This week the art market
witnessed a new high when an Indian painting sold for more than nine
million rupees ($215,000) at a public auction in Mumbai (Bombay).
Ninety-nine works were sold in
the auction, fetching a total of more than 63 million rupees ($1.4m).
The Art Collector Said "In the long run, there is no investment like
art if there is knowledge and systematic understanding of the
subject,"
Contemporary art dealers in India
say they have never had it so good and predict that In another five to
10 years, art will witness more individual and institutional
investment
