India Announces the 2nd Edition of its International Art Fair India Art Summit to be Held on 19th-22nd August 2009

New Delhi, India (PRWEB) November 28, 2008 -- Following the enormous artistic and commercial success of the inaugural edition of India's Modern and Contemporary Art Fair, Hanmer MS&L will once again host the 2nd edition of India Art Summit in New Delhi from the 19th - 22nd of August 2009.

In its very first year, India Art Summit™ attracted over 10,000 art enthusiasts over a span of three days which included art collectors, investors, artists, critics, curators and students from across India and overseas. The 34 exhibiting galleries at the fair exhibited over 550 contemporary & modern artworks and sold approximately 50%, making India Art Summit™ one of the most successful first editions of an art fair across the world.

In 2009, India's art fair promises to be much larger; showcasing the most diverse range of paintings, sculptures, contemporary photography, concept, installation and digital art by established and emerging artists. With over 60 top galleries from India and the larger Asian region, showcasing alongside western galleries, India Art Summit will offer to the world, a rich and fulfilling art experience in India.

Indian art has itself burgeoned into a mega-business at home and worldwide, with artworks fetching unbelievable prices & recognition. Annually growing at 30-35%, the Indian art market is currently worth Rs 1500 crores ($ 300 million), making it the 4th most buoyant art market in the world. In the European circuit, Indian art is today commanding a value which is 300-400 % higher than what it was 4-5 years ago, breaking new price records in auctions the world over. In July 2008, the market valuation index produced by the prestigious French consultants, Artprice, presented an overall growth figure of +3.23% over the last ten years within the "Indian Contemporary Art" segment.

As such today, India has definitely become a star performer in the global art market, steadily climbing into the collections of top international collectors & museums across the world. The country's excellent economic performance, clubbed with the dynamic gallery scene, the constantly rising interests in its artists and the unprecedented boom in private collecting have made the emerging Indian market one of the most promising environments to host an international art fair in today's time.

In this context, India Art Summit 2009 presents itself as an ideal platform for the showcase and sale of art in the region. The size and scope of the second edition of the art fair will be much larger, with the fair area spreading across over 4000 square meters, with approximately 60 galleries showing their latest contemporary art to Indian and foreign art collectors & visitors from over 15 countries. India will be represented by leading galleries like Bodhi, Vadehra, Espace, Chemould Prescott, Nature Morte, Apparao amongst others, while important galleries from key Asian regions will participate alongside some western galleries.

Elaborating on IAS 2009, Mr. Sunil Gautam, Managing Director, Hanmer MS&L said, " The art on offer at India Art Summit 2009 will encompass that which may be considered essential viewing for collectors and art enthusiasts looking to see the latest developments in modern & contemporary art, particularly from the Indian and Asian region at large. The inaugural edition received an overwhelming response from participating galleries as well as the international art fraternity, and we hope to see a more wide-ranging participation from galleries for the 2nd edition of the art fair next year."

Some of the highlights of the India Art Summit calendar are:        

Seminars and Talks with an illustrious panel of speakers including renowned curators, critics, artists, collectors and representatives from museums and galleries the world over. They will come together to discuss & debate myriad issues pertaining to art in the region, assess key trends in the emerging art markets of today and exchange views on the development of art.

Sculpture Park spread over approximately 900 square meters, to create an artistic ambience and heighten the complete fair experience for visitors.

Art Films that will give visitors an insight into important aspects of art over the ages.

Curated Projects to promote upcoming experimental art from the region.

Education Series for art lovers, students, young curators and children.

Social Events will be held to entertain the Indian and overseas visitors who have come for the art fair.

Further details on India Art Summit are available on the website www.indiaartsummit.com

View a video film on IAS 2008 at

http://in.youtube.com/watch?v=a7Av0sdahzU

Contact information:

Press Coordinator: Ms. Sherry Jindal | sherry@hanmermsl.com | +91 98103 55432

Associate Summit Director: Ms. Neha Kirpal | neha@indiaartsummit.com | +91 9818028322

India Art Summit is produced by Hanmer MS&L

Key facts about India Art Summit 2008

- The 34 galleries who participated in India Art Summit 2008 showed 550 artworks and sold 50%, making it a most successful first edition of an art fair

- IAS 2008 was attended by over 10,000 art collectors, investors, students, critics, curators and art lovers from India and overseas

- The VIP preview at IAS 2008 was attended by approximately 900 collectors and investors from 13 different countries

- 80% exhibitors reported having met new collectors and investors from India and overseas during the 3 days fair

- The estimated value of the worldwide press coverage generated by the first edition of IAS 2008 was approximately Rs. 6 crores ($1,420,000)    

Key facts about the booming Indian art market

- Indian economy has been growing at a steady rate of 9% in recent years

- In 2007, the average net worth of Indian HNIs rose slightly to $3.6 million, compared to $3.4 million for the Asia Pacific region. The global average was $4 million. (CapGemini - Merrill Lynch)

- An estimated 1,23,000 millionaires (HNIs) in India at the end of 2007, up 22.7% from the previous year with a combined wealth of $440 billion (CapGemini - Merrill Lynch)

- The art market in India is growing at 35%, today stands at Rs.1500 crores

- India has undoubtedly become a star performer in the global art markets. The country's excellent economic performance, the constantly rising reputation of its artists and the boom in private collecting have made the Indian market one of the most promising environments for contemporary art in the twenty-first century (quote: ARCOmadrid)

- The market valuation index produced by the prestigious French consultants, Artprice, presented an overall growth figure of +3,23% over the last ten years within the "Indian Contemporary Art" segment

- The total auction market size of Indian art has changed from $5 million in 2003 -- just five years back -- to nearly $150 million this year

- In the European circuit, Indian art is today commanding a value which is 300-400 % higher than what it was 4-5 years ago

www.indiaartsummit.com

India Art Summit 2009 (c) all rights reserved

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