Date of Award

2026

Document Type

Dissertation

Degree Name

Master of Arts (MA)

Department

Art Business

Abstract

The dissertation aims to explore how India’s post-liberalisation economic rise has shaped the structure, buying trends, and consumer behaviour within the urban art market, with the focus being on the country’s two main hubs- Delhi and Mumbai. It investigates the role of economic liberalisation, demographic shifts, globalisation, digitisation, and regulatory frameworks in reshaping the market. A mixed-method approach, combined with site visits, studying existing research, and conducting semi-structured interviews with key market players- gallerists, collectors, advisors, and fair directors, was employed. The findings reveal that the Indian market followed a ‘boom-bust-boom’ cycle post liberalisation, with the pandemic serving as a catalyst for the growth of the market. Collector demographics have diversified with growing younger buyers motivated by emotional instincts, cultural identity, social status, and investment potential. Aesthetic preferences have widened beyond the Masters to experimental mediums and contemporary art. Globalisation and digitisation have further accelerated global visibility and democratised access, but also increased the risk of fraud and forgery. Additionally, persistent regulatory gaps such as absence of provenance standards, excessive taxation, and lack of public policies undermine its growth potential. Overall, this study contributes original empirical insights into an under-researched yet rapidly expanding market.

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