The 2022 India Art Fair, delayed by Covid-19, marked a pivotal moment in recognizing the strength of India's domestic art market. With no international presence that year, the fair achieved its strongest commercial results yet, which boosted confidence in local collectors. The upcoming 2023 edition is set to be the largest, featuring numerous galleries and emphasizing a growing demand not just for Modern art but also for contemporary works appealing to wealthy Millennials, even as traditional art hubs face challenges compared to the burgeoning wealth elsewhere in India.
Because of lockdown restrictions, no international collectors or institutions could attend that year, but commercially it was the strongest edition we had ever held.
Sustained strong demand for Modern art is being accompanied by a smaller, but nonetheless pronounced, uptick in sales of contemporary work to moneyed Millennials.
IAF holds its 16th edition, and largest to date—with 78 galleries and 28 non-profits exhibiting—as India's status as a rising economic powerhouse continues to boost its art market.
India has held onto its position as the fifth largest economy in the world, while last year Mumbai overtook Beijing as the Asian capital with most billionaires.
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