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Indian Art Skyrockets: Returns Outshine Stocks!
11 Jul
Summary
- Indian art prices surged 97% in 12 months, outperforming traditional investments.
- The IIMA-Aura Art Indian Art Index reached a record high of 6,078.
- Demand for Indian art is high from consumers, collectors, and investors.
The Indian art market is experiencing a major boom, with prices for works by the top 25 artists surging by 97% in the past year. This dramatic increase pushed the IIMA-Aura Art Indian Art (Price) Index to a record high of 6,078, significantly outperforming conventional investments like stocks and gold.
Experts note this marks the arrival of Indian art in the high-end global market. The index's performance has been remarkable, especially in the short term, with compound annual growth rates far exceeding long-term trends. This current boom represents the fourth distinct phase of the Indian art market since 2000.
This upward trend is driven by a growing demand from three main buyer categories: consumers decorating spaces, dedicated collectors, and investors treating art as an asset class. The post-COVID era has seen a notable surge across all these groups, paralleling a boom in luxury real estate and a heightened appreciation for art.
The value of Indian art has seen exponential growth, with the highest price for a painting increasing from Rs 10 lakh in 1992 to over Rs 167 crore recently. International auction houses are actively increasing their representation of South Asian art, and demand from Non-Resident Indians (NRIs) continues to rise, placing Indian art firmly on the global radar for significant family offices.
