India's Wealthy Shift Spending from Luxury Goods to Art Collecting
India's affluent classes are redirecting their spending from traditional luxury items like cars, jewels, and gadgets toward art acquisition. This trend was highlighted in a February 23, 2015 feature in The Economic Times. Collector Pankaj Kehr, a medical equipment manufacturer and exporter, exemplifies this shift, preferring to support India's art scene and engage with the international art world rather than purchase additional vehicles. Kehr observed that motivations for buying art are evolving from status display to fulfilling aesthetic needs. Events including the India Art Fair and Kochi Biennale have elevated contemporary art's profile among the country's wealthy.
Key facts
- India's affluent classes are spending more on art instead of cars, jewels, and gadgets.
- The trend was reported in The Economic Times on February 23, 2015.
- Collector Pankaj Kehr is a medical equipment manufacturer and exporter.
- Kehr prefers supporting India's art scene over buying another car.
- Kehr notes art buying motivations are shifting from self-esteem to aesthetic needs.
- The India Art Fair has increased contemporary art's profile among India's wealthy.
- The Kochi Biennale has also raised contemporary art's visibility.
- The information comes from an ArtReview article published on February 23, 2015.
Entities
Artists
- Pankaj Kehr
Institutions
- The Economic Times
- India Art Fair
- Kochi Biennale
- ArtReview
Locations
- India