Foreign Artists Eye Indian Art Market

After a steep fall in global prices for art last autumn, domestic & international galleries, testing waters at the recent art summit in New Delhi, have expressed optimism for the contemporary art market with experts predicting a sooner than expected market recovery.
After a dramatic drop in average auction prices earlier, the market has strengthened, with average auction price for contemporary Indian art currently at $24,536 up from $13,827 in March 2009, says market research firm Art Tactic.
The Indian Art Summit was a success with 17 international galleries brought world renouned works suc as Picasso & Salvador Dali for viewing by domestic audience as well as providing art collectors & investors a diverse cross section of world art. Most exhibitors were excited at showing in National Capital & used the fair to develop contacts, build collaborations & guage the domestic market.
A few galleries from countries like Japan & Phillippines were exhibiting in India for the first time. European, especially German art dealers showed great interest in Indian market.
The total value of artworks on display at the fair was approximately Rs 40-50 crore. Reaction by gallery owners was mixed.