"When there’s a boom in the market, art is one of the last few options where people put in money. And when recession hits the market, it’s the first thing to go off the list," says Ravi Kashi, an artist concerned over the economic meltdown and its impact on art.

Kashi participated at an international show in Santa Fe when the subprime crisis hit the market and said the sales were sluggish. "Last month, I was at an event in Korea, which had the participation of 168 galleries. The same event last year saw deals being struck in millions of dollars. But this year, while the networking was good and the appreciation amazing, sales were really low, nothing compared to last year," he says. The Bangalore-based artist is wondering whether to go to another event in Miami in December at all.

Art galleries in India, too, are reporting a bleak scene. "We haven’t seen a single walkin in the last couple of weeks. Around six months ago, we used to get at least 2-3 clients a week and 3-4 casual walk-ins a day," says Premilla Baid, director of Gallery Sumukha in Bangalore. “And I hear it’s the same story at galleries in Mumbai and Delhi."

The period between 2005 and 2008 was boom time for the Indian art bazaar, with annual growth rates going over 40%. This year, artists and gallery owners are praying for a flat rate. The year started on a slow note and now seems to have hit a virtual standstill.