{"page":"\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/resources-c03aa079.css\" /\u003e\n\u003clink rel=\"stylesheet\" href=\"https://lessonplanet.com/assets/packs/css/lp_boclips_stylesheets-517835be.css\" media=\"all\" /\u003e\n\u003cdiv data-title='Indian art market on the rise' data-url='/boclips/videos/5c54baecd8eafeecae12125d' data-video-url='/boclips/videos/5c54baecd8eafeecae12125d' id='bo_player_modal'\u003e\n\u003cdiv class='boclips-resource-page modal-dialog panel-container'\u003e\n\u003cdiv class='react-notifications-root'\u003e\u003c/div\u003e\n\u003cdiv class='rp-header'\u003e\n\u003cdiv class='rp-type'\u003e\n\u003ci aria-hidden='true' class='fai fa-regular fa-circle-play'\u003e\u003c/i\u003e\nVideo\n\u003c/div\u003e\n\u003ch1 class='rp-title' id='video-title'\u003e\nIndian art market on the rise\n\u003c/h1\u003e\n\u003cdiv class='rp-actions'\u003e\n\u003cdiv class='mr-1'\u003e\n\u003ca class=\"btn btn-success\" data-posthog-event=\"Signup: LP Signup Activity\" data-posthog-location=\"body_link_boclips\" data-remote=\"true\" href=\"/subscription/new\"\u003e\u003cspan\u003e\u003cspan\u003eGet Free Access\u003c/span\u003e\u003cspan class=\"\"\u003e for 10 Days\u003c/span\u003e\u003cspan\u003e!\u003c/span\u003e\u003c/span\u003e\u003c/a\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-body'\u003e\n\u003cdiv class='rp-info'\u003e\n\u003cdiv aria-label='Hide resource details' class='rp-hide-info' role='button' tabindex='0'\u003e\u0026times;\u003c/div\u003e\n\u003ci aria-label='Expand resource details' class='rp-expand-info fai fa-solid fa-up-right-and-down-left-from-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003ci aria-label='Compress resource details' class='rp-compress-info fai fa-solid fa-down-left-and-up-right-to-center' role='button' tabindex='0'\u003e\u003c/i\u003e\n\u003cdiv class='rp-rating'\u003e\n\u003cspan class='resource-pool'\u003e\n\u003cspan class='pool-label'\u003ePublisher:\u003c/span\u003e\n\u003cspan class='pool-name'\u003e\n\u003cspan class='text'\u003e\u003ca data-publisher-id=\"30356011\" href=\"/search?publisher_ids%5B%5D=30356011\"\u003eCurated Video\u003c/a\u003e\u003c/span\u003e\n\u003c/span\u003e\n\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='rp-description'\u003e\n\u003cspan class='short-description'\u003eNew Delhi -  22 Aug, 20081. Pan over a sculpture of a prostrating woman 2. Mid of sculpture of nude woman3. Pan from one painting to another4. Wide of a Francis Newton Souza painting 5. Pan from visitors to 'Collidonthus'- an...\u003c/span\u003e\n\u003cspan class='full-description hide'\u003eNew Delhi -  22 Aug, 2008\u003cbr/\u003e1. Pan over a sculpture of a prostrating woman \u003cbr/\u003e2. Mid of sculpture of nude woman\u003cbr/\u003e3. Pan from one painting to another\u003cbr/\u003e4. Wide of a Francis Newton Souza painting \u003cbr/\u003e5. Pan from visitors to 'Collidonthus'- an installation by Jitish Kallat \u003cbr/\u003e6. Wide of press meet at India Art Summit\u003cbr/\u003e7. Close of logo of India Art Summit \u003cbr/\u003e8. SOUNDBITE  (English): Philip Hoffman, The Fine Art Fund:\u003cbr/\u003e\"The art fairs have changed the global art market and I think the arrival of an art fair in India whilst it may be modest this year compared to, say, Art Miami, where it will probably take you about six hours to just walk around the...round the fair, I think in five years' time you will see a massive shift and I think there are huge numbers of European and American galleries which are interested in selling art into India and Indian art has featured on the international platform for the last three or four years.\"\u003cbr/\u003e9. Visitors at art summit\u003cbr/\u003e10. Close up of a sculpture of a horse head\u003cbr/\u003e11. SOUNDBITE (English): Laura Williams, Art 18/21 (UK-based gallery):\u003cbr/\u003e\"India, at the moment, there is a problem with the institutions. You don't have the same promotional support that the artists get in the UK. So, perhaps that's one of the reasons this has taken longer for it (Indian art) to catch up. But at the moment, people are looking to new markets. They have done China, so India seems to be the next on the market.