Has the ongoing recession hit online auctions of works of art?
The recession has definitely had a major effect on the global economy. India, however, has been successful in bucking the trend of the global meltdown. Indian art was one of the sectors to have braved and withstood the onslaught of the economic recession. The Manjit Bawa painting that was sold for the record price was an exceptionally large painting with excellent provenance and so had multiple bidders bidding for it. In short, in a recession, the aptitude to buy art at high prices becomes less but works of proven provenance in excellent conditions will still find many art lovers. Q: Were the auctions restricted to buyers in India? A: A majority of buyers at Saffronarts auctions are international buyers spread all over the world. Our Winter Art Auction attracted buyers from 30 countries with over 60 per cent buyers from outside India. This is the result of the confidence in the Indian art market and its masters. Q: The third quarter of a year is usually very weak globally. But Saffrona
