Saturday, October 6, 2012

Indian art getting globally appreciated

Though concerns about the shape of global recovery are not still fully erased, the art market and that of India in particular, is exhibiting a marked resilience against the prevailing economic uncertainties. It’s staging a strong recovery after meltdown in the heat of the global financial crisis largely because of avid collectors, fund managers, auctioneers and dealers, who emphasize that art as an asset class is on the verge on a smart turnaround trajectory. Bidders are back to salesrooms, prices are moving up and new benchmarks are being set once again.

In a quest to target today’s discerning and choosy buyers, the top auction houses are choosing to focus on quality works. The current conditions provide investors with a good scope to acquire some quality works. Seasoned collectors in Europe and the US still seeking potential bargains represent a bit of skepticism prevailing out there.

But they are facing greater competition from the new enthusiastic Asian bidders. Though investor confidence is still a bit circumspect with a touch of caution about aspects like long-term prospects, short-term liquidity situation, and provenance, the interest in the market has certainly returned as indicated by a series of recently successful art auctions.

Apart from their dominance in the international art realm, the gallery scene and larger market is also witnessing a steady rise back home, in major metros as well as the peripheral art centers. On the one hand, the focus is often on its diverse social fabric, a rich cultural heritage, turbulent history, even touching upon Bollywood. On the other hand, the artists strive to summarize the evolving present-day scenario– the dreams and hopes of Indian people, the underlying contradictions and complexities of the multi-faith society.

Many of the world’s leading and most prestigious museums host grand exhibitions that throw light on subtle undercurrents of new India - now more dynamic, creative and equally confused. The meticulously curated and thoughtfully conceived showcases refer to an intriguing mix of media and themes, forms and subject matter, to signify the spirit and ethos of new-age India, laced with a touch of tradition!

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