What are the observations made by the world-renowned research agency, Art Tactic, in its recent report about Indian art scene?
• For the Modern Indian art market, 29 percent of the observers think it will only go up in the next few months (in comparison to 30 percent in May 2012), whereas 60 percent are confident that the market will stay largely flat (70 percent in May 2012), and 11 percent feel the market will perhaps fall back. Although 41 percent of them opine the Modern art market of India has recovered, or will improve within the next year, 33 percent of the experts believe that it will need two more years at least for a broader recovery.
• For the Contemporary art market, 25 percent of the experts believe the market will go up (10 percent in May 2012), 52 percent believe the market will remain flat (down from 82 percent) and 23 percent of the experts believe the market will fall (up from 8 percent). This indicates a quarter of the experts believe the Indian contemporary art market will see a positive development in the next 6 months. With the Kochi Biennale in December and the India Art Fair slated to take place in early 2013, there are some major international events that could put Indian contemporary art market back on top collectors’ agendas in the months ahead.
• With the Chinese contemporary art market showing apparent signs of slowdown since Spring 2011, it’s likely that collectors will start gradually shifting elsewhere. In this context, analysts of the agency feel Indian contemporary art will start to regain some of the lost ground relative to its powerful neighbors.
Art Tactic is a world-renowned art market analysis resource that offers responsive research as well as in-depth commentary on the ever-changing and fast-paced art market. As new zones emerge on the scene and tastes evolve, it has employed elaborate expertise and vast network to ensure fruitful art investments that stay well ahead of the curve, supported by updated information from across the globe.