The homogenizing effects of the global art market have rapidly drawn in two distinct art fairs. Georgina Adam reports in her Financial Times column that the Indian Art Summit has gained from ArtBasel’s purchase of ArtHK:

It didn’t take long for some of the cash that was paid for the Hong Kong art fair to find its way into another venture. Last week in Hong Kong, two of the fair’s previous owners announced that they had bought 49 per cent of India Art Summit, renamed it India Art Fair, and are moving it into a giant tent left over from the Commonwealth Games. Will Ramsay (who owns the Affordable Art Fairs) and Sandy Angus are partnering with the current owner Neha Kirpal to produce the new event, which will be held at the end of January 2012. Kirpal says import tax regulations in India are being relaxed, in order to make it easier for foreign galleries to do business there.

The Art Market: OK in HK (Financial Times)