India's art market is booming, fuelled by new money and a new generation of collectors

New Delhi: Amrita Sher-Gil's "The Storyteller" breaks the world record for an Indian artist with Rs 61.8 crore in 2023. Followed by M F Husain clocking Rs 118 crore for "Gram Yatra" in 2025 and Raja Ravi Varma's "Yashoda and Krishna" auctioned at Rs 167.2 crore in 2026.

The records are tumbling every year as it were. If the numbers by the greats are staggering so are these by lesser known artists. Take, for instance, Asit Kumar Haldar's "Mother India" (Division of Bengal) that sold for Rs 2.07 crore against an estimate of approximately Rs 8-12 lakh, over 25 times its lower estimate, or Shanti Dave's Untitled (1971) that went for Rs 3.25 crore against an estimate of approximately Rs 32-45 lakh.

The sales have established a trend for Indian artists, especially modernists, in a market that luxury intelligence magazine LuxeTrope pegs at nearly Rs 3,000 crore, a sharp spike from a few crore at the turn of the century.


It all paints a picture of Indian art widening its canvas beyond just a few high value transactions. A growth story seemingly centred around a handful of master modernists but one motivated by the expansion of the collector base thanks to new and informed buyers, increase in buyer participation from within India, and the country's growing presence at international exhibitions, museums, and institutions.

The price surge, according to Dinesh Vazirani, co-founder and CEO of Saffronart Auction House, can be attributed to wanting "a slice of the best work".

"The renewed interest in Indian art is closely tied to the growing international recognition of India's modernist movement. A new generation of Indian collectors has also developed a stronger desire to acquire works by modernist artists, who occupy a foundational place in India's artistic narrative," added Manoj Mansukhani, director - marketing at AstaGuru Auction House.

"At the same time, international institutions have increasingly incorporated South Asian art into exhibitions, collections, and research programmes, helping reposition Indian modernism within a global narrative rather than a regional one," Mansukhani told PTI.

The distinction between modern and contemporary artists is partly chronological and partly conceptual. Modernists are generally artists who were active during the period roughly spanning the late 19th century to the early 1980s. They sought to break away from academic traditions and experimented with new forms, abstraction, and individual expression.

Contemporary artists, active 1980s onwards, are defined less by a single style than by their engagement with current social, political, technological, and environmental issues.

As Mansukhani sees it, the growing interest is being driven by a combination of "scarcity, scholarship, and cultural confidence" as artists such as Husain, Raza, V S Gaitonde, Tyeb Mehta, F N Souza, and Sher-Gil are increasingly understood as major contributors to twentieth-century modernism.

In recent years, Indian artists, also including Nalini Malani, Nasreen Mohamedi and Bhupen Khakar, have frequently been exhibited at notable museums and institutions such as the Museum of Modern Art, Tate Modern, Victoria and Albert Museum, and the Venice Biennale.

Contemporary and living Indian artists such as Bharti Kher, Shilpa Gupta, Jitish Kallat, Mithu Sen, and V Ramesh have also found greater international recognition.

Mansukhani noted that although both contemporary and modern artists have broadened their presence in international markets, the pattern of engagement differs.

"Unlike the modernist market, where a relatively broad consensus exists around a handful of canonical figures, the contemporary market is more diverse and selective," he added.

The interest in modernists has not only spilled over to contemporary ones but several under-recognised artists across generations.

According to Ashish Anand, CEO and MD of DAG, several under-recognised artists have been making personal records in auctions, selling for much above their estimated values.

So besides Shanti Dave whose untitled work sold at a Christie's auction for over 10 times its lower estimate, there is also Shyamal Dutta Ray's Untitled (The Durga Procession Crossing Howrah Bridge, Calcutta) that went for Rs 89.38 lakh against an estimate of approximately Rs 3.2-5.4 lakh, over 27 times its lower estimate.

"What this tells us is that collectors are increasingly rewarding quality, rarity and art-historical significance across categories rather than focusing on a handful of names. Equally important is the growth of scholarship, institutional engagement and market transparency over the last decade. Collectors today have access to far more information and are making decisions with greater conviction," Anand told PTI.

The result, he added, is a market that is becoming "deeper, more confident and more discerning".

Vazirani also attributes this to a "mindset change, especially with Indians and Indian diaspora, where they believe that art is a generational asset and is a repository of value".

According to Mansukhani, growth is "not solely being driven by a handful of high-value transactions".

The market growth is also based on "more aggressive bidding along with a noticeable increase in participation".

"The collector base is becoming broader, particularly among entrepreneurs, professionals, and family offices," he said.

Mansukhani added that today's most active buyers tend to be entrepreneurs, industrial families, finance professionals, technology founders, family offices, and established private collectors. Moreover, the visibility of art fairs, exhibitions, digital platforms, and educational initiatives has made collecting less intimidating to new collectors than it once was.

"One of the most important shifts in recent years is that many of the largest purchases are now being made by collectors based within India. Many new collectors are entering the market through contemporary art before moving toward historical works, while others begin by acquiring works at relatively accessible price points," he said.

Commercial art platforms such as India Art Fair and Art Mumbai as well as forums like international exhibitions like Kochi-Muziris Biennale have been introducing Indian art enthusiasts to international works and vice versa.

At its 17th edition in February this year, India Art Fair hosted "its largest and most international presentation to date" with 133 exhibitors in total, nearly 25 of which came from outside of India.

Jaya Asokan, director of the India Art Fair, while modern Indian art is seeing the most visible growth in terms of headline prices and auction performance, contemporary art, South Asian diaspora practices and younger artists are also seeing significant momentum.

"The diaspora is particularly interesting because it allows South Asian histories to be read through global experiences of migration, identity, belonging and memory. Younger collectors are often drawn to this kind of work because it speaks closely to their own lives and concerns," she said.

"Perhaps most encouraging is the growing willingness among collectors to discover emerging artists earlier in their careers, supported by galleries that are investing in long-term artistic development," she added.

Vazirani, who is also a co-founder of Art Mumbai, noted that the largest buyers remain business houses and corporate but young Indians who have done well entrepreneurially are coming to the market.

The growth trajectory, according to Mansukhani, is "very much expected to continue", largely buoyed by modern Indian art that has "undoubtedly strengthened the visibility of the broader ecosystem" and encouraged new collectors to enter the field.

However, there is also a risk that excessive attention on a relatively "small group of historical figures can overshadow living artists".

"Contemporary practitioners and others require sustained institutional and collector support if their markets are to develop meaningfully. A healthy art market depends on maintaining a balance between preserving historical legacies and supporting contemporary artistic production," he said.