London: Confidence levels in the once-booming market for Indian art have dropped 63% since October as prices slide, according to a report published today by the London-based research company ArtTactic.
The ArtTactic’s confidence indicator for Indian contemporary art alone declined even more, by 90%, during the last seven months.
About a third of respondents believed the market for modern Indian art would rebound within two years, while more than half thought demand for contemporary works would take between three and 10 years to recover, said the report.
Problems first appeared in September 2008, around the time of the Damien Hirst sale, Anders Petterson, founder of ArtTactic, said in an interview, referring to the UK artist’s auction at Sotheby’s that raised £111.5 million (Rs834.02 crore) and coincided with the collapse of Lehman Brothers Holdings Inc.
The market has had six months to digest events. There has been a lot of art speculation in India and people see there’s nothing to hold these prices up any more.