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As expected, auction revenue figures for contemporary artists in 2009 contracted quite substantially (divided by 14 in the case of Damien Hirst, and by 3 in the case of Jeff Koons). However, for all that, the market is not in bad condition. The loss of the speculative element has essentially allowed prices to settle back to 2004 levels.
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- [01/19/2010]
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In the 1990s there was virtually no secondary art market in India. Between 2000 and 2008, the price index of Contemporary Art multiplied by seven!
While Anish KAPOOR and Subodh GUPTA are among the world’s fifteen top-selling Contemporary artists with auction revenues of €11.2m and €10.7m respectively, the third top-selling Indian artist, TV SANTOSH , had a revenue total only one tenth of his peers’ (€1.2m).
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- [09/14/2009]
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The most speculative and volatile markets over the last four years, emerging art markets have propelled a number of Chinese, Indian, Russian and Middle-Eastern contemporary artists into the global limelight with extraordinary speed. But with so many young artists fetching such big figures at auctions, some kind of meltdown was inevitable.
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- [02/02/2009]
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Behind China, the other significant emerging force on the international art market is India. In the mid 1990s, India's strong economic growth produced a new generation of patrons and sponsors willing to invest in the art of their fellow-countrymen. Today, the demand is global and fast-growing, substantially fuelled by the speculative incentive to earn attractive gains on quick turnarounds. The works produced by the new stars of Indian art are exchanged in auction houses in Hong-Kong and Dubai, London and New-York, New Delhi and Paris. After China, India looks like a new Eldorado for collectors / buyers attracted to the speculative potential.
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- [09/16/2008]
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