The Indian art market is bucking a global trend of declining sales and hopes are high some expensive pieces will change hands at the India Art Fair in New Delhi this week.
More than 100,000 people are expected to attend the event, due to be held from Wednesday to Sunday.
Exhibiting galleries are hoping for robust sales and continued interest from wealthy domestic buyers, thereby fuelling the country's art market, estimated to be worth as much as 20 billion rupees (Dh1.46bn).
Although globally art sales are down, India is showing surprising resilience.
"The Indian art market boomed very, very fast and is now more mature, more stable. Indians have the money and the potential to become serious collectors," says As Bhavna Kakar, the owner of Latitude 28 gallery in New Delhi.
"In fact, galleries such as mine have survived the recession purely through selling to local Indian collectors. If the market can sustain us through local consumption these last four years, then you know that the Indian market has good potential for international galleries."
Each gallery pays about Dh1,310 per square metre to have a booth at the fair, on which just under Dh7 million is spent on advertising and Dh14m on public relations throughout the year, done mostly "through barters and partnerships with media companies", according to Neha Kirpal, 31, the energetic founder of the event, now in its fourth year.
The fair makes money through corporate sponsorship and the sale of floor space. This year, 26 museum groups from across the world are scheduled to visit. Half of the 90 exhibitors are Indian galleries and half are international - from South Africa, Latvia, Portugal, France and the UK, among other countries.
The event has come a long way since 2008 when fewer than 10,000 people visited and many in the art establishment told Ms Kirpal she was foolhardy to attempt to run an art fair in a poor, chaotic country with a minuscule art market.
Undeterred, Ms Kirpal, who has a master's degree in marketing from the University of the Arts, London, wrote an initial business plan on an air-sickness bag on a flight from Delhi to Mumbai.
She took out a personal loan of about Dh150,000 and founded the fair. After losing money every year, she is "cash-neutral" this year, she says, thanks in part to an injection of funds from Will Ramsay and Sandy Angus, the co-founders of Art HK, an international event held in Hong Kong, who have bought a 49 per cent stake in India Art Fair.
Ms Kirpal used the funding to repay her loan.
It costs about Dh500,000 to organise the fair, she says. Sixty per cent of the operating budget goes towards renting the venue and 15 per cent goes to the production company.
Unlike mature art markets, many Indian buyers are speculators who come in with a lot of money but have little knowledge about art. The fair has launched a "collector's circle" to interest and educate novice but wealthy collectors. Members pay a fee of US$200 (Dh735) and are invited to events and lectures throughout the year.
"The art fair is a wonderful platform because it has brought together galleries, curators, artists, museums, non-profit organisations and auctioneers - but it still remains very commercial," says Maithili Parekh, the director of business development at Sotheby's India.
business@thenational.ae
Tree of Hell
Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla
Director: Raed Zeno
Rating: 4/5
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
Rating: 3/5
The specs
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
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The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
FIGHT CARD
Welterweight Mostafa Radi (PAL) v Tohir Zhuraev (TJK)
Catchweight 75kg Leandro Martins (BRA) v Anas Siraj Mounir (MAR)
Flyweight Corinne Laframboise (CAN) v Manon Fiorot (FRA)
Featherweight Ahmed Al Darmaki (UAE) v Bogdan Kirilenko (UZB)
Lightweight Izzedine Al Derabani (JOR) v Atabek Abdimitalipov (KYG)
Featherweight Yousef Al Housani (UAE) v Mohamed Arsharq Ali (SLA)
Catchweight 69kg Jung Han-gook (KOR) v Elias Boudegzdame (ALG)
Catchweight 71kg Usman Nurmagomedov (RUS) v Jerry Kvarnstrom (FIN)
Featherweight title Lee Do-gyeom (KOR) v Alexandru Chitoran (ROU)
Lightweight title Bruno Machado (BRA) v Mike Santiago (USA)
'My Son'
Director: Christian Carion
Starring: James McAvoy, Claire Foy, Tom Cullen, Gary Lewis
Rating: 2/5
More coverage from the Future Forum
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$1,000 award for 1,000 days on madrasa portal
Daily cash awards of $1,000 dollars will sweeten the Madrasa e-learning project by tempting more pupils to an education portal to deepen their understanding of math and sciences.
School children are required to watch an educational video each day and answer a question related to it. They then enter into a raffle draw for the $1,000 prize.
“We are targeting everyone who wants to learn. This will be $1,000 for 1,000 days so there will be a winner every day for 1,000 days,” said Sara Al Nuaimi, project manager of the Madrasa e-learning platform that was launched on Tuesday by the Vice President and Ruler of Dubai, to reach Arab pupils from kindergarten to grade 12 with educational videos.
“The objective of the Madrasa is to become the number one reference for all Arab students in the world. The 5,000 videos we have online is just the beginning, we have big ambitions. Today in the Arab world there are 50 million students. We want to reach everyone who is willing to learn.”
Company%20Profile
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Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
Three trading apps to try
Sharad Nair recommends three investment apps for UAE residents:
- For beginners or people who want to start investing with limited capital, Mr Nair suggests eToro. “The low fees and low minimum balance requirements make the platform more accessible,” he says. “The user interface is straightforward to understand and operate, while its social element may help ease beginners into the idea of investing money by looking to a virtual community.”
- If you’re an experienced investor, and have $10,000 or more to invest, consider Saxo Bank. “Saxo Bank offers a more comprehensive trading platform with advanced features and insight for more experienced users. It offers a more personalised approach to opening and operating an account on their platform,” he says.
- Finally, StashAway could work for those who want a hands-off approach to their investing. “It removes one of the biggest challenges for novice traders: picking the securities in their portfolio,” Mr Nair says. “A goal-based approach or view towards investing can help motivate residents who may usually shy away from investment platforms.”
The biog
Hometown: Birchgrove, Sydney Australia
Age: 59
Favourite TV series: Outlander Netflix series
Favourite place in the UAE: Sheikh Zayed Grand Mosque / desert / Louvre Abu Dhabi
Favourite book: Father of our Nation: Collected Quotes of Sheikh Zayed bin Sultan Al Nahyan
Thing you will miss most about the UAE: My friends and family, Formula 1, having Friday's off, desert adventures, and Arabic culture and people
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SPECS
Engine: 4-litre V8 twin-turbo
Power: 630hp
Torque: 850Nm
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Price: From Dh599,000
On sale: Now
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Ovo's tips to find extra heat
- Open your curtains when it’s sunny
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- Eat ginger but avoid chilli as it makes you sweat
- Put on extra layers
- Do a few star jumps
- Avoid alcohol
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Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
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Matthew Weiner,
Canongate
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Call of Duty: Black Ops 6
Developer: Treyarch, Raven Software
Publisher: Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5
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Engine: Direct injection 4-cylinder 1.4-litre
Power: 150hp
Torque: 250Nm
Price: From Dh139,000
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Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
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West Ham United 2 (Antonio 73', Ogbonna 90 5')
Tottenham Hotspur 3 (Son 36', Moura 42', Kane 49')
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Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
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