Barron’s points to Karen and Robert Duncan, who have built a private museum in Lincoln, Nebraska filled with Contemporary art, as bellwether collectors who have discovered Indian art as an alternative:

While so much of the art market shows signs of overheating, the market for modern and contemporary Indian art is undervalued—and the smart money is starting to notice. That would include Karen and Robert Duncan of Lincoln, Neb., who own more than 2,000 artworks, having built what many consider to be one of the top 50 contemporary collections in the U.S. The intrepid couple, who made a fortune in aviation, have been busy buying contemporary Indian art by the plane load.

In May, the retirees flew to Mumbai and Delhi in their Cessna Citation M2, its paint job best described as Jackson Pollock on acid. The Duncans were on a 38-day, around-the-world art-collecting reconnaissance mission that took them from Dubai to Seoul. With them in their eccentrically painted green plane were Marc and Kathy LeBaron, friends who own the hometown manufacturer, Lincoln Industries. The two couples regularly collect art together and jointly own the Assemblage Gallery in Lincoln.

Contemporary Indian Art: Fine Works at Good Prices  (Barron’s)