The Twenty-first century witnessed a drastic change in selling or buying of paintings online. India is no exception in this regard. In the past few years, selling online paintings has become a new trend to look up in India. Many young artists now believe that it is better to put art online for sale. Today, various art exhibitions provide a wide platform for the development of the art profession and State support likewise has developed in diverse organizations, such as an artist’s studio, open art exhibitions and online galleries. The greater part of the famous artists show in various displays of their works from all over the nation and art exhibitions reflect the nation’s contemporary art practice. Throughout the most recent decade, with the digitalisation of art and the advancement of Indian economic development, the art market has significantly reached its highest peak. On account of developing markets, the nation where art has a place and its destiny in the worldwide field is straightforwardly affected by the quirks of the country’s economy.
Solomon R, an artist from Trichy (India), who had travelled to all major cities in India to exhibit his paintings and ended up with no buyers, registered online to sell his paintings to see an acceleration of his artwork.
This artist is now selling his works much faster than ever with the online ecosystem. S.H. Raza, another soul of Indian art, and other amazing Indian artists such as F.N. Souza, and Tyeb Mehta, have registered themselves online.
Youth culture has a tendency to go online for almost every purchase, thus the online art market is growing fast. Many people now want art and other collectables to be included in their wealth records, so it is easy to find a preferable art piece online to purchase. The online art market is gradually becoming a new profit bonanza in India.
TURNOVER GENERATED in FY23: RS. 521 CRORES ($67.6 M)
WORKS SOLD: 2,869
SELL THROUGH RATE: 93%
CONTRIBUTION OF ONLINE SALES TO THE MARKET
There was a total of 103 online auctions held in FY23. These online auctions have accounted for 45% of the total turnover generated in FY23.
Art auctions embrace a future of online bidding. Courtesy: New York Times
LOCATION-WISE DISTRIBUTION OF TURNOVER AND WORKS SOLD IN FY23
- Churning Rs. 521 CR, turnover from online auctions was down 6% from FY22.
- The online auction market was in itself responsible for 75% of the works sold in the auction market as a whole, clocking sales of 2,869 works.
- Approximately 63% of these works fell in the <Rs.5 lakh bracket.
- Interes9ngly, nearly 30% of the turnover coming from online auctions came from works sold valued between Rs.1-5 Cr and 22% from works valued above Rs. 10 Cr. a. This is indica9ve of the market opening up to purchasing high-value assets online.
- The share in volume of works sold via online auctions fell by 7 percentage points from FY22 with a corresponding fall of 8 percentage points in the share of turnover generated.
- This could perhaps be attributed to a change in the overall market dynamics since the previous year.
- FY22 was hit with a wave of the pandemic as well, as opposed to FY23 when the markets had opened up en9rely.
In the past couple of decades, the interest of people in Indian artwork has risen dramatically across the globe. They have started recognizing it, thereby increasing its commercial value. The art industry has suddenly witnessed a growing demand for skilled artists and fine works of art. In this scenario, the invasion of eCommerce has played an important role in the revival of the Indian art market. Talking specifically of the online art marketplaces in India, they are simply making the process of discovery easier and buying faster as they have taken a digital-first approach to selling art. These art marketplaces provide original, ethnic and unique art forms from artists across the world, and bring original and unique art forms to a larger audience.
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