Art and culture has always played a vital role in the Indian civilization. Spanningacross 4,500 years, it has left a mark on nearly every aspect of our society. Western and traditional Indianarthas set the foundation for the contemporary art.India has always been recognized as a culturally rich country and holds a superior position in the mindsets of art admirers across the globe.
Modern Indian art started gaining popularity in the initial years of the 20th century. This resurgence took place under the headship of Tagore dynasty. During the period, paintings of several contemporary artists were based on the theme of Ellora and Ajanta. Indian art collectors exploit the benefits of the country’s heritage by efficiently and transparently sharing the culture’s benefits to the community.
The contemporary market for Indian art has gainedtremendous popularity over the last decade. Moreover, no reverse trends were observed in the industry even during the recent recession period. According to the recent statistics from the Business Standard, the art industry is currently valued at about INR 1, 70,000 crores. The market in India alone is annually growing at the rate of 20% to 30% on an average. The artwork sold by Indian artists during 1980s were about US$2500 only, while presently about US$1 million revenues are generated from the artifacts industry.Fortune magazine in its latest report has claimed that over the last ten years, art market in India has been growing at the rate of more than 485%. The industry is ranked at fourth position worldwide.
Indian art industry was previously dominated mainly by the collectors as well as wealthyandroyalIndian families. They acquired art not for the purpose of investment, but due itsaesthetic appeal. However, the current trends indicate that the high net worth individuals as well as entrepreneursandprofessionals from various fields constitute the new class of Indian art collectors. This shift is driven by increasing wealth of HNIs and changing trends in the investment behavior as collectors view the industry from investment perspective. Thus, the recent development in the Indian art has paved the way for further management of the artifact industry in the country.
Modern Indian art started gaining popularity in the initial years of the 20th century. This resurgence took place under the headship of Tagore dynasty. During the period, paintings of several contemporary artists were based on the theme of Ellora and Ajanta. Indian art collectors exploit the benefits of the country’s heritage by efficiently and transparently sharing the culture’s benefits to the community.
The contemporary market for Indian art has gainedtremendous popularity over the last decade. Moreover, no reverse trends were observed in the industry even during the recent recession period. According to the recent statistics from the Business Standard, the art industry is currently valued at about INR 1, 70,000 crores. The market in India alone is annually growing at the rate of 20% to 30% on an average. The artwork sold by Indian artists during 1980s were about US$2500 only, while presently about US$1 million revenues are generated from the artifacts industry.Fortune magazine in its latest report has claimed that over the last ten years, art market in India has been growing at the rate of more than 485%. The industry is ranked at fourth position worldwide.
Indian art industry was previously dominated mainly by the collectors as well as wealthyandroyalIndian families. They acquired art not for the purpose of investment, but due itsaesthetic appeal. However, the current trends indicate that the high net worth individuals as well as entrepreneursandprofessionals from various fields constitute the new class of Indian art collectors. This shift is driven by increasing wealth of HNIs and changing trends in the investment behavior as collectors view the industry from investment perspective. Thus, the recent development in the Indian art has paved the way for further management of the artifact industry in the country.
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