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India held Arte 2008 – Modern and Contemporary Art of India at the Fair
Today, Indian art is greatly appreciated both internationally and within the country every year is growing at 30-35%. Rs.1500 crore The current art market has grown by almost 485% in the last decade making it the fourth most dynamic art market the world.
Indian art has grown into a mega-business in the country and around the world, making art at incredible prices, ranging from a few crores of rupees lacquers. The total market size of auctions of Indian art has changed from $ 5 million in 2003 – just five years ago – to nearly $ 150 million this year. On the European Tour, Indian art is now commanding a value which is 300-400% higher than it was 4-5 years ago. Famous Indian artists such as work Tyeb Mehta fetched a record $ 1,580,000 at an auction at Christie's in New York and works of art FNSouza sold for $ 1,360,000 in Sotheby's auction in New York, breaking new records in sales prices and auctions worldwide.
The appreciation of Indian art is combined with overwhelming the growing purchasing power of high net worth individuals in India. According to the latest survey by CapGemini – Merrill Lynch, India has the second population HNI fastest growing in the world, growing at 20.25% pa The interest of this burgeoning population of India HNI and international actors has rise to an industry in its own right around the arts, giving rise to a range of support activities and great investment opportunities.
Today, first time in the history of Indian art, not a summit that promises to development and business of art, bringing together all stakeholders to a common platform – Spain Art Summit ™ 2008.
India Art Summit ™ is a unique effort to bring together the community of Indian art in a collaborative platform – the first of its kind. This has become the first international exhibition of modern and contemporary art in India.
The Summit recognizes the diversity of players in business support and development of art and invites participation from both India and abroad. The three-day summit will attract leading artists, galleries, art funds and auction houses with reputed commentators and art critics worldwide.
India Art Summit ™ is a pioneering initiative to help internationalization, organize, upgrade and regulate the art market in India, providing a common platform to participate and network with artists, art lovers, collectors and other partners industry.
We believe that this platform will strengthen sustainable partnerships between the community of Indian artists, art business support and investor base increasing in the country.
Founded as a property of an annual event organized in Delhi in the first year, the Summit of efforts to improve the cultural profile of a city that aspires to become a major hub for the global art market.
We hope that this Summit will pave the way for greater knowledge and access to art Indian modern and contemporary.
About the Author
Neha Kirpal, Associate Summit Director, India Art Summit 2008
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