Indian Art Market Confidence Survey – May 2012
|Report Type||Confidence Survey|
The majority of experts believe the Indian art market will take at least two more years to recover.
The overall ArtTactic Indian Art Market Confidence Indicator is marginally down by 2% from October 2011. The confidence in the Indian economy has increased from 28 to 45, off-setting a 9% decrease in confidence for the Modern Indian art market, and a 24% drop for the Contemporary Indian market.
Despite this negative art market trend, market experts remain positive about the Indian Modern art market with regards to the next 6 months. The last round of Indian auctions in March 2012 was disappointing. The Modern and Contemporary Indian art market experienced another season of decline, with total sales volume of $10,438,532, down 9% from September 2011 and 27% lower than March 2011. The Indian art market has been on a steady decline in the last 20 months, and sales volume today are 62% lower than June 2010.
Compared to 6 months ago, the respondents are feeling more negative about the current market. The Current Indicator came in at 45 (-18%), down from 55 in October 2011. The short-term outlook, measured by the Expectation Indicator stands at 58 (up from 50), implying that the experts are marginally more positive about the next 6 months compared to today’s situation. The hesitance in the market is also apparent when we look at what the experts think the direction in the Indian art market will be in the next 6 months.
For the Modern Indian market, 30% of the experts believe the market will go up (34% in October 2011), and 70% believe the market will remain flat (66% in October 2011). An immediate recovery for the overall Modern Indian art market seem to be some distance away, with 50% of the experts believing the market will at least need two more years before a broader recovery will take place.