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New Delhi
Anders Petterson NEW DELHI: Described as an authority on art market research, Anders Petterson was on a visit to the Capital this past week to participate in a discussion on “Global Art Market Today.” He began his presentation by explaining that internationally, the art market constitutes private galleries, auction houses, curators and writers. “In the developed market, museums come at the top of the art hierarchy which work on a non-profit basis followed by private art institutions, private collectors and the commercial art world. On the other hand, in the emerging art markets, the art pyramid is completely the opposite with auction houses and galleries forming the most important part of the market followed closely by private collectors with public art institutions and museums being right at the bottom,” said Petterson, who focuses on the emerging contemporary art markets in India. After that, he went on to explain that the primary market prices are based on sentiments, feelings and perception and not so much on auction prices. “Auction houses mostly skew the picture, especially in a market where there is lack of education and information. Galleries need to have a long-term commitment to the artist they support even when the market is not bullish,” said Petterson, adding that a price correction is already happening in the Western market and a booming Indian market that is being perceived as a gold mine. Pointing out that a market can mature only if academia plays a vital role, Petterson said academic discourses, publications, catalogues, essays and art reviews should be encouraged at all levels. He is the founder and managing director of ArtTactic.com, a London-based online art market research and advisory company.
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