Emergence of Art Market with Art Index

Abstract

The role of art is changing. Art is n0 longer just appreciated for ils aesthetic value and the expression of its lofty ideals but as a11 in vestment. Developments within the art market over the last fifteen years have been followed almost as closely as those within the stock market. Due to the nonconventional nature of Art work as a11 alternative asset, valuation of some of these assets is found to be difficult. Alternative assets ofte11 are highly dependent on novel investing strategies or individual skill in selecting specific investments. In thispaper we take a closer look at Art as a11 alternative asset, and look specifically at how artworks originating from India are performing in international market.