"India is a young country and just had the first level of modernists. We don't have the provenance system for an artwork. When an artwork comes up for sale, people are not bothered to know where it is from, who bought it first, who the collector is, etc. It's not easy to track art in a monetary bracket.
It is also not good to compare the art market with the stock market. An artist can make small special editions for a charity or commission, but is he making enough work to be able to consistently index?" asks collector-patron Feroze Gujral, founder-director of non-profit art trust The Gujral Foundation.
Urvi Kothari, gallery manager, Tao Art Gallery, Mumbai, feels no single art index can perfectly capture all diverse valuation factors, but it does enable an investor to take an informed decision whilst drawing correlations with other asset classes and their investment returns.
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