Indian art is slowly yet steadily making it’s journey to foreign shores and taking it there are the country’s auction houses.
Bid & Hammer, a newly launched auction house will be auctioning art and artifacts of 10 crores on its inaugural auction in Bangalore on January 24. The prices will be starting from 30,000 to up to Rs. 50 lakhs. Plans are already on to increase the turn-over to Rs. 60 crore for the year 2008-09.
There are also discussions to launch branches in New York, Hong Kong and London tap the yet virgin Africa art mart to start off with.
“The art market in India is widely untapped and has a huge potential. There will be a 5-7 per cent hike the next year. More and more people from all sections of society are buying art not only as investment but also for aesthetic purposes,” said Maher Dadha Chairman and MD, Bid & Hammer.
In India, with young software professionals showing a keen interest in the market, although it is growing, it is the foreign market that gives higher value and higher attention to Indian contemporary art.
“Along with Indian art and artifacts we will also focus on local and international artists,” Dadha said.
However, he said that though the Indian art market is currently estimated to be at $400 million and is on a rise, it is still minuscule compared to the world art market.
With cases of fake art not uncommon in the art world, the authenticity of the art work is very important which is where auction houses play a role, he said.
Cricket commentator Charu Sharma who is the executive Director of the auction house said, “I always had a passion for art and now that my friend has decided to start the venture I will very much enjoy this business. With the growing popularity of Indian art is very important to be able to trust the work."