The emergence of art as a market in the early 90s has constituted it is as yet another investment
opportunity. I recollect, when I started out in the late 80s to pursue my passion for collecting art,
the formation of galleries had still not begun. Hence, the recognition of art as an investment asset
class was a matter of novelty and yet to be imbibed in the economic system of India. With the
liberation of the economy and the onset of globalization in 1992, art was being organized in a
system of network through the process of buying and selling.
Today, as we all know everything around us functions on the same logic of exchange. Give
and take has inherently been a part of human relationships and the driving force of humanity.
However, in the post modern world it has transformed drastically, subverting the true meaning
of exchange or dialogue. It has acquired a more materialistic connotation and is often abused or
exploited to get more and give less.
It is really disheartening that due to this new economic system, some artists work solely for
commercial purposes and often end up pandering to the demands of the noveau-rich. One has to
scout for rare, authentic and qualitative artists amidst a range of ‘so called artists’.
India being a developing nation has very little to offer to the entire world. Its standing on the
global art scene is miniscule and is still grappling to attain firm ground. Our current issue examines
the current state of the art market as we know it and the subsequent causes for art crisis in India.
‘Art crisis’ entails the stagnancy felt in the art market that has upset collectors, gallery owners
and artists and the absence of visual arts education and museum culture in the country. Art as
viewed and understood by common man seems something very disjoint from life and a world
alien to them. There are various factors that contribute to such a sorry state of affairs and we have
tried to touch upon these issues by roping in diverse perspectives from gallery owners and some
articles by our eminent team of writers.
As one faces the flak of the recession, art is also suffering at the same time. If there will be no
takers, for whom will art be created? As the monsoons have blessed us with generous rains, we do
anticipate that the market too will stabilize and gain momentum and at the same time emanate
qualitative works of art.
Siddhartha Tagore