How Art Indices Are Changing the Narrative of the Indian Art Market
Does art deserve so much attention for a national-level dialogue? Yes, because academic literature is replete with evidence suggesting that art does not only help build new assets and create wealth, but it may also serve as an effective store of wealth. A direct impact of developing art markets reflects in employment creation and tourism development. Yet, some indirect positive outcomes are powerful and long-ranged: Artistic amenities draw good quality talent across industries; artists cross-fertilise creativity across industrial disciplines. In his paper, Currid (2010) shows how a large concentration of artists has made New York the brand it is.