Indian art auctions in a mix of formats are opening up various options for collectors and investors alike.
While the onground public auctions throw up the opportunity to physically view artworks and take a buying decision, the advent of online sales has widened the vista and spurred bidders 45 times. With art investments growing by about 20-30% annually, physical auctions are generating $8m, while online sales are bringing in around $4m annually.
Some charity auctions are also staged, performing the function of attracting new buyers wanting to live up to a social cause. "Different types of online auctions are certainly helping the market to grow and expand. The public or onground auctions are still larger in number and allow the bidder/buyer to assess artworks on offer physically and then come up with a bid.
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