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Fine Art Fund Group launches Indian Art Fund

This will be the largest international fund to date to cater to the booming demand for Indian art and second only in terms of size to The Osian's Art Fund launched in 2006. The Indian Fine Art Fund, which will raise funds through both resident Indian, NRIs as well as global investors, will be a 5-year ended offshore fund. The minimum investment into the fund, which has just opened has been fixed at $100,000. The Fund will look at buying Indian art in the price range of of between $10,000 to $1 million. Assisting the Fine Art Fund Group in the management of the Indian Fine Art Fund will be businessman Purrshottam Bhaggeria. Mr. Bhaggeria is one of the promoters of public listed textile company Filatex.

Over the last three years a number of art funds have appeared in India. Most of these are started by individuals engaged in managing some gallery or are art enthusiasts or collectors. Apart from Osian, some of the art funds in India include India Art Fund, launched by the wealth management division of Kotak Mahindra Bank, Yatra Fund and Crayon Capital Fund.