New Delhi: International art collectors, investors and auction houses have started tapping the Rs2,000-crore Indian art market, a move welcomed by the top auction houses as it has brought Indian artists on a global platform.
At a recent online auction of contemporary Indian art which saw a painting of Subodh Gupta going for over Rs4 crore, most buyers were from abroad, especially from European countries.
“When we started off way back in 2000, there was hardly any interest being shown by foreign buyers. Slowly, their interest have risen with most of our buyers now comprising of either NRI’s or foreigners which includes auction houses, collectors and investors,” Saffronart Director Dinesh Vazirani said.
The just-concluded Saffronart Autumn Online Auction of contemporary Indian art saw three artists going for more than Rs one crore among bidders from 32 countries.
Osian’s Connoisseurs of Art, one of India’s premiere art gallery, too agrees that percentage of foreign buyers have increased, but adds that the party is still to begin.
“The process of tapping foreign interest is still in its first stage. The international collectors and museums have still not taken a serious look into Indian modern and contemporary art, however, their interest in classical art and antiquities has fairly developed,” Osian Founder Chairman and CEO Neville Tuli said.
“Over the next three to five years, a major boom in international purchasing of Indian modern and contemporary art is expected as the knowledge-base significantly transforms,” he said.