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Size of Indian market is about to explode
The Indian market has great potential with first mover advantage still available for investors. The global turnover of the Indian art market is under Rs.1500cr, including primary and secondary sales. The most expensive Indian artwork sold for Rs.23.7 cr with 50 paintings selling abve Rs.5cr as compared to the most expensive international painting worth Rs.200cr. Globally one major evening sale of Christie’s (or Sotheby’s) brings in Rs.1500cr equivalent to the global turnove of the Indian market.
The Indian collector pool is increasing along with its HNWI’S, targeting a handful of masters working in the last 70 years with extremely limited supply. On analysis,one sees the price structure increasing for masters, easily estimated between Rs1cr to Rs2cr while their international counterparts demand Rs20-100cr ($4million-20million) and Chinese averages ranging between $20-40million. While comparing other Indian asset classes to the international segment, the price difference in minimal. Looking at the current trends, the expected market turnover is estimated Rs.1500cr-Rs.2000cr over the next decade, especially a tremendous increse in prices of masters.
Future Growth Highlights
Tax benefit in the pipe line
Museums – 6 Indian Museums are under Planning (land already bought)
Corporate support has just started - 0.5%
Fine Art Fund UK-is looking at raising US$ 100 m
International interest increasing America / Europe / South East Asia
Indian Art Gallery featuring Contemporary Indian Art
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