Marketing Art in an emerging market - Essay Example

f consumer spending has increased, especially on products previously considered as luxuries such as jewelries, watches and gems with art and luxury collections following closely (Kumar & Bagchi 3). This case study identifies the art selling modes in India, ranging from traditional ways to organized selling methods through auctions and art galleries www.dhonuk .com, an online art selling store which started ten years has opened various websites to attract more consumers. Another recent development in the art market is the rising popularity of the art fairs, the most notable being the annual Indian Art Summit.

Different demographic groups of people are analyzed according to their art consumption behaviors. The Indian High-Net-Worth Individuals (HNIs) are those with at least one million USD in terms of assets excluding their consumables and residence (Kumar & Bagchi 2). This wealthy group makes a favorable market base for art. Globally, 16.2% of passion investment is for luxury goods such as yachts, jets, automobiles, while fine art is second with 15.9% and jewelry 13.8%. According to Kumar and Bagchi (3), Indian art buyers are categorized in classes; such as wealthy passionate buyers who use such words as beauty, pride while referring to works of art.

These people feel that being associated with fine creative minds increases their self worth and status even in the society. As seen in the case under study, there is another group of art buyers who were just obsessed and kept on purchasing the art. Another group of buyers purchased art work for house decoration because it was affordable. There are buyers who appreciated art and at the same time bought it as beneficial investment while some saw the possibility of the prices appreciating and getting a good profit from the art in the future (Kumar & Bagchi 5).

There were some occasional buyers who after seeing some art become emotionally attached and purchased it for this reason. Low income buyers also fall under this