Art Market Monitor

Global Coverage ~ Unique Analysis

  • AMMpro
  • AMM Fantasy Collecting Game
  • Podcast
  • Contact Us

Wealthy Indians Don't Buy Art

June 10, 2011 by Marion Maneker

The Wall Street Journal’s India Real Time blog has some information on Indian HNWI and their spending habits from a study by Kotak Wealth Management and Crisil Ltd. Like lots of other rich folks, they want yachts and jets:

The study estimates that India has about 62,000 super-rich households, with a total wealth of around 45 trillion rupees ($1 trillion.) This is expected to grow to 235 trillion rupees ($5.3 trillion) in five years.

“The fivefold increase in net worth and increasing propensity to spend could together have an explosive impact on (India’s) luxury goods market,” said Roopa Kudva, managing director and chief executive officer of Crisil in a press release.

The study found that a significant portion of ultra-rich people’s expenditures goes to exclusive holiday packages, often for holidays abroad. However, this expenditure is typically planned in advance and the family plays a large role in deciding the holiday location and other details, the study said. […] “Art” and “luxury writing instruments” get the smallest portion of spending from the super-rich, but these are usually the most impulsive buys.

How India’s Super-Rich Spend Their Money (IndiaRealTime/Wall Street Journal)

More from Art Market Monitor

  • Tyeb Mehta Leads Sotheby’s First Boundless India SaleTyeb Mehta Leads Sotheby’s First Boundless India Sale
  • Christie’s Gears Up for Second Auction in India This DecemberChristie’s Gears Up for Second Auction in India This December
  • Sotheby’s: Indian Buyers Show 33% YoY Growth in Value of PurchasesSotheby’s: Indian Buyers Show 33% YoY Growth in Value of Purchases
  • Should India Invite the Great Museums of the West to Build There?Should India Invite the Great Museums of the West to Build There?
  • Wealthy Indian Families Get Dose of RealityWealthy Indian Families Get Dose of Reality
  • Corporate Buyers Leading Development of Indian Primary MarketCorporate Buyers Leading Development of Indian Primary Market

Filed Under: Emerging Markets Tagged With: India

About Marion Maneker

LiveArt

Want to get Art Market Monitor‘s posts sent to you in our email? Sign up below by clicking on the Subscribe button.

  • About Us/ Contact
  • Podcast
  • AMMpro
  • Newsletter
  • FAQ

twitterfacebooksoundcloud
Privacy Policy
Terms & Conditions
California Privacy Rights
Do Not Sell My Personal Information
Advertise on Art Market Monitor