New Delhi: With growing popularity of Indian art in the global market, Indian auction houses are now taking Indian art to foreign shores. "The art market in India is widely untapped and has a huge potential. There will be a 5-7 per cent hike in art market in the next year. More and more people from all sections of society are buying art not only for investment but also for aesthetic purposes," Maher Dadha Chairman and MD, Bid & Hammer said.

The company is going to auction art and artifacts of 10 crores on its inaugural auction in Bangalore on January 24. With plans to increase it with a turn-over of Rs 60 crores for the year 2008-09. The prices will be starting from 30,000 to up to Rs 50 lakhs. With plans afoot of branches in New York, Hong Kong and London to start with it will also tap the yet virgin Africa art mart.

"We plan to go global, with auctions in New York, Hong Kong and London. We will also tap new markets like Tanzania and Nigeria. Along with Indian art and artifacts we will also focus on local and international artists," Dadha said.

The Indian art market is estimated to be about $400 million and increasing but it is very minuscule compared to world art market says the auctioneer.

Source : PTI