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Article: Art market looking up - India Art Summit proves it (With Images)
- Article from:
- The Hindustan Times
- Article date:
- August 27, 2009
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New Delhi, Aug. 27 -- After a year that saw a price drop of at least 30 percent across all segments of modern and contemporary art and a purge of inferior products, the Indian art market is looking up again, say organisers of the India Art Summit 2009 in a post-fair review.
According to Neha Kirpal, associate director of the India Art Summit, galleries raked in nearly Rs.26 crore ($5.2 million) from sales --about 50 percent of the Rs.50 crore worth of art on offer. The footfalls, said Kirpal, stood at 5,000 on day one and touched 40,000 by the last day.
"This is similar to last year. In 2008, we sold 50 percent -- Rs.10 crore out of exhibits worth Rs.20 crore on display. Globally, art fairs ...