Today, Indian art is greatly appreciated both internationally and within the country, annually growing at 30-35%. The current Rs. 1500 crore art market has grown by nearly 485% in the last decade making it the fourth most buoyant art market in the world. Indian art has burgeoned into a mega-business at home and worldwide, with artworks fetching unbelievable prices, ranging from a few lacs to crores of rupees. The total auction market size of Indian art has changed from $5 million in 2003 — just five years back — to nearly $150 million this year. In the European circuit, Indian art is today commanding a value which is 300-400 % higher than what it was 4-5 years ago. Famous Indian artists like Tyeb Mehta’s work fetched a record of $1. 58 million at a Christies’ auction in New York and F. N. Souza’s artwork was sold for $1. 36 million at Sotheby’s auction in New York, breaking new price records in sales and auctions the world over. The overwhelming appreciation of Indian art is coupled with the ever increasing spending power of the high net worth individuals in India. According to the latest study by CapGemini – Merrill Lynch, India has the second-fastest growing HNI population in the world, growing at 20. 25% p. a. The interest of this burgeoning HNI population of India as well as international players has led to the emergence of a full fledged industry around the arts, giving birth to a range of support businesses and huge investment opportunities. Today, for the first time in Indian art history, there is a Summit that pledges towards the development and business of art, bringing together all stakeholders to a common platform – India Art Summit™ 2008.
India Art Summit™ is a unique effort to bring together the Indian art community at a collaborative platform – the first of its kind. This has emerged as the first international fair of modern and contemporary art in India. The Summit recognizes the range of stakeholders supporting the business and development of art and invites participation from both India and overseas. The three day summit will attract leading artists, galleries, art funds & auction houses along with reputed commentators and art critics from across the world. India Art Summit™ is a pioneering initiative to help internationalize, organize, upgrade and regularize the art market in India by providing a common platform to engage and network with artists, art lovers, collectors & other industry associates. We believe that this platform will fortify lasting partnerships between the Indian artists’ community, art support businesses and the ever growing investor base in the country. Founded as an annual event property hosted in Delhi in year one, the Summit endeavors to enhance the cultural profile of a city that aspires to become a major centre for the global art market. Hopefully this Summit will pave the way for greater knowledge and access to Indian modern and contemporary art.
© 2012 Canvas Art
