Saturday, July 9, 2011

Fine art is confidently viewed by financial experts as one of the best performing asset categories

The art market is thriving. Fine art is confidently viewed by financial experts as one of the best performing asset categories of 2010-11. The international Modern and Contemporary art markets are up by an average of 25%, against FTSE's 11% and Dow Jones 9%, and by all accounts this trend will continue through 2011- said ArtLyst.
London Contemporary and Modern Sales Break Records:A successful fortnight of Impressionist, modern and contemporary auctions in London outshone all expectations for the annual summer sales. They realised £516.2 million, the third highest on record for the combined group of London power-players. This was a fraction behind  £520 million achieved in February 2008 at the height of the market peak. The Impressionist and modern art sales, were dominated by the later modern works realising around £280 million. This is similar to the figures achieved in London in June 2008 where the series achieved £298 million.

The post-war and contemporary art, that took the brunt of the recession, having lagged far behind the Impressionist and modern art market during 2010, has made a miraculous recovery. Contemporary art is genuinely catching up with sales of just over £236 million, a 102 per cent increase on last summer. Against all odds Sotheby’s achieved the highest total for a single contemporary art auction outside New York of £109 million. 

Figurative painting,was the biggest winner with Christie’s portrait by Francis Bacon reaching £18 million and a landscape by Peter Doig £6.2 million. Sotheby’s also faired well for German artists  Sigmar Polke who died last year £5.7 million, and the ever popular Georg Baselitz £3.2 million. European, art from the collection of Count Duerkheim also faired well.

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, 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, 09 Mumbai and India Art Summit 2008 New Delhi.