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Synopsis
The economy in the pandemic is a strange beast where not everyone is on the losing side, and those on the winning side are looking to spend. Simultaneously, it drew attention to another fact — in September alone, auction houses such as Christie’s, Sotheby’s and Pundole’s have held major auctions of Indian art owned by foreign collectors and families.
Last month, at two separate auctions, works of artist VS Gaitonde sold for amounts that set records — the highest and the second highest price paid for a work by an Indian artist. It reflected the broader trend of a worldwide boom in alternative asset prices as central banks pursue quantitative easing and investors flee from lower interest rates. It also shows that the economy in the pandemic is a strange beast where not everyone is on the
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