India's Art Market in Crisis: A Period of Readjustment

Peter Nagy, the director of Nature Morte gallery in New Delhi, examines the evolution of the Indian art market from the 1950s until the financial crisis of 2009. Initially, it took shape in Bombay hotels and private galleries, showcasing artists such as M.F. Hussain and F.N. Souza. The 1960s saw the establishment of significant galleries like Chemould and Pundole. The economic boom and globalization of the 1990s fueled expansion, leading to the rise of new galleries. While the market is predominantly local, with Indian collectors favoring domestic art, painting remains the leading medium in sales, although photography has recently gained popularity. Sculpture made from unconventional materials faces challenges. Following 2000, international interest increased, highlighted by major exhibitions in cities like Paris, London, Milan, Tokyo, and New York. The 2008 financial crisis resulted in price declines and a market recalibration. An exhibition is scheduled for spring 2011 at the Centre Pompidou in Paris.