New Delhi: With growing popularity of Indian art in the global market, Indian auction houses are now taking Indian art to foreign shores.
“The art market in India is widely untapped and has a huge potential. There will be a 5-7% hike in The art market in the next year. More and more people from all sections of society are stepping forward to buy art, not only for investment but also for aesthetic purposes,” Maher Dadha, chairman and managing director, Bid & Hammer said.
The company is going to auction art and artifacts worth Rs10 crore during its inaugural auction in Bangalore on 24January. They have plans of increasing it with a turnover of Rs60 crore for the year 2008-09.
Prices will be starting from Rs30,000 and will go up to Rs50 lakh. They also have plans to open up branches in New York, Hong Kong and London and to later tap the as yet virgin African art mart.
“ We plan to go global, with auctions in New York, Hong Kong and London. We will also tap new markets like Tanzania and Nigeria. Along with Indian art and artifacts we will also focus on local and international artists,” Dadha said.
The Indian art market is estimated to be about $400 million and increasing but it is very minuscule compared to the world art market says the auctioneer.