Indian art is fetching record prices. “Just who is buying the art reveals a novel trend. Indian-born but foreign-based Indians, especially those who are self-made, see the new art as a way of reconfirming their ethnic identity and as an opportunity to move up into the rarefied world of elitist arts. The result is rapid inflation in art prices. More than $500m is expected to flow into the market when the half-dozen private museums currently being built by India’s new elite start acquiring work.”