There are many reasons for the rising prices of Indian art internationally, but it's all great, say Bangalore artists.

Indian art has done it again. Some days ago, SH Raza's Tapovan was sold by Sotheby's for $1.47 million, while Tyeb Mehta's Falling Figure with Birds fetched $1.24 million. Is it a time of reckoning for Indian art? We ask Bangalore artists.

Yusuf Arakkal:

The art is being bought by NRI buyers and some foreign buyers,too. Many are professional collectors buying art for investment, not because they want to hang Indian art on their walls. They're buying art as they would stocks or shares.

Some artists have been commanding high prices. With Europeans and American buyers now accumulating sizeable collections of Indian artists, Indian art will do well, as these professional buyers ensure higher rates each sale. Now it's a global trend.

The western art market is a multi-million dollar industry and has been closed to Indian art until recently. A small penetration is now happening, now the gates will widen gradually.

NRI buyers of Indian origin have a great reach nowadays, I know some who have bought paintings for a million in the past, too.

But the artists aren't benefiting - it's gallery owners and corporate houses pushing up prices. Still, the trend is good.

Art, after all, is an excellent investment, riskfree compared to the share markets, which can crash.

The last few years have seen Indian art appreciate well. It will take more time, but will pick up. People can afford it now.

And the news in the media is good for the art world. In the west, there are so many art magazines and books promoting art, and these carry much weight internationally.

There are over 5,000 galleries in New York alone, and art is also sold on the Net. This is the time to invest in art. Buyers know that with good art, they will gain, never lose

Manipulation? No, these are genuine sales by prominent auction houses. This is a very positive sign. Forget about the price, the response is what's excellent.

If investors are spending $300 million on a Van Gogh, over $10 million of contemporary western artists, then this is an excellent starting point for Indian art - it will grow really big.

Investors are taking Indian art seriously now, and some Indian artists are so powerful that they're setting international standards. People are recognising this part of the world and that's what's important.