This is the art index created by Osian and Economic Times. Highly questionable but a good repository of some leading contemporary Indian artists. I am sure ET will come out with new indices for the art market - art large cap, art small cap, Deccan art index ;)Close on the heels of the success of the equity indices, which ET had launched in recent years, ET now unveils its next generation index called the ET Art Index powered by Osian’s – Connoisseurs of Art, the world’s premier Archive on the Indian contemporary fine and popular arts. This index was developed keeping in mind the growing interest in Indian contemporary art across the globe and the need to track its performance vis-à-vis other asset classes like equities, gold and real estate.
The ET Art Index could become an ideal benchmark not only for the fund managers and insurance companies, but also for investors including High Net worth Individuals (HNIs). With increased interest in Indian art and new art funds slated to be launched in the country, the need for a quantitative evaluation of the movement of art prices is now imperative.In order to develop this index, ET and Osian’s have used the transactions of artworks belonging to India’s leading 51 contemporary artists. The transaction value of these 51 artists comprise 88% of the total organized Indian art market in the year 2005 while it was over 91% in the year 1997. Some of the prominent artists included in the art index are Jamini Roy, A.R. Chughtai, M.F. Husain, F.N..Souza, Tyeb Mehta, V.S. Gaitonde, Akbar Padamsee, Ganesh Pyne, J. Swaminathan, J. Sultan Ali, Bhupen Khakhar and the three Tagores - Abanindranath, Rabindranath and Gaganendranath.
ET Art Index is calculated on the basis of the average Square Inch Rate (S.I.R) of works of art of these top artists. Since works of artists are in different media and dimensions, the S.I.R is the appropriate basic unit so as to measure and compare the values of art fairly.
This is calculated by dividing the sale value by the area/volume of the artwork.
The Liquidity and Historical Significance weights have been considered so as to arrive at the final index values. The historical weight for each artist have been given on the basis of a range of criteria such as originality, critical acclaim, exhibition and publication history, collector profile, sales record. However the liquidity weights are given purely based on the total traded value of each artist for the calendar year.
The year 1997 has been taken as the base year for the purpose of calculating the base values. This year was a turning point in the history of the Indian Contemporary Art, according to experts, in which, among other issues, the first professional auction was held by an Indian organisation, HEART. The base value has been converted into 100 to obtain the index figures.
On a Compounded Annualized Growth (CAGR) basis, ET Art Index gave a return of 47.8% since it’s inception in Jan 01, 1998. From a level of 100 on Dec 31, 1997 the index value stood at 2513.1 on March 22, 2006. During the same period, BSE Sensex gave a return of 14% on a CAGR basis. The significant movement of the ET Art Index started in the year 2003, which was also the beginning of the boom period for the Indian equity market.
| Artists in ET Art Index | ||
| Ali, J. Sultan | ||
| Ara, K.H. | ||
| Baij, Ramkinkar | ||
| Barwe, Prabhakar | ||
| Bawa, Manjit | ||
| Bendre, N.S. | ||
Bhattacharjee, Bikash | ||
| Biswas, Nikhil | ||
| Bose, Nandalal | ||
| Broota, Rameshwar | ||
| Buksh, Ustad Allah | ||
| Burman, Sakti | ||
| Chandra, Avinash | ||
| Chittaprosad | ||
| Chowdhury, Jogen | ||
| Chughtai, Abdur Rehman | ||
| De, Biren | ||
| Dhurandhar, M.V. | ||
| Dodiya, Atul | ||
| Gaitonde, V.S. | ||
| Goud, Laxma | ||
| Gujral, Satish | ||
| Hebbar, K.K. | ||
| Husain, Maqbool Fida | ||
| Keyt, George | ||
| Khakhar, Bhupen | ||
| Khanna, Krishen | ||
| Mazumdar, Chittrovan | ||
| Mazumdar, Hemendrana | ||
| Mehta, Tyeb | ||
| Menon, Anjolie Ela | ||
| Mookherjea, Sailoz | ||
| Padamsee, Akbar | ||
| Patwardhan, Sudhir | ||
| Pyne, Ganesh | ||
| Ramachandran, A. | ||
| Ram Kumar | ||
| Raza, S.H. | ||
| Rodwittiya, Rekha | ||
| Roy, Jamini | ||
| Sabavala, Jehangir | ||
| Sen, Paritosh | ||
| Shreshtha, Laxman | ||
| Singh, Arpita | ||
| Souza, Francis Newton | ||
| Subramanyan, K.G. | ||
| Swaminathan, Jagdish | ||
| Tagore, Abanindranath | ||
| Tagore, Gaganendranath | ||
| Tagore, Rabindranath | ||
| Varma, Raja Ravi | ||
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