In 2009, as reported by a TEFAF study, the global art market grew by 11 per cent to £40.1bn over 2008. The leading market players included the USA (41% of the global market share), UK (30%), China (8%), France (6%), Germany (3%), Switzerland (2%), followed by Russia, India & Middle East (with fairly negligible market share). According to the study, India's market share accounted for only 203m pound sterling.
In 2010, according to The Global Art Market in 2010: Crisis and Recovery, China has a 23 per cent market share of the global art and antiques market, including auction and private sales. Britain has a 22 per cent share, amounting to about €9.4 billion ($13.1bn), while the US share is 34 per cent or €14.6bn. In effect, China increased it's market share by 15% over the previous year. China is slowly emerging as a major hub for the global art market.
Clearly, India has the potential to emerge from the shadows to play a major role in the global art market (especially considering that we would be the world's most populated country in some time)! Certainly, this would require a lot of hard work from all the stakeholders especially the government and it's stance on the arts, the galleries including the curators, and the art collectors. Artchutney.com is committed to play a role in the growth of the India art market!
Data sources:
http://www.theaustralian.com.au/news/world/china-worlds-new-art-market-elite/story-e6frg6so-1226021966141
http://www.antiquestradegazette.com/news/7059.aspx
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