Mumbai Forecast

3 Sept

Written By AWITA

Is Mumbai booming in the age of bust? Ahead of Art Mumbai, we explore the city’s art landscape, shaped by a shifting market, growing infrastructure, and a younger wave of collectors.

Speakers:
Rhea Kuruvilla, Art advisor, Frieze’s VIP Consultant for India and founding team member of Art Mumbai
Hena Kapadia, Founder and director of TARQ
Saloni Doshi, Collector, patron and author or Mapping Residencies in India
Tracy O'Brien, Collector and patron.

Moderated by Dr Cleo Roberts-Komireddi, writer for the Financial Times, The Guardian, and The Telegraph - and currently writing a book on Indian art for Yale University Press

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1. India is Booming with Private Support

India is one of the world’s fastest-growing economies with 1.4 billion people, 22 languages, and 191 billionaires.

With developments of seaview properties and cultural initiatives like the Nita Mukesh Ambani Culture Centre and street art fairs, new wealth is fueling philanthropy and cultural investment in the city.

2. Local Realities Shape Collecting

Mumbai has some of the smallest home sizes across India’s top cities. This becomes a defining factor in collecting within tighter, vertical spaces.

Advisors often have to balance family tastes across generations.

3. A Highly Localised Market

The older generation tends to support traditional art forms such as Pichvai and religious works, with loyalties to local artists and those from neighbouring regions.

The India Art Fair is branching out with satellite projects which, being such a vast country with a variety of people, helps galleries build confidence and interest around local artists.

4. International Pull

The deep auction market both locally and in London and New York positions the city strongly for global growth. 6 major auction houses are based in Mumbai selling cars to jewellery to art deco furniture. Indian artists continue to set new records year after year.

5. Access and Regulation

If a gallery is importing a show, you will be 25% out of pocket on duties and taxes. As art is often viewed as a rich person’s hobby, customs can also require extra fees upon official examination.

As awareness and access grow, the Indian government is beginning to recognize the cultural value of art. Interestingly, India is the only country where art funds are regulated like mutual funds.

AWITA

Mumbai Forecast

2. Local Realities Shape CollectingMumbai has some of the smallest home sizes across India’s top cities. This becomes a defining factor in collecting within tighter, vertical spaces.

Advisors often have to balance family tastes across generations.

3. A Highly Localised MarketThe older generation tends to support traditional art forms such as Pichvai and religious works, with loyalties to local artists and those from neighbouring regions.

The India Art Fair is branching out with satellite projects which, being such a vast country with a variety of people, helps galleries build confidence and interest around local artists.

4. International PullThe deep auction market both locally and in London and New York positions the city strongly for global growth. 6 major auction houses are based in Mumbai selling cars to jewellery to art deco furniture. Indian artists continue to set new records year after year.

5. Access and RegulationIf a gallery is importing a show, you will be 25% out of pocket on duties and taxes. As art is often viewed as a rich person’s hobby, customs can also require extra fees upon official examination.

As awareness and access grow, the Indian government is beginning to recognize the cultural value of art. Interestingly, India is the only country where art funds are regulated like mutual funds.

Diriyah Forecast

2. Local Realities Shape Collecting

Mumbai has some of the smallest home sizes across India’s top cities. This becomes a defining factor in collecting within tighter, vertical spaces.

3. A Highly Localised Market

The older generation tends to support traditional art forms such as Pichvai and religious works, with loyalties to local artists and those from neighbouring regions.

4. International Pull

The deep auction market both locally and in London and New York positions the city strongly for global growth. 6 major auction houses are based in Mumbai selling cars to jewellery to art deco furniture. Indian artists continue to set new records year after year.

5. Access and Regulation

If a gallery is importing a show, you will be 25% out of pocket on duties and taxes. As art is often viewed as a rich person’s hobby, customs can also require extra fees upon official examination.