HR: Beyond economic growth – and the rise of millionaires and billionaires – how can the significant growth of the Indian art market between 2004 and 2008, and again post-COVID, be explained?
RV: I think it can be attributed to a combination of cultural shifts, institutional developments, and global recognition of Indian contemporary art. Galleries, collectors, curators, and institutions have all been working hard and collaborating to bolster the Indian art scene (such as Vadehra for nearly 40 years now) and this has paid off. The pandemic itself encouraged a new crop of collectors as well as deeper introspection in seasoned collectors with them becoming more thoughtful, gravitating toward meaningful acquisitions. The rise of new institutions, biennials, public art, and artist-led initiatives has further reinforced confidence in the market. Ultimately, the growth of the South Asian art market isn’t just about financial expansion – it’s about a growing cultural awareness, a deepening sense of artistic patronage, and a broader global engagement with South Asian contemporary art.