Friday, Sep 5, 2025
English News
  • Hyderabad
  • Telangana
  • AP News
  • India
  • World
  • Entertainment
  • Sport
  • Science and Tech
  • Business
  • Rewind
  • ...
    • NRI
    • View Point
    • cartoon
    • My Space
    • Olympics
    • Education Today
    • Reviews
    • Property
    • Lifestyle
E-Paper
  • NRI
  • View Point
  • cartoon
  • My Space
  • Reviews
  • Education Today
  • Property
  • Lifestyle
Home | India | Indian Art Market Makes Turnover Of 144 3 Mn In Fy 2023 Report

Indian art market makes turnover of $144.3 mn in FY 2023: Report

Indian art market has clocking in a mammoth turnover of $144.3 million through the sale of 3,833 works in FY23

By IANS
Published Date - 5 May 2023, 09:30 PM
Indian art market makes turnover of $144.3 mn in FY 2023: Report
whatsapp facebook twitter telegram

New Delhi: The Indian art market has clocking in a mammoth turnover of $144.3 million through the sale of 3,833 works in FY23, according to a report on Friday.

The ‘State of the Indian Art Market Report FY23’ by Grant Thornton Bharat and Indian Art Investor, shows there is a 9 per cent rise in turnover and a 6 per cent rise in the number of works sold from the previous year, making FY23 the most successful year for Indian art at auction.

Also Read

  • Vibrant street art dots Hyderabad landscape

“Art has always been a lucrative investment among high-net-worth individuals (HNIs) for diversifying wealth and creating value. Today, the pool of investors looking to include fine art in their investment strategies is widening,” said Pallavi Bhakru, Partner, Private Client Services, Grant Thornton Bharat, in a statement.

“By setting clear requirements, doing extensive research and seeking help and advice from professionals who can guide and manage this investment avenue, investors can acquire desirable works of art, thereby adding value to their portfolio for generations to come,” she added.

The report showed that the Indian art market at auction witnessed noteworthy traction this year, with a total of 132 auctions offering 4,240 works; an increase of 11 per cent in terms of works that came up for sale from the previous year.

The market observed high liquidity, with an impressive sell-through rate of 90.4 per cent.

“The Indian art market is at an all-time high. Data from the report reveals that the auction market has grown by 265 per cent since FY13. The mean auction estimate for FY23 stood at $93.1 million. At a turnover of $144.3 million, the market recorded a positive deviation of 55 per cent from its mean estimate,” said Arvind Vijay Mohan, Founder of Indian Art Investor, in the statement.

“There were a total of 164 artists who set new records this year and every year is witnessing new records, rising volume and increasing sales turnover. All these are indicators of buoyancy and positive sentiment in the Indian art market,” he added.

Modernists and pre-modernists both witnessed a 7 per cent increase in the number of artists featuring at auction in FY23.

Unlike the previous year, the art market witnessed a decline in the number of Contemporary artists at auction, and the decline was significant at 9 per cent. Over the next few years, pre-modernists are expected to gain more dominance in the market.

There were a total of 103 online auctions held in FY23, accounting for 45 per cent of the total turnover generated and 75 per cent of the works sold in FY23.

At 1,597 works, over 40 per cent of the works sold this year were sold above their upper estimates, indicative of great demand by patrons.

Overall, the market recorded impressive numbers in FY23 and along with the previous 2 years has set the foundation for a successful decade ahead for Indian art.

 

  • Follow Us :
  • Tags
  • art
  • India

Related News

  • India face Afghanistan in crucial CAFA Nations Cup clash

    India face Afghanistan in crucial CAFA Nations Cup clash

  • Samsung Launches Galaxy A17 5G with AI Features, OIS Camera, and On-Device Voice Mail in India

    Samsung Launches Galaxy A17 5G with AI Features, OIS Camera, and On-Device Voice Mail in India

  • Futsal coach says India has great potential for growth

    Futsal coach says India has great potential for growth

  • Singapore PM Lawrence Wong to begin three-day India visit 

    Singapore PM Lawrence Wong to begin three-day India visit 

Latest News

  • Hyderabad Pickleball League: Saina joins Keerthi Warriors as co-owner

    4 hours ago
  • Hyderabad sports roundup: Snehit, Sreeja for Asian Table Tennis

    4 hours ago
  • Doubles shuttler Jwala Gutta distributes kit to Telangana fencing squad members

    5 hours ago
  • Mahadev crushes Mayura as Preethesh hits unbeaten 148 in HCA C-Division championship

    5 hours ago
  • Yuvraj launches innovative multi-city Indian Golf Premier League

    5 hours ago
  • The Gambits, a documentary on Global Chess League

    5 hours ago
  • Traffic curbs in Hyderabad for Ganesh idol immersion on Saturday

    5 hours ago
  • 10 indian boxers get bye in first round of World Boxing Championships

    5 hours ago

company

  • Home
  • About Us
  • Contact Us
  • Privacy Policy

business

  • Subscribe

telangana today

  • Telangana
  • Hyderabad
  • Latest News
  • Entertainment
  • World
  • Andhra Pradesh
  • Science & Tech
  • Sport

follow us

  • Telangana Today Telangana Today
Telangana Today Telangana Today

© Copyrights 2024 TELANGANA PUBLICATIONS PVT. LTD. All rights reserved. Powered by Veegam