Jaya Asokan, the fair director of the India Art Fair (IAF), believes Delhi is the perfect place to connect with art lovers from around the world. This year, the event will not take place in Mumbai as originally planned. Instead, IAF will focus on its 16th edition in Delhi, featuring a record 118 exhibitors, highlighting the growth of the Indian art scene.
In a conversation with Vaishali Dar, Jaya shared insights about current art trends and the evolving market in India.
What excites you most about this year?
I’m thrilled to see the high quality of gallery presentations. This shows how much the Indian art market has matured. International galleries like David Zwirner and Lisson Gallery are coming back with fantastic works by artists such as Huma Bhabha and Oscar Murillo. Indian galleries like Experimenter and Nature Morte will also showcase renowned artists like Shilpa Gupta and Bharti Kher.
What about the growth you’ve noted in the Indian art market?
The Indian art market has seen impressive growth. The 2024 Hurun India Art List reveals that the top 50 artists reached sales of Rs 301 crore, a 19% increase from last year. This growth comes as more people are investing in art, driven by a strong economy and higher disposable incomes. Interestingly, the entry price for the top 10 artists jumped from Rs 1.99 crore in 2021 to Rs 7.70 crore in 2024. Young collectors, especially from technology and finance sectors, are also becoming key players in the market.
Support for emerging artists is also on the rise. Initiatives like the PRAF Artist Prize and BMW’s commissions have boosted funding by 25%, now exceeding Rs 50 lakh. South Asian art is gaining international attention, featured prominently at events like the Venice Biennale and exhibitions like The Imaginary Institution of India in London.
Do you think art sales will remain strong despite changes at global auction houses?
Yes, the Indian art market is resilient. Despite trends of global auction houses diversifying into luxury items, our market continues to grow. The success of the IAF’s design segment highlights a rising interest in creative collaboration, featuring innovative design studios from across the globe.
Why was the IAF Contemporary Mumbai edition canceled? Will it move to other cities?
This decision allows us to concentrate on creating a fantastic experience in Delhi. As a central hub for art in India, Delhi offers great opportunities to engage local and international visitors. We are considering future editions in other cities but want to strengthen our presence in Delhi first.
Is digital art becoming more mainstream?
Yes, digital art, including NFTs and AR, is becoming more popular, especially among young collectors. However, it’s still a niche market in India, with about 8-10% of collectors actively involved. Interestingly, around 30% of new collectors under 40 are exploring digital art.
How is the fair addressing sustainability issues?
We are committed to sustainability by recycling materials used in exhibitions and encouraging eco-friendly practices. We’ve also switched to digital ticketing and biodegradable food containers. In 2023, IAF was recognized for its efforts in sustainability among the top art fairs in India.
Will inclusivity be a focus this year?
Absolutely! We offer special tours with Braille guides and accessible seating. We also have an area curated by Access For ALL, showcasing artworks designed for those with disabilities.
What trends are emerging in the art scene?
In 2025, we expect South Asian art to gain even more global recognition, especially at significant events like the Venice Biennale. There’s a growing trend of combining art with design and technology. We’re also seeing a rise in interest from collectors in smaller cities, which will be vital for future growth.
The India Art Fair will be held at the NSIC Exhibition Grounds in New Delhi from February 6-9.
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