India Art Summit published results from second annual staging which took place in late August. Over the course of its four days, the international art fair saw some 40,000 visitors, with participating galleries making sales of approximately 260 million Indian rupies (5.3 million USD) from a total value of exhibited artworks of approximately 400-500 million INR (8.2-10.2 million USD). In all, galleries sold over 50% of the works exhibited, 30-40% of which were estimated as sold to new or first time collectors, indicating potential for further expansion of the Indian contemporary art market.
India Art Summit
http://www.indiaartsummit.com/index.asp