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Online Art Auctions

One of the most important factor contributing in the growth of Indian art market apart from escalated streaming of money and the excitement generated by the few art’s auctions is online Art auctions. There is a booming demand for Indian art both within the country and overseas as well. Many of the Indian art galleries are getting tempted to progressively take to online selling for reaching out to a larger number of clienteles and to “to fulfill a need” as well. Recent stats show that, on famous auction portal eBay.com every 28 hours, a work of art is being purchased. This revolution has prompted many new unknown buyers to look forward to online auction sites to list their artworks and build a consumer base.

In tune with the western countries, Indians have also gone tech savvy. This way, they have the option of visiting many art galleries online and deciding in on the preferred work of arts. Facility of seeing all offered art works in virtual world with just a simple mouse click makes the reach of online auctions even more alluring. Interested buyers have more information about the numerous works of art. Not only that, they can also evaluate the works of art with similar kind of works sold in another auction. Online auction facilitates online payment and the art work gets delivered at the door steps of the buyer. Online art auctions are yet to fulfill its potential in India. The traditional Indian buyers are principally prone to buy based on the see and touch feel. But gradually the growing consciousness about online benefits is paving the way for more regular online auctions

May 31, 2008 Posted by | Art Auctions | Leave a comment

Art auctions- Guidelines

Whenever Art auctions are scheduled to take place, most of the auction houses prepare the social calendar for buying and selling activities nearly a year before the actual date of the event. Usual clientele are provided catalogues in addition of the social calendar about what will be put under the hammer. That way, willing buyer get good enough time to think out the available details and artworks he/she is interested in. There are many guidelines about things to be taken care of before buying the desired artwork. Few of them are:-

  • Prospective buyers must familiarize themselves with all the records associated to the artist and the artwork. It also helps to get a fair idea about artist’s other works. 
  • One must keep in mind; there are many prospective buyers who would be bidding for the artwork. It would be wise to get an idea about whether there are any buyer’s premiums.
  • After knowing all the relevant information one can safely put bid. It won’t harm to discuss with some art dealers or historians for better guidance.
  • It is also recommended to correctly evaluate the state of artwork. This gives a fair idea about fair value of the work of art.
  • Often comparing bid price with market price proves to be very helpful.
  • It’s a must check about the artwork’s authenticity, certification and insurance.

Finally, it pays to have some previous experience of auctions. This is very useful in placing bids at opportune time


May 28, 2008 Posted by | Art Auctions | Leave a comment

Art Auctions-2

Paintings of Indian artists have witnessed the highest demand worldwide. Amongst the various forms of art, its Indian paintings that have stood out. Paintings of Indian artists like, M F Hussein, Tyeb Mehta and Manjit Bawa are at the vanguard of such popularity. According to conservative estimates, Indian art auction market was worth $ 150 million last year. Whereas in 2005, the Indian modern and contemporary art auction market was worth $ 52 million. Thinking of it, how speedily Indian art market has grown since 2004 when the India’s art market was a bare $ 13 million. Its nearly 4 times increase in a span of one year and around 12 times increase in 2 years. That gives us a fair idea about the popularity of the Indian arts.

 

The way art auctions are fast catching up in India, it comes as no surprise to see Indian art auction scenario touching new heights. Few of the most famous auction houses are Christies, Sothby, Philips de Pury & Luxembourg, Bonhams group etc who have conducted art auctions in India. Till a year or two back, most of the buyers in the Indian art auctions were Indians. Almost 80% to 90% of the buyers were used to be Indians. Yet, Indian art auction is in its nascent stage. We are witnessing amazing growth but Indian art market has a long way to go. Though, we can safely say, Indian art market is on the right path.

May 25, 2008 Posted by | Art Auctions | Leave a comment

Art Auctions

India has traditionally been a place for art auctions. Looking back into the history, we can find the tradition of art auction exists since 17th century. Auction refers to a process where an object is put to sale for public in general, subject to who bids the highest. The highest bidder gets the artwork in subject. With Indian art rapidly climbing the popularity chart, art auctions have become a common sight. Market for Indian rat auctions has also been a phenomenal success in recent times, particularly in last decade. Nowadays, art auctions work as a business proposition for the works of art. Art auction is a thorough process with vigilant planning and well thought-out structure.

 

It won’t be an exaggeration to say, Indian art auctions have slowly turned into a rage because of the rewarding opportunities it offers to the investors. In the current market scenario, the Indian art market can safely said to be on all time high and reasons are not hard to find behind this phenomenon. Primarily its tremendous demand for the archetypal Indian arts. And this demand is two folded, both from within and from global market. India’s growing metropolitan populace and their rising awareness and interest in Indian art in terms of taste and even requirement has propelled the Indian market to an incomparable heights.

May 20, 2008 Posted by | Art Auctions | Leave a comment