In an otherwise unimpressive and–frankly–nearly unreadable story on the Indian art market published by Forbes India in time for the Indian Art Summit that has just ended, we’re treated to these few facts that are worth keeping in mind as the Fall Asia Week sales in New York approach.
The total auction size of the Indian art market grew from $5 million in 2003 to $150 million in 2008. Subodh Gupta, M.F. Husain, Tyeb Mehta, Anish Kapoor and Raqib Shaw commanded million dollar sales even after the downturn hit.
2005: F.N. Souza’s Lovers sold for just under $1.5 million in a Saffron auction.
2008: Souza’s Birth sold for $2.5 million at Christie’s, a new auction record for an Indian work of art.
2006: Tyeb Mehta’s Mahishasura sold for $1.1 million at a Christie’s auction.
2008: Tyeb Mehta’s Mahishasura Mardini reached a new record for the artist, selling at $1.54 million.
More on the South Asian Modern and Contemporary art in New York’s sales later this week.
The Fine Art of Investing in Fine Art (Forbes India)