By IANSlifeNew Delhi, Oct 19 (IANSlife) The Indian art market is on course to have its best-performing year ever based on the first six months of FY23. Having a turnover of USD 75.8 million as of 30 September 2022, according to Indian Art Investor’s Indian Art Market Report for H1FY23, FY23 may exceed FY22. The first six months of FY23 have been able to produce more than the yearly turnover of 34 of the 39 years of prior auction data held by IAI. The study states that a total of 468 artists – or 57 per cent of the works sold in FY22-have contributed to this accomplishment through the sale of 2,053 pieces.
“The top tier of the market continues to break norms and make headlines. Works priced >USD 1.2 million are responsible for 67 per cent of the turnover, with the top 5 most expensive works alone bringing in 20 per cent . But as the divide widens, so does the lowest tier. Works priced