China topples US in Art collecting. Could India be next?
THE BUSINESS LINE
INDIA -- Like China, India as an emerging economy has a critical mass of high net worth individuals to invest in art. According to The European Fine Art Foundation (TEFAF), China recently toppled the US, which ruled the global art scene for centuries. The US has been pushed to second position with a 29 per cent market share, while the UK and France, with 22 per cent and a distant 6 per cent are third and fourth place contenders, respectively.
What should India learn? The fact that a collector will have greater affinity towards artefacts from his own land and culture is largely contributing to more and more Chinese supporting their native artists. The Indian art industry should follow the lead by rediscovering and supporting homespun talent. India's share of the global art market — at approximately Rs 700 crore — is still less than 1 per cent of a global art market which is currently worth 43 billion euros. [link]
What should India learn? The fact that a collector will have greater affinity towards artefacts from his own land and culture is largely contributing to more and more Chinese supporting their native artists. The Indian art industry should follow the lead by rediscovering and supporting homespun talent. India's share of the global art market — at approximately Rs 700 crore — is still less than 1 per cent of a global art market which is currently worth 43 billion euros. [link]
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