With a fresh market precedent, which includes back-to-back record sales, the art market in India is vibrant and yet grounded with precise and calculated sanguine projections. One could consider last year's record sale for what was then the most expensive modern Indian art painting as a validating point. To make matters even merrier, a recently-concluded auction in March 2021 broke the record set last year.
VS Gaitonde continues to rule the roster, considering that it was his untitled work created in the year 1995 auctioned in 2015 that initially held the record, which was later superseded by his work from the year 1974 in 2020. The latest entry for the artist's work registered a total sale value of Rs 39.98 crore in March 2021. Owning a work of art with unmatchable aesthetic value, that appreciates with time, is indeed a valued and treasured asset. And with the art market presenting an encouraging prospect, this is the ideal entry point to invest in Indian art. Good art will always inspire demand and the prices for masterpieces by seminal artists will remain steady as they have, historic as well as the leverage of a rich provenance.
Long-term asset The Indian art auction market has stood its ground through the course of 2020. As a matter of fact, modern Indian art, to be specific, has also proven to be a safe asset with long-term goals, and has even performed well during inflationary periods. Given the current exposure that Indian art is receiving, the projected turnover of the market will hold its ground, and further expand over the next decade.
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