IIM Ahmedabad Aura Art launch Art Index to promote Indian Art globally

IIMA-AuraArt Indian Art Index (IAIAI) aims to help art enthusiasts, financiers, insurers and others to estimate the market price of artworks based on data.

The Indian Institute of Management Ahmedabad (IIMA) has collaborated with Aura Art Development to launch an art index on Thursday. The art index has been introduced to support entities estimate the market price of artworks. IIMA-AuraArt Indian Art Index (IAIAI) aims to help art enthusiasts, financiers, insurers and others to estimate the market price of artworks based on data.

Currently, the index has 25 Indian artists and over 9,000 paintings which will be updated twice every year, IIMA's Professor Prashant Das told reporters here. Through its collaboration with Aura Art, IIMA analysed data provided by the former, which comprised auction results of over 9,000 artworks by the top 25 Indian artists, auctioned across 11 houses around the world, from April 1, 2001, to June 30, 2022.

Therefore, IAIAI will help art enthusiasts, financiers, insurers and other stakeholders to calculate the percentage change in the likely market price of an artwork over time. "Every couple of years we plan to revisit the list of painters and add more painters as long as we have reliable data," Das said. As an asset class, he said, art has a great similarity with real estate with each asset being unique and the market is stratified. "Even if produced in multiple copies, the products are not identical.

Clubbing such assets into a unified price index is an analytical challenge that we attempt to address through this index. The index is broadly relevant irrespective of which quality of artworks dominated the sample over time," he stated. Aura Art Development Director Rishiraj Sethi said that the Art Index is a great example of a head-heart confluence, which normally results in the best of both.

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