Rising geopolitical tensions in West Asia is already starting to have a ripple effect on the global art ecosystem with Indian galleries reviewing their involvement in global events. It is noting that Latitude 28 withdrew from the upcoming Art Dubai citing safety issues following the ongoing conflict.
As founder Bhavna Kakar pointed out, continuity is not the most important element in the art world but the safety. The move indicates a larger doubt in the industry, with galleries balancing the logistics risk, travel upheaval and the risk of getting stuck in volatile locations.
The impact of the ripple effects is not limited to one event. The Indian galleries had been anticipated to be well represented to Art Dubai, which is celebrating its 20th edition this year. But increasing reservations have been made, withdrawals and deferrals, such as international exhibitions which were to be held in major markets like London.
Despite these global disruptions, the domestic art market of India remains to be resilient. The industry leaders cite long-term demand in the country, which is a result of collectors, institutions and a rise in interest to the contemporary art. Sunaina Anand also highlighted the security of the ecological system of global art, as she believes that any crisis will inevitably spread across the industry.
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In the same manner, Richa Agarwal admitted that there might be short term losses in international outreach though domestic market is stable. What the situation highlights is a dynamic where the art market of India is becoming less and less reliant on global circuits, although still being a part of them.
Art Dubai (April 17–19) marks its 20th edition, highlighting its global significance
“Our plans to attend Art Dubai have been disrupted,” -Richa Agarwal, Chairperson, Kolkata Centre for Creativity, and CEO, Emami Art
In the previous year, 11 Indian galleries showcased nearly 30 artists at the event
“We made the considered decision to withdraw; it cannot come at the expense of safety,” - Bhavna Kakar, Founder & Director, Latitude 28
The global art market was valued at over $65 billion, reflecting its sensitivity to geopolitical risks (industry estimates)
India’s art market has seen steady domestic collector growth, with rising participation from high-net-worth individuals
“When a calamity hits mankind, all industries get impacted, and art is no different,” - Sunaina Anand, Founder & Director, Art Alive Gallery
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