Indian Art Market News, the first Indian Art Fair reviews

The recent Art Summit was the Indian art scene’s attempt to climb a new rung in its international aspirations.

astounding 10,000 art enthusiasts walked in to witness India’s First International Art Fair, India Art Summit(TM) 2008, firmly establishing it as a one stop destination for art in India. With an overwhelming mix of art collectors, artists, critics, curators, students and art enthusiasts from across India and overseas, the Summit achieved exactly what it set out to - making art, and the knowledge of art, accessible to a widespread audience.Commercially speaking, the fair clocked in a record sale of approximately 50%, with the 34 participating galleries selling over 280 artworks worth Rs.10 crores approximately. Given that the total value of the 550 artworks on display was approximately Rs. 20 crores, India Art Summit has emerged as one of the most successful first editions of any art fair across the world.With all eyes now on India, event producers Hanmer MS&L, have announced plans to schedule India Art Summit 2009 between 19th - 22nd August’ 2009 in New Delhi. Next year, the fair is proposed to be over three times bigger and applications are already pouring in from across India and world. While in the first year, the focus was largely on Indian art and Indian galleries, the second year will see participation from galleries across the world showcasing a sizeable array of artworks from different parts of the world.
Ashok Art Gallery is a five-yearold Delhi gallery that largely functions online. A mom-and-pop operation with a handful of unknown artists, Ashok Art Gallery has never had any exposure in the media. Their only previous art fair experience was with the Mumbai art expo earlier this year. As one among 35 galleries that participated in the recent India Art Summit (between August 22 and 25), Ashok Art Gallery did not expect to become frontpage news. But their 27-year-old Oriya artist Kanta Kishore’s marble sculptures of rolled-up newspapers were sold within hours of the fair’s opening. Gallerists Ashok Nayak and Kavita Vig, Kavita’s husband Bharat and septuagenarian mother-in-law watched astonished as the art young Indian superstar Subodh Gupta and politician Maneka Gandhi came to their stall. And in their wake, thousands of visitors and the press.Sculptures and installations sold almost as well as paintings, signalling a new trend. The panel of speakers and choice of topics at the Art Forum also drew many accolades and was deemed as amongst one of the best such initiatives of its kind, internationally.
Mr. Sunil Gautam, Managing Director, Hanmer MS&L commenting on the fair said, “It is great to see that India Art Summit has emerged as the most inclusive collaborative art platform in India in it’s very first year. We believe that this initiative is a step in the right direction to put India on the global art fair circuit.”Commenting on the success of the fair, Mr. Philip Hoffman, Chief Executive, The Fine Art Fund said “The Indian market is very important in the global art scene and this fair is a major step. I can imagine this to be major fair in Asia competing alongside London, Miami and Basel in the next 5-10 years. The sales results of the fair seemed very impressive by comparison to other fairs in their first year.”India Art Summit - BackgrounderThe art fraternity in India has for long felt a gap and the need for a collaborative industry platform in the country owing to the phenomenal growth and global interest in Indian art. While the art fraternity the world over gets numerous opportunities to interact and collaborate through various art fairs, biennales & expos, there was no such platform in India. Therefore the time was right for India to offer a suitable platform for art. The initiative has received invaluable recognition and endorsement from the Ministry of Culture, Government of India and Sotheby’s.The Summit hopes to achieve the dual purpose of, on one hand, serving as a window for International collectors to get a single access point to Indian art and, on the other, exposing the Indian collectors to a range of global Art that will be showcased at the fair in the coming years. More than just a place for buying and selling art, this initiative will enable diverse stakeholders from India and around the world to come together and discuss the creative and commercial aspects of Indian art.Today, Indian art is greatly appreciated both internationally and within the country, annually growing at 30-35%, the Indian art market is currently worth Rs 1500 crores. The Indian art market has gone up by 485 percent in the last decade making it the fourth most buoyant art market in the world. The total auction market size of Indian art has changed from US $5 million in 2003 - just five years back - to nearly US $150 million this year.







The Ashok Art Gallery is internationally known for one of its most important holdings: more than 2000 major works by the world's most significant Artists.Over the past years, as Ashok Art Gallery has become a major centre for contemporary visual art, the Gallery has built a strong collection of contemporary work of different artists. Last year we became a sponsor of the STANDUP-SPEAKOUT Artshow, Organized by Art Of Living Foundation and United Nations.Organized an International Contenmporary Art Exhibition including artists from USA, The Nederlands, Pakistan and India.We have also participated at Art Expo India 2008 Mumbai and India Art Summit 2008 New Delhi.