\" \u003cbr/\u003eNew Delhi - 27 Aug, 2008\u003cbr/\u003e12. Zoom out of British artist Damien Hirst's 'Psalm 27: Dominus illuminatio'\u003cbr/\u003e13. Wide of Damien Hirst's' Psalm 33: Exultate, Justi' and 'Psalm 27: Dominus illuminatio'\u003cbr/\u003e14. Close up of Damien Hirst's butterfly art piece\u003cbr/\u003e15. Wide of visitor looking at Damien Hirst's 'Argos' Riches'   \u003cbr/\u003e16. Wide of visitor looking at Damien Hirst's 'The Eyes of Judas'\u003cbr/\u003e17. Wide of Damien Hirst's 'Beautiful Helios Hysteria'\u003cbr/\u003e18. Wide of Damien Hirst's 'Skull with Pills'\u003cbr/\u003e19. Close of Damien Hirst's 'Molecular Model'\u003cbr/\u003e20. Visitor looking at Damien Hirst's 'Second Series Biopsy' \u003cbr/\u003e21. Wide of bronze sculpture 'Angel (Exposed)'\u003cbr/\u003e22. SOUNDBITE (English): Maithili Parekh, Sotheby's\u003cbr/\u003e\"Collectors are buying not just one kind of art, they are buying modern, contemporary, video art, photography, works by British artists, Western artists, Chinese artists. So we are seeing both a breadth and depth. We are seeing collectors also collect a lot of work by one particular artist, so sort of deepening their collection and we are also seeing curators help collectors curate a very tightly-collected collection.\" \u003cbr/\u003eNew Delhi - 22 Aug, 2008\u003cbr/\u003e23. Close of a F N Souza painting\u003cbr/\u003e24. Medium of another work by Souza\u003cbr/\u003e25. Various of works by S H Raza\u003cbr/\u003e26. Soundbite (English): Dr Robert Storr, Dean, Yale University School of Art- \u003cbr/\u003e\"There is a recognition that there is a lot of Indian art that's of interest and right now its focussed on relatively few objects and artists but it will broaden and it will also move downwards in time because the very big prices have gone to artists who are deceased or who are very, very old like Hussain (M F Hussain), you know, but it will begin to grow. (Subodh) Gupta is probably the first person to get big prices for relatively contemporary art, but it will...it will broaden.\"  \u003cbr/\u003e27. Installation at Palette Art Gallery's stall\u003cbr/\u003e28. Tilt down from paintings to a copper installation\u003cbr/\u003e29. Pan from an installation to crowd\u003cbr/\u003e30. Various of paintings\u003cbr/\u003e31. SOUNDBITE (English): Radhika Byrn, Private Collector- \u003cbr/\u003e\"Well, I think it's got a lot to do with India...India taking off and India has been brought to attention...you know to other...you know to the world and it's...it's the Indian diaspora that is also buying Indian art. So, I think that's what's happening and it's...it's...it's also part of the trend worldwide where contemporary art is the thing and I think that's what happened.\"  \u003cbr/\u003e32. Various of paintings\u003cbr/\u003e33. Visitors looking at photographs\u003cbr/\u003e34. People moving in front of a painting\u003cbr/\u003eArt lovers in India are helping to promote Indian contemporary art on the global stage.\u003cbr/\u003eRecently, the India Art Summit showcased pieces from the country - it was also a way of purchasing global art in India.\u003cbr/\u003eThe best and the latest of Indian modern and contemporary art was on display at the first India Art Summit held in New Delhi recently (August 22-24, 2008). \u003cbr/\u003eFrom old masters like F N Souza and S H Raza to young artists like Jitish Kallat and Subodh Gupta, the art summit provided a platform to show Indian art to the world.\u003cbr/\u003eThe fair brought together 35 galleries from India and abroad, which collectively showcased more than  400 artworks by more than 200 artists. \u003cbr/\u003eThe variety of artwork on display included paintings, sculptures, photography, mixed media, video, prints, installations and drawings.