By IANS,
Madrid : The global economic downturn has had a surprisingly positive impact on Indian contemporary art with the focus shifting from price to quality. It has also led to the emergence of European collectors as the main buyers due to the erosion of the US market, say experts.
Contemporary artist Bose Krishnamachari, who has curated a special Indian Panorama section for the ongoing international art fair ARCO-Madrid, told IANS: “The economic downturn has led to artists concentrating on the quality of art work rather than on prices.”
India is the guest country at the 28th edition of the prestigious art fair, with 14 galleries exhibiting over 100 works by 54 young artists.
“The quality of this fair is very evolved because it draws the cr�me of collectors and buyers from across Europe – that include both private and institutional,” said Krishnamachari.
“One of the effects of the recession is that we have started prioritising the European market to carry Indian art to the next level. The American buyers� base appears stretched because several of them, who have been affected by the economic slide, have disappeared,” said Peter Nagy of Nature Morte Gallery, who has two kiosks at ARCO-Madrid.
“In the US, buyers of Indian art are mostly NRIs. The European market is made of institutional and private collectors – most of whom are westerners. Several Indian artists have ready markets across countries like Italy and France,” said Nagy.
“I am very happy with the representation of artists and the quality of artworks on display from India. The country has a talented pool of young artists and some of the works, especially those by Jitish Kallat and Shilpa Gupta, are fantastic. The market is also steady and I am sure the country will do well globally,” said ARCO-Madrid director Lourdes Fernandez.