Returns on Indian Art during 2000-2013

Abstract

The market for modern Indian art is an emerging art market, having come into a proper existence only in the late 1990s. This market saw tremendous growth in its initial years, then a downturn that started around 2007-2008. Using data from auctions conducted by a major Indian art auctioneer, we estimate via hedonic regression a price index for paintings and drawings by Indian artists sold during 2000-2013. We are able to thus estimate a rate of return on Indian art as an investment and also shed light on what drives the price of a painting in the Indian market.

Publisher

Palgrave Macmillan

Publication Date

10-31-2016

Publication Title

Eastern Economic Journal

Department

Economics

Document Type

Article

DOI

https://dx.doi.org/10.1057/eej.2015.39

Keywords

Art, Auction, India, Price index, Hedonic regression

Language

English

Format

text

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