The much awaited India Art Summit 2008 was inaugurated at Pragati Maidan by tourism and culture minister, Ambika Soni, on August 22, 2008. Hundreds of people from the art fraternity thronged the stalls in the summit to see the display of about 500 pieces of art works including paintings, sculptures, video art, prints, photographs and installations.

The three-day summit has been organised by Hanmer MS&L, a multidisciplinary communications firm, and endorsed by the ministry of culture and global auction house Sotheby's as the country's official art fair. The objective of the art fair, according to organisers, is to create a platform to access and appreciate the diversity of Indian art. The organisers have successfully managed to rope in 34 galleries to participate in this summit. Only three galleries from abroad – all three of them from the UK – are participating this summit.

The summit, said the organisers, will help achieve the dual purpose of serving as a window for international collectors to get a single access point for Indian art and on the other exposing Indian art collectors to a range of global art that will be showcased by the fair that will become an annual feature in the country's art calendar.

The collectors preview, which was held on the inaugural day saw collectors and art enthusiasts from India as well as Singapore , Dubai , China , New York and London crowding to look at the works displayed. Many of the works, by the younger upcoming artists, were snapped up before the exclusive preview concluded.