Thaindian.com has  a brief story based on an interview with Ashok Vajpeyi, an Indian poet and critic, who is also Chairman of Lalit Kala Akademi:

“Most art galleries across India have not sold a single art piece for months now due to this recession. Of course, if you ask them, they won’t admit for obvious reasons. There are even galleries that have been closed down.

“For example, Bodhi Art has closed all their galleries in Delhi, Berlin, London and New York…only the Mumbai-chapter is still working. But still I feel it’s the time to buy and stock art pieces because soon after this period is over, the boom-time for art will restart,” Vajpeyi said.

Vajpeyi also talked about the expansion plans of Lalit Kala Akademi. “Lalit Kala Akademi has over 6,000 art works, but we don’t have a place to preserve them. So we have decided to set up an art museum in Delhi.

Recession Good for Art Buyers, Bad for Artists (Thaindian.com)