A very good thing that Copal Art has done is that they have created interest among the natives of India and participants of Art market. They have instigated a passion and created a belief among the players which can be sensed within the talks of people who are from this market saying that they are very bullish for the market now and wishes to work with the conviction. The ideology of the chief mentor of Copal Art, Mr Ajay Seth is getting matched by others. Big players have jumped into the market.
Earlier only the elite class, big names like Tatas, Birla, Ambani, Kanorias, Goenkas, Shahrukh Khan were collecting artworks for their personal collection and to meet their investment angle. A very good reason of big shots buying the artworks is to flaunt them. But now artworks are getting picked up by upper middle and middle class people also. People are getting open minded and want to expose themselves to the kind of assets which are less correlated with other class of assets. They are using it for risk diversification now. Till date banks, financial institutions, corporate were using it for risk diversification purpose and for their collection. Now, individuals are also going for this class of asset.
Out of the country where population figure has crossed over 100 million, the number of art collectors is just 8000. Out of 8000, copal’s contribution towards art market is that they have created 2000 collectors. India is home to the fastest growing number of millionaires among the countries in the Asia-Pacific region. The number of HNI in 2008 declined to 84,000 from 1.23 lakh in 2007. This figure has again increased in the past one year. According to the reports, India and China have become favoured destination of wealth management firms what with the high growth potentials. “With India and China having the highest GDP growth rates, they maintain their status as prime markets to invest for long term.
Copal Art’s fourth series of 1000 cr is finding very good response from the global financial players. Their target of taking Indian art to masses surely aims to bring tonnes of money and millions of people to India. Prices of artworks are also bound to increase. People residing abroad are showing good craze to buy out the Indian Art because of its availability at peanuts prices. The country just wants more corporate like Copal to come forward to do same kind of activities for Indian culture and other small sector industries also which badly needle revival and has tremendous scope and calibre to go places.
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