German gallery Beck & Eggeling, which displayed eight original etchings by Picasso dated between 1930 and 1968 priced at $104,000-105,000, sold two. Works by Laura William sold out completely, Kirpal said.

Sunil Gautam, managing director of Hanmer MS&L, which organised the show, said: 'The biggest problem with the market is poor awareness. Not many people are comfortable with quality art because they don't know much.

'So this time, we organised curated walks by students of Jawaharlal Nehru University who enlightened viewers and even first-time buyers about the art on display and the artists.

'There was a new buzz. And I realised that there were many people - especially youngsters - who were willing to buy provided they were tutored.'

Kirpal said: 'Delegations from 11 museums from across the world attended the summit to check out the wares.'

China was represented by the prestigious Arario gallery. Several top Indian galleries showcased artists from other Asian countries.

'We managed to create an environment that is conducive to buying art and there has been a shift in sentiment towards buying. Even school children purchased photographs at Rs.500-1,000 with their pocket money - along with regular buyers across all price bands from Rs.40 lakh to Rs.2 crore,' Kirpal said.

Bolstered by the response, the fair next year will focus on content - with diverse showcases - and more international representation. 'We expect 75 foreign galleries,' Kirpal said.

Explaining the dynamics of the market over the last decade, Maithili Parekh, the country head of Sotheby's which partnered the summit, said the Indian art market has gone through a period of exponential growth over the decade.

'Indian artists were represented by top galleries and renowned museums curated shows of Indian art. Every new auction set price records till the recession brakes were applied and the market was forced to re-adjust its values,' she said.

'However, it allowed us to step back, recalibrate, separate the wheat from the chaff, good art from the less-than-good art, regroup and move on.'

(Madhusree Chatterjee can be contacted at madhu.c@ians.in)