Amidst the challenges posed by the pandemic, the Asian art market has displayed remarkable resilience, buoyed by a surge in new collectors, particularly among the millennial demographic. This surge is attributed to the region’s substantial wealth creation, fueled by a flourishing stock market, and facilitated by increased digital access to art purchases.
Emergence of New Collectors in Asia
Francis Belin, the Asia-Pacific president of Christie’s, notes that Asia is witnessing a significant influx of new collectors alongside established ones. This trend underscores the region’s growing influence in the global art market. Notably, Asia accounted for 28% of Christie’s global sales last year, with 50-60% of new buyers annually.
Trends in India
In India, a similar trend is observed, driven by the country’s economic growth and digital engagement with art. The younger demographic, fueled by newfound wealth, is increasingly turning to art as an investment. The digital platform has facilitated art transactions, with nearly 80% of bids placed digitally.
Changing Dynamics of Art Acquisition
The shift towards online purchasing reflects evolving preferences, with collectors opting for anonymity and convenience. Historically, collectors preferred privacy, often employing agents or participating via phone bids. However, the digital landscape has transformed the art-buying experience, making it more accessible and discreet.
Demographic Profile of Indian Buyers
Indian art collectors exhibit a lower average age compared to their global counterparts, with most buyers in their 40s. Moreover, nearly half of the value purchases in India last year were made by new collectors, indicating a significant influx of younger enthusiasts into the market.
Growing Interest in Luxury Collectibles
Beyond traditional art, luxury collectibles such as watches and jewellery are experiencing heightened demand, particularly in the Asian market. Christie’s reports a record year for luxury collectibles, with Asia contributing 40% of global sales. Indian collectors are increasingly active in this segment, showcasing a diverse range of interests.
Diverse Art Preferences
While South Asian art remains a dominant category among Indian collectors, there is growing interest in international art as well. Christie’s endeavours to promote Indian art globally through exhibitions in prominent institutions worldwide, attracting collectors from diverse backgrounds.
Challenges and Opportunities in Contemporary Indian Art
Contemporary Indian art, particularly from the 1960s to 1980s, has faced challenges in growth compared to modern and progressive art. However, there are signs of resurgence, with renewed interest from collectors. The constrained supply of modern art contributes to its enduring value, amidst evolving market dynamics.
The Asian art market’s resilience amidst the pandemic underscores its enduring appeal and potential for growth. With a surge in new collectors, particularly in India, and evolving preferences towards luxury collectibles and digital transactions, the landscape of art acquisition is rapidly transforming. Despite challenges, the future holds promising opportunities for both seasoned and emerging collectors in the vibrant Asian art scene.
Please Note: The report is originally published by Varuni Khosla on Mint
Feature Image courtesy: TIME.com
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