Indian Art Market Booms With Record Sales Of Rs 301 Crore
Date
5/29/2024 3:27:12 PM
(MENAFN- KNN India) New Delhi, May 29 (KNN) The Indian art market is riding an extraordinary wave, with the 2024 Hurun India Art List revealing record-breaking sales of Rs 301 crore by the top 50 artists - a remarkable 19 per cent surge from 2023 levels.
This boom is fuelled by India's economic strength and rising disposable incomes, which have transformed art into a highly sought-after investment asset, attracting a new breed of buyers.
The entry point for the top 10 artists has skyrocketed from Rs 1.99 crore in 2021 to Rs 7.70 crore in 2024, reflecting a staggering 287 per cent increase.
Moreover, the cumulative value of the top 50 artworks reached a staggering Rs 252.61 crore, up threefold from Rs 82.57 crore in 2021.
The threshold to enter the elite Top 25 artists has risen by an astonishing 443 per cent, from Rs 35 lakh in 2021 to Rs 1.9 crore in 2024, underscoring the market's insatiable demand.
Leading the artistic charge is the acclaimed sculptor Anish Kapoor, who has topped the list for the sixth consecutive year with sales of Rs 79.9 crore.
While paintings continue to dominate demand, sculptures are gaining traction, reflecting the art world's diversifying tastes.
Driving this renaissance are aggressive marketing strategies by auction houses and the growing influence of online platforms, which have propelled the average price per lot by a staggering 124 per cent – from Rs 17 lakh in 2021 to Rs 38 lakh in 2024.
With a total of 789 art lots sold in 2024, up 59 per cent from 495 in 2021, the market's insatiable appetite for Indian art as a stable investment asset is abundantly clear.
As Indian artists garner increasing global recognition and art cements its status as a hedge against inflation, the market shows no signs of cooling.
(KNN Bureau)
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