Neville Tuli has been having a good week. A few days after his arts institution Osian's was evaluated at Rs 840 crore (Rs 8.4 billion), with Dubai-based private equity firm Abraaj Capital acquiring a 9.4 per cent stake in it for Rs 80 crore (Rs 800 million), Tuli's recent auction of Indian modern and contemporary art fetched an astounding Rs 30.38 crore (Rs 303.8 million), in a market soothsayers have been predicting the end of for some time now.
With volatile markets being the trend and interest rates low on return, art seems to have come back as the safest investment option for many, says leading art curators and investment analysts.
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