Contemporary Art Market: Rise or Decline in India?

Contemporary Art Market Rise or Decline in India? | Emami Art

Art has always been an integral part of human civilization. With the progress taking place in the mortal world, art has emerged as something humankind required at that instance or point of time.

As per the current market scenario, although the art of the bygones holds definite value in today’s world, contemporary art has been creating an extraordinary place in the eyes of the new art lover. It might be for this reason that most of the old art auction houses and dealers derive much more limited value when compared to the contemporary pieces.

Further, while the experts in the profession such as Brian Donnelly, is creating notable strides in the international contemporary art market. Both nationally and internationally acknowledged artists such as Bose Krishnamachari, Kochi Biennale, Jogen ChoudhuryDashrath patel and Ravinder Reddy and some curators Anupa Mehta and Ranjit Hoskote are making a noted contribution to the Contemporary Indian Art scene.

That might result in one deriving a conclusion that along with the international art market, Contemporary Indian Art is also experiencing a rise in the returns. A part of the BRIC, Indian Art Market is expected to witness a surge in the same.

It would have been true has not the Indian economy faced the 2007 crisis along with the demonetisation brunt in 2016. However, once the economy started to get stabler, the Contemporary Indian Art market scene did observe great business.

The affluent class of Indian society are assumed to spend on art and culture in 2020. As the prominent taste in art around the globe is tending towards contemporary art, so is expected to be the case in the Indian Art Market.

Further, the influence of the rise in technology in the progression of art at present seems to bring forth the assumption, that digitization of contemporary art galleries is going to give higher returns to auction houses and dealers along with the individual artist in the country. Presently people do not have to wait for an auction or a seminar to take place to be able to purchase the work of their favourite artist, nor do they need to travel all the way to the galleries to see what’s new in the art world. They can do all of that at a click, at their convenience. That increases the chance for the general public to take an interest in art, in turn, creating prospering opportunities for the novel artist or artist, in general, to connect with more audience and sell more work.

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