New Delhi: Indian Institute of Management Ahmedabad (IIMA) and Aura Art Development Pvt Ltd officially unveiled the IIMA-AuraArt Indian art index (IAIAI).
The MOU Between IIM Ahmedabad and IAIAI is aimed to mutually benefit both the parties. The IAIAI will provide a constant-quality art price index in order to establish a hedonic pricing model. This index was created using a data-driven methodology that looked at price changes in the top 25 Indian painters' global art auctions over a 20-year period. IAIAI can be used to a wider range of assets despite the sample's deteriorating quality over time.
IIMA-AuraArt index will provide information that can be used to estimate the percentage change in the expected market price of an artwork over time for collectors, investors, insurers, and other industry stakeholders. Through this partnership, IIMA and AuraArt examined the information provided by the former, which included the auction results of more than 9,000 works created by the top 25 Indian artists and sold at 11 different houses worldwide between April 1, 2021, and June 20, 2022.
Top-25 artists taken into account for IIMA-AuraArt index analysis
- Akbar Padamsee
- Anjolie Ela Menon
- B Prabha
- Badri Narayan
- Bhupen Khakhar
- Bikash BhattacharjeeFN Souza
- Ganesh Pyne
- Jamini Roy
- Jehangir Sabavala
- Jogen Chowdhury
- K Laxma Goud
- KG Subramanyan
- Krishen Khanna
- Lalu Prasad Shaw
- Manjit Bawa
- Manu Parekh
- MF Husain
- Ram Kumar
- Sakti Burman
- Satish Gujral
- SH Raza
- Thota Vaikuntam
- Tyeb Mehta
- VS Gaitonde
"These artists provided a sufficient number of works for inclusion in the index formation. The initial data set included a total auction price of INR 45 bi (about $0.75 bi at a conversion rate of 60 to US dollars) for the entire sample period "Read the press announcement from IIMA. As of 2022, both sides have agreed to produce twice-yearly revised quarterly price indexes. The Misra Center for Financial Markets and Economy at IIMA will serve as the index's host.
"As an asset class, art has a tremendous similarity with real estate: Each item is unique, and the market is stratified," said IIMA professor Prashant Das, who developed the software algorithm for the index. The goods are not the same even if they are manufactured in large quantities. Through this index, we try to solve the analytical problem of clubbing various assets into a single price index. No matter whatever grade of art works have dominated the sample over time, the index is generally meaningful.
Director of Aura Art Development Pvt Ltd Rishiraj Sethi stated this about the Art Index during the launch: "The Art Index is a great example of a head-heart convergence, which typically results in the best of both. Our partnership demonstrates the synergy between Aura Art's expertise in esoteric elements that influence art value and IIMA's analytical strength. We want to gauge the Indian art market's pulse.
Also Read:
.jpeg?tr=h-127,w-254,c-force)
.jpeg?tr=h-127,w-254,c-force)
.jpeg?tr=h-127,w-254,c-force)
Comments