‘Indian art market remains resilient, continues to grow’: Jaya Asokan, fair director, India Art Fair – Lifestyle News

The national capital remains the ideal location for engaging both domestic and international audiences, says Jaya Asokan, fair director, India Art Fair (IAF), as the premier art event decides to call off its inaugural Mumbai edition that was scheduled for the end of this year. The upcoming fair has announced a 

record number of 118 exhibitors for its 16th edition—a testament to the years of steady growth and commitment to nurturing the art ecosystem in India. In an interview with Vaishali Dar, Asokan speaks on the art trends and market in India, among others. Edited excerpts:

What excites you most about this year?

Building a cyber-resilient India in the AI era

Union Budget 2025: An opportunity for India to enhance economic resilience amid global strife

After rough ride in 2024, Indian startups look for a promising new year

Unveiling resilience: Navigating unforeseen business challenges in India

I am excited about the quality and ambition of gallery presentations, which reflect the maturity of the Indian art market. International heavyweights like David Zwirner and Lisson Gallery are returning after years, with stellar presentations including works by Huma Bhabha and Oscar Murillo. Indian galleries are equally ambitious, with Experimenter, Nature Morte, and Vadehra Art Gallery showcasing internationally acclaimed artists like Shilpa Gupta, Bharti Kher, and Jitish Kallat.

You have always said that the Indian art market is on an upward trajectory evidenced by its growth in recent years. 

The Indian art market has experienced significant growth in recent years. As per the 2024 Hurun India Art List, sales by the top 50 artists reached a record-breaking Rs 301 crore, marking a 19% increase from the previous year. This surge is attributed to India’s robust economy and rising disposable incomes, leading to a growing interest in art as a valuable investment. The entry point for the top 10 artists rose from Rs 1.99 crore in 2021 to Rs 7.70 crore in 2024. The growth is supported by participation of young collectors aged 30-50 from sectors such as technology, finance, and creative industries instrumental in driving demand and expanding the market’s reach.

Even the total value of grants and support to young artists through initiatives like the PRAF Artist Prize and the BMW ‘The Future is Born of Art’ Commission has increased by 25% as compared to last year, now exceeding Rs 50 lakh in direct support to artists.

South Asian art is also experiencing a big moment with increased representation at events like the Venice Biennale and exhibitions such as The Imaginary Institution of India in London.

So do you see robust art sales in India given the fact that international auction houses like Christie’s and Sotheby’s have pivoted to auction luxury items like handbags, classic cars, etc?

The Indian art market remains resilient and continues to grow, highlighting its unique position within the global landscape. Global trends indicate a shift towards diversification, and this evolution reflects the strength of niche markets. The success of IAF’s design segment, for instance, illustrates an increasing interest in transdisciplinary practices and unexpected collaborations featuring 11 eminent design studios from India and beyond—Vikram Goyal (New Delhi), DeMuro Das (New York), Carpenters Workshop Gallery (London/ Paris/ New York/ Los Angeles), etc.

Why was the IAF Contemporary Mumbai edition called off? Are you planning to take the fair to any other city?

The decision was strategic, allowing us to focus on delivering an exceptional experience in Delhi. As the backbone of India’s art scene, Delhi remains the ideal location for engaging both domestic and international audiences. We are exploring possibilities for future editions in other cities, but our current priority is to deepen our impact here first.

Is digital a big part of the art world or is it still a niche?

Digital art, including NFTs, AR, and VR, has gained prominence, especially among young collectors. At IAF, we ensure these mediums are accessible and contextualised. However, the market for digital art in India remains niche, with 8-10% of collectors actively engaging with these mediums, according to recent UBS global art reports. But young millennials are reshaping the art market, showing a strong inclination towards emerging art forms. Studies say 30% of new collectors in India under 40 engage with digital art.

Is the fair sustainable this year?

We recycle and reuse the fair exhibition tents, floors and walls, use glass bottles, ticketing is digital, transitioning to printing fair signage on fabric, use F&B biodegradable dishes and encourage visitors to adopt public transport. IAF was awarded the top 3 spot in India for its ‘Excellence in Sustainability’ by Exhibition Showcase in 2023 for its sustainability efforts.

Will inclusivity be another focus?

Our dedicated tours support special assistance through Braille guides, and an accessible seating and floor plan. We have a space curated by Mumbai-based Access For ALL, supported by the Kiran Nadar Museum of Art on accessible art, which has tactile artworks, Braille books and workshops aimed at pedagogists, and those with disabilities.

Can you tell us about the new art trends?

First, 2025 will see South Asian art continue its ascent on the global stage. With exhibitions increasingly representing South Asian artists at events like the Venice Biennale, there is a clear international appetite for diverse voices and narratives from the region. Second, cross-disciplinary collaborations like the blending of art, design, and technology are expected to gain traction. Third, there is a focus on younger artists and emerging markets, including tier-2 and tier-3 cities in India, who will play a crucial role in driving growth, as more collectors outside metropolises engage with contemporary art. 

The India Art Fair is taking place at the NSIC Exhibition Grounds, New Delhi, from February 6–9

_{Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their legal original owners.}