Indian art prices are at an all-time high. Is there stagnation or growth ahead?
Live MintThe IIMA-Aura Art Indian Art Index has hit an all time high of 4,377 as investors take a fancy to artworks after a huge bull run in equity markets. Asked why this was happening now, Rishiraj Sethi, director, Aura Art Development Pvt Ltd, said, “Art prices always lag equity markets by a few months or years. Sethi from Aura Art said this was because several art funds were launched around the same time in 2006, and collectively poured more than ₹250 crore into the still-nascent market, worth about ₹1,000 crore at a time, thus inflating prices. They had high distribution, impact and holding costs, and should have had much longer durations than five to six years as long-term returns from art could have helped them absorb these costs better," said Sethi.
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