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The traditions of art auctions exist for long.
The history tells that the idea of art auctions subsist since
17th century. Today, auctions work a business proposition for
the works of art. It is a process where the highest bidder gets
the artwork in subject. It is a detailed process with careful
planning and organized structure.
The rapidly growing market of Indian art auctions has been a
spectacular success in recent times. With art vastly becoming a
lucrative business for investors, Indian art auctions have
become a rage. In fact, the Indian art market is on all time
high. The causes are tremendous demand for the typical Indian
arts. The demand is two fold, both from within and from
international market. . |
India’s rising urban populace and their increasing interest in Indian
art in terms of taste and even need has fuelled the market to an
unparalleled high. Amongst the various forms of art, paintings of Indian
artists have witnessed the maximum demand worldwide. Painters like, M F
Hussein, Tyeb Mehta and Manjit Bawa are at the forefront of such
popularity.
Indian art auction market was worth $ 150 million last year. Comparing
it with 2005, the Indian contemporary and modern art auction market was
worth $ 52 million. Imagine, how rapidly it has grown since the India’s
art market was a bare $ 13 million in 2004.almost 4 times increase in a
span of one year and around 12 times increase in 2 years. That gives us
a fair idea of how the Indian arts are in demand.
Another factor which contributed to this growth in India’s art market is
the availability of Indian art online. The major factor was increasing
flow of money and the hype generated by the few art’s auctions.
Indians have also become tech savvy and the facility of visiting many
art galleries online and zeroing in on the desired work of arts. Just
the fact that one gets to see all available art works in virtual world
with just a click of mouse makes the spread of online auctions even more
enticing. The buyers can have more information about the works of art.
They can also compare the artworks with similar kind of works sold in
another auction. Even the payment is done online and the art work gets
delivered at the door steps. Selling art virtually is yet to reach its
potential in India. Indian buyers are primarily inclined to buy based on
the see and touch feel. But slowly and steadily the growing awareness
about online benefits are paving the way for more frequent online
auctions
Art auction in India is touching new heights. The heartening factor is
majority of the buyers in the Indian art auctions are 80% to 90%
Indians. In current times, the growth has been really good but Indian
art market has a long way to go. Drawing from all the indications,
Indian art market is on the right path..
Recommended site :
www.art.in
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