IIMA, Aura Art To Float Art Index
The Art Index will support, art enthusiasts, financiers, insurers and others to estimate the market price of artworks based on data instead of a 'gut feeling'
The Indian Institute of Management Ahmedabad (IIMA), a global management institute, has launched IIMA-Aura Art Indian Art Index (IAIAI) in collaboration with Mumbai-based Aura Art Development (Aura Art), an art infrastructure solutions provider and specialist in art transactions.
The IAIAI comes as timely intervention for the Indian art market which despite being at a nascent stage is emerging a burgeoning market. This index traces the price appreciation journey of Indian artists at auction globally. The need is pressing as the nation has had limited experience with art indices and most purchases are still driven by a ‘gut feeling’.
In such a scenario, the IAIAI, which is based on a hedonic pricing model, will serve as a Constant-Quality Art Price Index. The index has been put together using a data-driven methodology that analyses price variations in artwork auctions of top 25 Indian artists across the globe over 20-years. IAIAI therefore can offer, art enthusiasts, financiers, insurers and other stakeholders across the sector, data to calculate the percentage change in the likely market price of an artwork over time.
Around The World