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New Delhi: The Indian art market has maintained its position of strength in FY23, clocking in a mammoth turnover of USD 144.3 million through the sale of 3,833 works. According to the ‘State of the Indian Art Market Report FY23’ by Grant Thornton Bharat and Indian Art Investor, there is a 9% rise in turnover and a 6% rise in the number of works sold from the previous year, making FY23 the most successful year for Indian art at auction.
Commenting on the report insights, Pallavi Bhakru, Partner, Private Client Services, Grant Thornton Bharat, said, “Art has always been a lucrative investment among high-net-worth individuals (HNIs) for diversifying wealth and creating value. Today, the pool of investors looking to include fine art in their investment strategies is widening. By setting clear requirements, doing extensive research and seeking help and advice from professionals who can guide and manage this investment avenue, investors can acquire desirable works of art, thereby adding value to their portfolio for generations to come.”
According to the joint report, the Indian art market at auction witnessed noteworthy traction this year, with a total of 132 auctions offering 4,240 works; an increase of 11% in terms of works that came up for sale from the previous year. The market observed high liquidity, with an impressive sell-through rate of 90.4%.
Founder of Indian Art Investor, Arvind Vijay Mohan, adds, “The Indian art market is at an all-time high. Data from the report reveals that the auction market has grown by 265% since FY13. The mean auction estimate for FY23 stood at USD 93.1 million. At a turnover of USD 144.3 million, the market recorded a positive deviation of 55% from its mean estimate. There were a total of 164 artists who set new records this year and every year is witnessing new records, rising volume and increasing sales turnover. All these are indicators of buoyancy and positive sentiment in the Indian art market.”
Modernists and Pre-Modernists both witnessed a 7% increase in the number of artists featuring at auction in FY23. Unlike the previous year, the art market witnessed a decline in the number of Contemporary artists at auction, and the decline was significant at 9%. Over the next few years, Pre-Modernists are expected to gain more dominance in the market.
There were a total of 103 online auctions held in FY23, accounting for 45% of the total turnover generated and 75% of the works sold in FY23. At 1,597 works, over 40% of the works sold this year were sold above their upper estimates, indicative of great demand by patrons. Overall, the market recorded impressive numbers in FY23 and along with the previous 2 years has set the foundation for a successful decade ahead for Indian art.