Over the past decade, India has seen an increase of nearly 350% in the number of Ultra High Net Worth Individuals (UHNWIs), or people with investible assets of $30 million or more. At last count, India had more than 6,200 such individuals, a significant number of whom have taken to investing in the art market.
This has helped the Indian art market grow steadily since 2009, when, following the global financial crisis of 2008, it had shrunk to a mere Rs 450 crore. Still, at around Rs 1,200 crore (as of 2014), India’s market is nowhere close to the levels it had attained in 2008, just before the crash. Read More via VCCircle.