India Art Summit

Hanmer MS&L
110065 New Delhi
India (city map, hotel accommodation)

tel +91 -11 – 46517706
www.indiaartsummit.com

From the earliest records of Indian art found 9000 years ago to the contemporary art works today, India’s artistic journey has been long and colourful. Today, Indian art has burgeoned into a mega-business at home and worldwide, with artworks fetching unbelievable prices & recognition. Annually growing at 30-35%, the Indian art market is currently worth Rs 1500 crores, making it the 4th most buoyant art market in the world. In the last five years, the total auction market size of Indian art has changed from $5 million in 2003 to nearly $150 million in 2008. In the European circuit, Indian art today is commanding a value which is 300-400 % higher than what it was 4-5 years ago, breaking new price records in sales & auctions the world over. In July 2008, the market valuation index produced by the prestigious French consultants, Artprice, presented an overall growth figure of +3.23% over the last ten years within the “Indian Contemporary Art” segment.

As such today, India has definitely become a star performer in the global art market, steadily climbing into the collections of top international collectors & museums across the world. The country’s excellent economic performance, clubbed with the dynamic gallery scene, the constantly rising interests in its artists and the unprecedented boom in private collecting have made the Indian market one of the most promising environments for contemporary art in recent times.

The extraordinary boom being enjoyed in India falls within the general framework of a strongly performing Asian market. The Asian region’s recent economic and cultural boom has led to a conspicuous growth in Asian art, the impact of which on the Western art market is quite unmistakable. With the Chinese, Japanese, Indian and Korean artists having been greatly celebrated on the International contemporary art scene over the last decade, today there is a significant rise in new centers emerging in the sub-continent – in Pakistan, Sri Lanka, and Nepal, as well in other parts of Asia, such as, Vietnam, Indonesia, and Turkey, to name a few.

Within this context, India presents the second edition of it’s international art fair- India Art SummitTM scheduled for August 2009. Going forward, the fair will ensure that the contemporary art scene in India, as well as in the sub-continent and the South Asian region gain the highest levels of visibility, offering an insight into the rich appeal and diversity of these markets to the visitors from across the continents, while simultaneously allowing the collectors & investors of this region, to access a range of global art on their home turf.