New York, March 19 (IANS) The booming Indian art market has developed into one of the fastest growing in the West with wealthy non-resident Indian (NRIs) collectors and western gallery owners vying for the works of noted Indian painters.
This week, Christie's is holding a modern and contemporary Indian art sale here that is expected to attract several wealthy international buyers.
Prices of Indian art have risen to more than 20 times their value since 2001 in the European and US market. Last year, the total sales of Indian art in England stood at around 106 million pounds, and the figure is expected to double this year.
Sales of Indian art at Christie's and Sotheby's have soared in recent years, and paintings that would have sold for a few thousand pounds half a decade ago are now edging towards the 1 million pound-mark, according to the Independent newspaper.
"Indian art is one of the hottest, fastest growing area in the market. It started with non-resident Indians, many of whom work in technology or banking, who turned towards their cultural heritage, and then it broadened out with more and more interest from Western collectors," said Yimini Mehta, head of Modern and Contemporary Indian art in New York.
Aicon gallery, a permanent exhibiting space in central London, is showcasing the works of Kerala-born Riyas Komu, while Tate Modern is showing those of eminent Indian painter Amrita Sher Gill.
"I have seen a surge in interest from collectors, museum curators and art critics, in contemporary Indian works. The top-selling works have increased in value by 550 percent since 2000," said Prajit Dutta, a co-founder of Aicon gallery.