India’s Fine Arts heritage has played a significant role in shaping our socio-cultural identity. Apart from the plethora of relics sprinkled across our historical and heritage sites, India’s museums and galleries have always held a unique appeal and draw for global audiences. ASSOCHAM observes the following key trends in today’s Fine Arts space:
- Art as an Asset Class: Historically, Art has proven to perform better than other asset classes, especially during downturns. Studies by Barclays Capital and The Economist have shown that art outperformed both equities and property over both short and long periods of time.
- Scope for Massive Growth: India's art market - approximately INR 700 Crores - is still less than 1 per cent of the global art market which is currently worth 43 billion Euros. With demand for Indian Art growing globally, India’s share will definitely get a boost.
- Interest from global Auction Houses: Christie’s from the UK, currently the world’s largest fine-arts auction house, made their debut in the Indian art market last year. It is also a partner at this year’s India Art Fair.
- Private Sector Support for Art: Art in India has seen a surge of various private and non-profit organizations as well as corporate foundations promoting Indian art with a view to democratising art and enriching the social and cultural equity of India
- ASSOCHAM believes that marquee events like the India Art Fair will go a long way in establishing India as the Art centre of the world. Given our rich heritage of traditional art and craft forms, ASSOCHAM believes that Corporate India should work with all stakeholders in the art ecosystem to build a global brand for Indian Art.
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