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...Economists note that at least part of China's soaring demand comes from its artificially low prices. Together, the Chinese and Indian governments provide suppliers about $15 billion a year in subsidies. A recent report by consulting firm McKinsey & Co. estimates that "ending fuel subsidies worldwide would cut demand for transportation fuels by three million barrels a day" - about 3.4%. Meanwhile, the recent shortages have led at least one Beijing resident to rethink his personal fuel consumption. Stuck in line at a gas station Wednesday, Du Peng remarked, "Now I'll have to reconsider my plan to purchase...

Author: /time Magazine | Title: China Feels the Fuel Pinch | 11/1/2007 | See Source »

...unexpected emotion. The region's contemporary-art market has never been so hot. Last year, a collection of dreamlike portraits and landscapes by China's Zhang Xiaogang raked in just over $24 million - more than British enfant terrible Damien Hirst made in 2006. In March, a sale of modern Indian art in New York City raised a record $15 million, including just under $800,000 for Captives, a stark evocation of desiccated torsos by New Delhi-born Rameshwar Broota. Two months later, an auction in London elicited $1.42 million for a Tantric-inspired oil painting by India's Syed Haider...

Author: /time Magazine | Title: The Color Of Money | 11/1/2007 | See Source »

...this remarkable wave have invested heavily in prosaic sectors like real estate or manufacturing, but now the region's rich contemporary-art scene is also beckoning. "Wherever the economy booms, art booms," says Ganieve Grewal, the Mumbai-based representative for Christie's, which has seen its annual sales of Indian contemporary art in New York City double between 2003 and last year...

Author: /time Magazine | Title: The Color Of Money | 11/1/2007 | See Source »

...models, a rigorous exercise that has been abandoned at many Western art institutes. In all three countries, the emphasis on education means that even the most experimental artists tend to boast degrees from top art universities. "I don't think they taught me anything," says Akbar Padamsee, a leading Indian contemporary artist, of his art-school instructors in Mumbai. "But being surrounded by people who also wanted to be artists was important...

Author: /time Magazine | Title: The Color Of Money | 11/1/2007 | See Source »

Attention misled treasure hunters: there isn’t actually a gold-ridden burial ground under Matthews Hall. The orange tape and big holes in the yard are the work of Anthropology 1130, a hands-on archaeology class looking for the foundations of Harvard’s Indian College. So far, the 42 students enrolled in “Archaeology of Harvard Yard” have unearthed shellbuttons, wine bottles, pipestems, bits of Chinese porcelain, and (surprise!) plenty of brick. The most exciting discovery to date are small pieces of printing tile that may have been used to produce...

Author: By Kirsten E.M. Slungaard, CONTRIBUTING WRITER | Title: Can You Dig It? | 10/31/2007 | See Source »

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