Boom in the Indian art market

For the first time, perhaps, a new world order is coming about in the Indian art market as elsewhere in the global economy. The Indian art market is currently pegged at $350 million but that, of course, is dwarfed by the market size in China, which is higher than $1.5 billion. But we are reaching closer. The total auction market size has gone from $5 million in 2003 to nearly $150 million this year.