Butterfly Woman by Asma Menon, courtesy Monsoon Canvas
So far, 2010 has been a very good year for the Indian art market.Both volumes and average auction prices in the Modern Indian art market are now back to levels seen at the peak of the Indian art market in June 2008 – a remarkable recovery after volumes in the Modern Indian art market dropped 63% between September 2008 and March 2009, and prices fell 46% in the same period.
The sharp recovery in the Modern market is also starting to rub off on the Contemporary Indian art market, which has remained subdued after market confidence evaporated during the downturn. The Contemporary Indian art market dropped 93% in volume and auction prices plummeted 85% between autumn 2008 and spring 2009. However since then, average prices are only 35% below its peak, and volumes have more than doubled since June last year.
Arttatic, Indian art report, June 2005