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Monday, August 25, 2008 (12:17:02) |
| Tags : Indian art market, Indian Art Summit |
Indian art market set for major boom: Experts
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New Delhi: Indian art market is growing at the rapid pace of 30-35 per cent annually touching the 1500 crore mark and is expected to witness a boom in the future, says international experts in the field.
Speaking during the first Indian Art Summit, experts predicted that the boom of the Indian art market was because of the interest shown by new buyers seeking art investment for long term gains.
"Indian investors have moved up the art market in a very short time compared to their European counterparts. Indian art is very investable and every year new buyers are coming forward and are surpassing the older ones," said Philip Hoffman, Chief Executive, Fine Art Fund UK. He said that around 1500 crore Indian art market remained volatile despite a fast growth and added that investors should seek advice from experts before putting their money on any work.
"The rise in the prices of the art will soon make art one of the most priced luxurious commodities and would be accessible to the super rich people only," Hoffman predicted. He pointed out that along with India the art markets in Middle East, China and Russian also have a promising future.
Speaking on the occassion, Hugo Weihe, Christie's International Director for Asian art said, "It is remarkable to be a young artist in todays' India. With the mixing of cultures it is interesting to see the crossover effects on the artists and their work." (PTI) |
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