Indian Modern and contemporary market treading water? ArtTactic reports decline


ArtTactic recently released their spring 2012 auction analysis of Indian modern and contemporary art sales. After twenty straight months of descent, the March 2012 report indicates a 27 percent decline since March 2011 and a startling 62 percent drop from its peak in June 2010.

Indian artist Sunil Gawde, 'Blind Bulb', 2006, Painted PU on Fiberglass.

According to ArtTactic, where you can buy the full report,

Market fatigue plagues the Indian auction market

The Modern and Contemporary Indian art market experienced another season of decline, with a total sales volume of USD10,438,532, down nine percent from September 2011 and 27 percent lower than in March 2011.

The Indian art market has been on a steady decline in the last twenty months, and the sales volume today is 62 percent lower than in June 2010. Without an influx of a new generation of buyers and high quality, fresh material coupled with realistic valuations, the Modern and Contemporary Indian auction market will continue to tread water.


Related Topics: market watch, auctions, art in India, art investment

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