MARKET FOR SOUTH ASIAN ART EXPANDS DRAMATICALLY

Over the past eighteen months, prices for modern Indian art have been skyrocketing, Colin Gleadell reports in The Telegraph. Last November, a painting dating from the ’50s by Indian artist Francis Newton Souza sold for $183,000 in an Internet auction conducted by Saffronart, a company specializing in Internet sales of modern Indian art based in Mumbai. In New York, auctions of modern Indian art which were making less than $700,000 four years ago are now making more than $2.5 million. Saffronart’s last sale made $2.8 million.