The Indian art market is bucking a global trend of declining sales and hopes are high some expensive pieces will change hands at the India Art Fair in New Delhi this week.
More than 100,000 people are expected to attend the event, due to be held from Wednesday to Sunday.
Exhibiting galleries are hoping for robust sales and continued interest from wealthy domestic buyers, thereby fuelling the country's art market, estimated to be worth as much as 20 billion rupees (Dh1.46bn).
Although globally art sales are down, India is showing surprising resilience.
"The Indian art market boomed very, very fast and is now more mature, more stable. Indians have the money and the potential to become serious collectors," says As Bhavna Kakar, the owner of Latitude 28 gallery in New Delhi.
"In fact, galleries such as mine have survived the recession purely through selling to local Indian collectors. If the market can sustain us through local consumption these last four years, then you know that the Indian market has good potential for international galleries."
Each gallery pays about Dh1,310 per square metre to have a booth at the fair, on which just under Dh7 million is spent on advertising and Dh14m on public relations throughout the year, done mostly "through barters and partnerships with media companies", according to Neha Kirpal, 31, the energetic founder of the event, now in its fourth year.
The fair makes money through corporate sponsorship and the sale of floor space. This year, 26 museum groups from across the world are scheduled to visit. Half of the 90 exhibitors are Indian galleries and half are international - from South Africa, Latvia, Portugal, France and the UK, among other countries.
The event has come a long way since 2008 when fewer than 10,000 people visited and many in the art establishment told Ms Kirpal she was foolhardy to attempt to run an art fair in a poor, chaotic country with a minuscule art market.
Undeterred, Ms Kirpal, who has a master's degree in marketing from the University of the Arts, London, wrote an initial business plan on an air-sickness bag on a flight from Delhi to Mumbai.
She took out a personal loan of about Dh150,000 and founded the fair. After losing money every year, she is "cash-neutral" this year, she says, thanks in part to an injection of funds from Will Ramsay and Sandy Angus, the co-founders of Art HK, an international event held in Hong Kong, who have bought a 49 per cent stake in India Art Fair.
Ms Kirpal used the funding to repay her loan.
It costs about Dh500,000 to organise the fair, she says. Sixty per cent of the operating budget goes towards renting the venue and 15 per cent goes to the production company.
Unlike mature art markets, many Indian buyers are speculators who come in with a lot of money but have little knowledge about art. The fair has launched a "collector's circle" to interest and educate novice but wealthy collectors. Members pay a fee of US$200 (Dh735) and are invited to events and lectures throughout the year.
"The art fair is a wonderful platform because it has brought together galleries, curators, artists, museums, non-profit organisations and auctioneers - but it still remains very commercial," says Maithili Parekh, the director of business development at Sotheby's India.
business@thenational.ae
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
At a glance
Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.
Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year
Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month
Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30
Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse
Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth
Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances
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In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
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How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
RESULTS
5pm: Handicap (TB) Dh100,000, 2,400m
Winner: Recordman, Richard Mullen (jockey), Satish Seemar (trainer)
5.30pm: Wathba Stallions Cup Handicap (PA) Dh 70,000, 2,200m
Winner: AF Taraha, Tadhg O’Shea, Ernst Oertel
6pm: Abu Dhabi Fillies Classic Prestige (PA) Dh110,000, 1,400m
Winner: Dhafra, Fabrice Veron, Eric Lemartinel
6.30pm: Abu Dhabi Colts Classic Prestige (PA) Dh110,000, 1,400m
Winner: Maqam, Fabrice Veron, Eric Lemartinel
7pm: Handicap (PA) Dh85,000, 1,600m
Winner: AF Momtaz, Fernando Jara, Musabah Al Muhairi
7.30pm: Maiden (PA) Dh80,000, 1,600m
Winner: Optimizm, Patrick Cosgrave, Abdallah Al Hammadi
'Gehraiyaan'
Director:Shakun Batra
Stars:Deepika Padukone, Siddhant Chaturvedi, Ananya Panday, Dhairya Karwa
Rating: 4/5
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
