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Indian artists are going up the scale. Contrary to information on the grapevine, the Indian art market bubble is far from burst. The India Art Festival in Mumbai did incredibly well. If Christie’s debut auction in Mumbai last month is any indication, buyers are flocking towards Indian Art. An untitled work by abstract painter Vasudeo S. Gaitonde sold on Dec. 19th, fetching $3.7 million (237 million rupees) – a record for modern Indian art. Another of his works will be the showpiece in Sotheby’s South Asian art sale in New York in March. It’s not just Gaitonde. The Christie’s auction raked in $15.4 million (966 million rupees), doubling pre-sale estimates and defying the economic downturn.
A November report by art market analysts Art Tactic said confidence in Indian modern art is on the rise.
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