Marking its 15th anniversary, the India Art Fair (IAF) returns to the NSIC Exhibition Grounds in New Delhi from 1st to 4th February. As South Asia’s premier commercial art event, IAF’s latest edition boasts participation from 72 galleries, making it the largest in its history. Against the backdrop of India’s expanding economy and a flourishing art market, Jaya Asokan, the fair’s director, expresses optimism about the growth trajectory.
Navigating a Changing Landscape: From Bottoming Out to Maturation
In 2008, when the India Art Fair launched, the Indian art market faced a challenging scenario, having recently experienced a downturn following a spectacular six-year boom. The recovery has been gradual, but secondary market figures now surpass the heights of the late 2000s. Private institutions, foundations, and biennials have contributed to fostering a more sustainable art ecosystem, with IAF playing a pivotal role in supporting the market during fragile times.
Maturation Signals Increased Competition
As IAF celebrates its 15th year, signs of maturation are evident in the increased competition within the South Asian art fair landscape. Last year, Art Mumbai, organised by the heads of India’s largest auction house, SaffronArt, entered the scene. Although boutique in comparison to IAF, Art Mumbai aims for substantial growth. This shift prompts questions about the market’s capacity to accommodate both major events.
Jaya Asokan acknowledges the competition, congratulating Art Mumbai on its successful first edition while emphasising the expansion of the art ecosystem that IAF helped establish. As two significant art events unfold in the country, the industry contemplates whether collectors will attend both or choose one, a situation Asokan views as natural.
Innovation Amidst Expansion: IAF Introduces a New Design Section
In response to an expanding market, IAF introduces a new design section in its latest edition, showcasing collectible design rather than mass-market offerings. This innovation was in the pipeline before the launch of Art Mumbai, highlighting the fair’s commitment to pushing boundaries. The new section caters to interior designers, a key driving force behind the middle tier of India’s art market.
Encouraging Cross-Pollination and Building on Tradition
The addition of the design section aims to encourage cross-pollination between disciplines, leveraging the historical strengths of South Asia’s diverse traditions of artisanship and craft. With interior designers regularly buying artworks for their clients and many Indian cities witnessing construction booms, the demand for art to adorn new homes remains strong. IAF sees an opportunity to expand the market further by tapping into these established collector bases and exploring the intersection of art and design.
As the India Art Fair celebrates its 15th anniversary, it stands as a testament to the resilience and evolution of the country’s art market, navigating challenges and embracing innovation to sustain its position as a key player in the global art scene.
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