ART MARKET REPORT INDIAN ART
A new report by ArtTactic, a company specialising in art market research and analysis, has been released. RESULTS: Indian Art Market Confidence Survey – Nov 2010 shows that the Indian art market has seen a downturn in sales due to “over-ambitious valuations and a lack of quality artworks.” However, is it just a result of the market levelling out? Read on for more about the report from ArtTactic themselves and find out where to buy it.
ArtTactic explains RESULTS: Indian Art Market Confidence Survey – Nov 2010
After a strong start to 2010, the Indian art market started to show signs of fatigue this autumn. The Indian auction sales season failed to meet the market expectations, when the total auction value for Modern and Contemporary Indian art at Sotheby’s, Christie’s and Saffronart came in 20% below the low pre-sale estimate. A combination of over-ambitious valuations and lack of quality works failed to generate sufficient buyer interest. However, although the results were disappointing, the total was only 5% below what was achieved in June 2010, which indicates that the market is not contracting, but rather levelling out after a 15 month strong recovery.
The above market sentiment, was confirmed by the latest ArtTactic Indian Art Market Confidence Survey, which shows that market confidence has levelled out, after an 18 months climb. The Confidence Indicator for the overall Indian art market has decreased marginally by 0.6%, from 62 to 61. However, there is still more positive than negative sentiment in the market for Indian art, and with stronger positive sentiment towards the next 6 months, which supports the recovery process, albeit more likely at a slower pace.
Click the link below to buy the report or to find out more.
- ArtTactic reports higher confidence in the Chinese art market – resource alert – November 2010 – another informative report from ArtTactic, one we’ve found very useful
- India’s Experimenter focusses on the “now” with RAQS and Kolkata location – an interview with Prateek Raja – September 2010 – interview with a gallery that refuses to fall back on the moderns of Indian art
- Indian artist Raghava KK’s “magic carpet ride” at TED2010 – video – June 2010 – watch this engaging artist discuss his life and work, moves from childhood to now
- Jitish Kallat talks about Saatchi exhibition of Indian works to Economist – video – October 2010 – Kallat reveals what it is about contemporary Indian art that makes it so interesting for him
- New media art showcased in first Indian festival of its kind – October 2010 – a retrospective look at the lectures, exhibitions and events that made up this festival