Contemporary Indian Art Market
Attractive artworks have always been the apples of human being’s eyeball. No matter an artwork belongs to which region of the world, great arts have always been appreciated by common people of all over the world. When it comes to the countries that have most outstanding contributions in the modern arts then the name of India comes on the apex position. History says that ‘the country of Vedas’ has produced a large number of exquisite artworks and majority of them have got huge appreciations in the global arena.
The current market of the contemporary art is booming day by day. Presently, there is a phrase floating around in the artistic community of the nation. According to the experts, the contemporary art market has achieved a tremendous problem and most surprisingly the market is not showing any kind of reverse trend even at the time when India faced record inflammation.
Now let’s have a look at some of the interesting facts about the Indian arts, which will help you to understand the current art business.
o In the present time, the art business is worth about US$40 billion, which is Rs.1,70,000 crore approximately.
o Since the year 2003, the art market of India is growing at an average rate of 20 – 30% per annum.
o Looking back to the history, in the 1980 artwork by an Indian artist sold in $2500, but in the present time the figure is near about $1 million.
o In a recent report, Fortune magazine has revealed that the art market of India has risen over 485% in the last 10 years. Now, the Indian market is fourth largest and most positive art market of the world.
o The current Indian art business is worth approximately of US$ 0.24 billion, which is Rs.1,000 crore in Indian valuation
So, now you must have got a brief idea about the current scenario of art market. Finally it must be said that Indian art market is growing day by day and the increasing income among the middle-class population is a major reason behind it.