2008 - A memorable year for Indian art

Just over a decade ago it would have been difficult to imagine the scale of global interest currently generated by Indian art, a phenomenon that has been reflected in the record prices fetched in sales of artworks.While art markets in the US, UK and several other countries have taken a blow with top auction houses like Christie's and Sotheby's selling below estimated prices, Indian artists together with their Chinese counterparts have been able to sufficiently weather the storm so far.The art market in India growing at 35 per cent today stands at approximately over Rs 1500 crores. In the European circuit, Indian art today commands a value, which is 300-400 per cent higher than what it was 4 to 5 years ago.The year 2008 has been one of many firsts in the country for the art market. In its very first year the 'India Art Summit'- the first art fair in the country modelled on the likes of international fairs such as Basel Art Fair in Spain is said to have attracted over 10,000 art enthusiasts including art collectors, investors, artists, critics, curators and students from across India and overseas."The 34 galleries at fair exhibited over 550 artworks and sold approximately 50 per cent. During the 3 day fair 80 per cent of the exhibitors reported having met new investors from India and overseas," says Gautam of Hanmer MS&L, the communication firm which is hosting the festival.After generating media coverage worth approximately Rs 6 crores in US, UK, UAE and the Asia Pacific, organisers of the IAS say in 2009 they are striving to establish it as a platform for galleries from across the world to showcase an array of art which finds appeal amongst Indian collectors and investors.