\u003cbr/\u003eAccording to the organisers, the main objective of India Art Summit was to increase the accessibility, knowledge and appreciation of art in India and overseas.   \u003cbr/\u003eThe summit hopes to achieve the dual purpose of acting as a window for international collectors to get a single access point to Indian art, and to expose Indian collectors to a range of global art that will be showcased at the fair in the coming years. \u003cbr/\u003eAccording to the organisers, the Indian art market is currently worth Rs 15 billion ($348 million approx) with an annual growth rate of 30-35 per cent.  \u003cbr/\u003eThe Indian art market has gone up by 485 per cent in the last decade making it the fourth most buoyant in the world.\u003cbr/\u003eLaura Williams of UK-based Art 18/21 said the Indian art scene may have taken time to catch up but after China, India is the new destination for international collectors. \u003cbr/\u003eIn recent times, Indian artworks have fetched unbelievable prices at international auctions.  \u003cbr/\u003eTyeb Mehta's work 'Mahishasura' fetched $ 1.58 million at a Christie's auction in New York in 2005 while F N Souza's 'Birth' sold for a whopping $ 2.5 million at a Christie's sale in London this year, breaking new price records in sales and auctions the world over. \u003cbr/\u003eFollowing the Art Summit, international auction house Sotheby's displayed part of a collection of works by British artist Damien Hirst. \u003cbr/\u003eHirst's latest collection 'Beautiful Inside My Head Forever' is set to be auctioned in London on September 15-16. \u003cbr/\u003eThe works were carefully selected to appeal to Indian tastes - wonderful butterfly pieces, realistic works, a bronze sculpture and spot canvases.\u003cbr/\u003eAccording to Sotheby's Maithili Parekh, the number of Indian art buyers has doubled between 2004 and the end of 2007, and one third of the buyers in 2007 were new clients.\u003cbr/\u003eParekh says Indian collectors are buying diverse kinds of art, and broadening their collections. \u003cbr/\u003eConversely, a lot of Indian art is also finding its way into Sotheby's international sales.  \u003cbr/\u003eThere is a sale of Indian art at Sotheby's in New York on September 18-19, 2008. \u003cbr/\u003eThe auction house holds three sales dedicated to Indian art every year, and the total worth of Indian art at Sotheby's has jumped more than 600 per cent between 2004 and 2007. \u003cbr/\u003eIn October 2007, Raqib Shaw's masterpiece, 'The Garden of Earthly Delights III' sold for $ 5.4 million at the Sotheby's auction in London, an auction record for any Indian work of art.\u003cbr/\u003eBut even though recognition and appreciation of Indian art is growing, right now it is concentrated on a few artists, says Dr Robert Storr of the Yale University School of Art.\u003cbr/\u003eOnly the deceased or very old artists are fetching astronomical prices.\u003cbr/\u003eHowever, experts are upbeat about the future of Indian art.\u003cbr/\u003eRadhika Byrn, a private collector based in Singapore, agrees.\u003cbr/\u003eShe sees the current boom as part of a worldwide trend where contemporary art is the flavour of the day.\u003cbr/\u003eWith the excitement that the first edition generated, organisers of the India Art Summit are expecting next year's event to be at least three times bigger.\u003cbr/\u003e\u003c/span\u003e\n\u003c/div\u003e\n\u003cdiv class='action-container flex justify-between'\u003e\n\u003cbutton aria-expanded='false' aria-label='Read more description' class='rp-full-description' type='button'\u003e\n\u003ci class='fai fa-solid fa-align-left'\u003e\u003c/i\u003e\n\u003cspan id='read_more'\u003eRead More\u003c/span\u003e\n\u003c/button\u003e\n\u003cdiv class='rp-report'\u003e\n\u003c/div\u003e\n\u003c/div\u003e\n\u003cdiv aria-labelledby='resource-details-heading' class='rp-info-section'\u003e\n\u003ch2 class='title' id='resource-details-heading'\u003eResource Details\u003c/h2\u003e\n\u003cdiv class='rp-resource-details clearfix'\u003e\n\u003cdiv 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