India and world-over.  Artists with strong international backing and visibility like Bharti Kher and Subodh Gupta seem to have greater scope and speed of recovery.
  
• Progressive modernists, such as FN Souza, VS Gaitonde, Tyeb Mehta, Raza and Husain are also witnessing good demand. The depleting number of senior artists after the demise of Jehangir Sabavala, M.F. Husain and Sohan Qadri - is prompting the slow ascent of a second generation of talented young contemporary artists, mentioned an interesting IANS news report.
  
• With prices having reached attractive levels and with the economy set to grow faster than the western economies, providing an impetus to stable and tangible asset classes, now is a perfect time to get into contemporary Indian art.