Indian art, previously considered only a local youth in the arts over the BRIC countries (Brazil, Russia, India and China), was able to finally take a special place in the global art market, although the identity of Indian art is largely dependent of foreign art markets: in the first half of 2011, for example, one hundred of the best artists of India accounted for 97 percent of their income sales in the U.S. and the UK.

While Chinese artists have enjoyed a strong demand for their work at home, Indian authors had to rely mainly on foreign collectors. For example, the most successful Chinese artist Zeng Fanchzhi 93 per cent of annual revenue required to Hong Kong and Beijing auctions, but the favorite of the art world Anish Kapoor 99 percent of its sales over the past year spent in England and the United States.

Despite the recently started development of India's auction house, they are still very far from the power of Chinese merchants (to date, thirteen of the twenty largest auction houses in the world, selling contemporary art, located in the Middle Kingdom). This is more like India and Brazil, Russia, on the one hand, there is growing demand for places, and on the other hand, the inhabitants of these countries are actively buying abroad.

booming Indian art occurred between 2006 and the end of 2008. Then the price of Indian Contemporary Art soared by 223 percent, and sales of works of one hundred leading artists of the Hindu over the same period increased by 283 percent. Unprecedented rise in the market of contemporary art in 2007-2008 for Indian Contemporary convenience store resulted in many new records (seven of the ten best Indian results from 2005 were shown during this period). This year, Anish Kapoor, Subodh Gupta (Subodh Gupta) and Rakib Shaw (Raqib Shaw) took, respectively, 18th, 24th and 34th place in global rankings of contemporary artists by auction turnover.

That hurt felt half-baked star Crisis of 2009: income of hundreds of the best Indian writers in 2009-2010 fell by three quarters, and Subodh Gupta and Rakib Shaw fell to the 60 th and 77 th place in the global rankings of artists. During this period, the Top-200 artists in auction turnover were only four of the natives of India (Indonesians and then there were five).

contemporary Indian art market has gone to the amendment only with the beginning of 2010, received worldwide recognition when several new artists (artist Bharti Kher has reached a record auction of over a million dollars, and Jeet Kallat first crossed the bar at 300 thousand dollars). The growth of India's GDP in 2010 to 15 percent, as well as an unprecedented 20 per cent increase in the number of millionaires in the country (in 2010 they became more than 150 thousand people) significantly increased the demand for art in India. Finally, the base was established for the development of an influential local art scene.

first half of 2011 marked the return of records. Price auction in the $ 2.1 million for the work of Anish Kapoor's fourth best result for the works of Indian contemporary artists, which is comparable to the order of prices in 2007-2008.

about the revival of interest in Indian contemporary art evidenced by the fact that its price index for the first nine months of 2011 have increased by 10 percent. In addition, the total revenue from hundreds of the best works of Indian artists in the first half of 2011 equaled two-thirds of their total income for the full year 2010.

Prepared by Mary Onuchina, AI

Sources : artinvestment.ru

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