India has entered into a golden phase and Indian Art is garnering unprecedented recognition on the global stage. In the past 10 years, global auction houses Christie's and Sotheby's have increased their portfolios of Indian Art and sale prices have continued to climb new heights.
SH Raza, Saurashtra
$3.4 million, Christie’s, London, June 2010
Tyeb Mehta, Falling Bird
$1.52 million, Christie’s, London, June 2010
Bharti Kher, The Skin Speaks A Language Not Its Own
$1.49 million, Sotheby’s, London, June 2010
Despite these rising prices, the Indian Art market is still in its infancy, representing less than 1% of the global art market of $50 Billion in 2010. As the Indian economy continues to thrive, more strategic buyers of Indian Art will continue to step into the market. The growth in the number of art galleries, exhibitions, even the phenomenal success of the latest Indian Art Summit all indicate the growing appetite for fine Indian Art. This is further fuelled by the increasing number of art critics and agencies helping to educate the local and international market about the intrinsic and extrinsic value of Indian Art.
India's share in the Global Art Market in 2010
The combination of all these factors makes Copal confident that India’s share of the Global Art Market will grow significantly over the coming years, creating a compelling opportunity for Indian Art collectors.