Mumbai
AWITA Forecast Sponsored by Hallett Independent
Hallett Independent’s Tip for Shipping:
“Most damage happens when works are being moved. Ensure you are using a specialist fine art shipper and that they know how to pack your works properly. The most successful partnerships are where the dealer/artist and shipper are aligned and the shipper knows and understands the works i.e what material they are made from and where they might be susceptible.”
An online Forecast capturing the cultural pulse of Manila featuring real-time insights from leading cultural commentators.
Speakers included: Rhea Kuruvilla Frieze VIP Consultant for India, Hena Kapadia Founder and Director of TARQ, Tracy O'Brien Collector and Co-Chair of the Hammer Circle, Saloni Doshi Founder & Director at Space118 Art Foundation
Moderated by: Dr Cleo Roberts-Komireddi, writer for the Financial Times, The Guardian, and The Telegraph, as well as an academic advisor and consultant editor. Cleo is writing a book on Indian art for Yale University Press.
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 Forecasts sponsored by Hallett Independent
A specialist firm of knowledgeable private client and art insurance brokers with a shared enthusiasm for art.
Get in touch with the team at enquiries@hallettindependent.com to find out how they can assist you.
The First Art Insurance Policy:
“Art insurance is believed to have originated in the 19th century when wealthy individuals began insuring valuable collections, highlighting the importance of protecting unique and irreplaceable items like fine art.” - Hallet Independent