The Indian art market has come a long way since 2007, when the global economic recession hit sales badly and the downturn lasted for a few years. Despite the slump during the pandemic, there have been indications that the Indian art market was just waiting to bounce back. There has been much traction this year, with not only an increase in the number of art events and programmes but also a considerable hike in terms of sales.
According to the Indian Art Investor, an art market intelligence firm that focuses on Indian art, the market at auction has grown substantially over the last two decades, from a modest Rs 7 crore in 2002 to a significant figure of Rs 1,025 crore in 2022. Interestingly, the global market, in sharp contrast, displays a drop in confidence, according to a recent contemporary Art Market Confidence Report by ArtTactic. It however elaborates that there is no sense of fear or panic in the art market at the moment.
Reverting back to the Indian art scene, which is displaying robustness, there are several factors that have contributed to its current state. Ease of access to art has been one of the crucial elements — an increase in the number of online galleries, fairs, physical shows, informal pop-ups and studio-based events, and also dealers and consultants — the possibilities of engaging with art and artists have increased manifold. This, combined with access to background information and relevant data about artists and the art market, has ensured that research has become simpler and streamlined. Buying decisions have therefore become easier.
There are several new players who have entered the market. A younger demographic and more women are active in this space, both as art entrepreneurs and as buyers and collectors. Young collectors have emerged as a strong base, which has encouraged exhibitors to create spaces specifically for them. Art at various price points, flexibility in terms of payment options, a focus on quality works, private viewing options, and supporting material in the form of artist interviews and virtual studio visits, are some of the other features that are now offered to collectors. Extended gallery hours and bringing the art to the doorstep of a potential collector are further conveniences that clients are routinely provided today.
Amidst this, the artist as a solopreneur is also thriving, the credit of which ought to go to social media and online sales. The volume of sales that happen through this channel remains unaccounted for (for obvious reasons) in the computation of the overall market size.
In general, easier access and the democratisation of art, which have been facilitated due to digital proliferation, have been key in creating interest in art and increasing sales.
(The author is a Bengaluru-based art consultant, curator and writer. She blogs at Art Scene India and can be reached at artsceneinfo@gmail.com)
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