To promote Indian art globally, IIM Ahmedabad and Aura Art have launched the Art Index.

IIMA-AuraArt Indian Art Index (IAIAI) aims to help businesses estimate the market value of artworks . The index currently has 25 Indian artists and over 9,000 paintings .

Ahmedabad (Indianapolis): On Thursday, the Indian Institute of Management Ahmedabad (IIMA) in collaboration with Aura Art Development unveiled an art index to help businesses estimate the market value of artworks.The IIMA-AuraArt Indian Art Index (IAIAI) aims to assist art enthusiasts, developers, insurance companies, and others in estimating the market value of works of art based on data.Professor Prashant Das of the Indian Artists Association (IIMA) told reporters here that the index currently has 25 Indian artists and over 9,000 paintings, which will be updated twice a year.IIMA combined data from the latter with Aura Art to analyze auction results from 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 assist art enthusiasts, designers, insurers, and other interested parties in calculating the percent change in the expected market value of an artwork over time.We intend to revise the list of painters and add more painters every few years as long as we have reliable data, Mr Das said.Art has a strong relationship with real estate, according to him, as an asset class, as each asset is unique and the market is stratified.Even if made in multiple copies, the items are not the same.

According to the author, the index is universally applicable regardless of the style of artwork that dominated the sample over time.The Art Index, according to Aura Art Development Director Rishiraj Sethi, is a wonderful example of a head-heart coupling, which usually results in the best of both.

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