New Markets for Indian Art: the Growth of an Ecosystem in the New Millennium

As the largest democracy in the world with a rich cultural heritage, India presents a fascinating case study for a new market for art in the Global South. This chapter therefore aims to provide a survey of the Indian art scene since the early 2000s. We map the growth of this new market for art by examining the drivers of success as well as the challenges it has faced in the past and those which threaten to impede further expansion. We thereby pay attention to the roles of the various intermediaries in the Indian art market, ranging from art galleries, auction houses, biennials and non-profit initiatives. Our paper demonstrates that the past decade or so witnessed the birth of an extensive art ecosystem in response to rising demand for modern and contemporary art, despite the lack of government support and high overall transaction costs. Furthermore, we subscribe to the notion that cultural contexts shape art markets, and argue that the informal economy – and the Indian mentality of jugaad – is a crucial arena in which art-making and art-exhibiting takes place, remains highly relevant today.