Art is no longer just a thing of beauty

Indian art is having its moment on the global stage - and Indians themselves are leading the charge. From record-breaking auction prices to passionate collectors outbidding international peers, the appetite for homegrown masterpieces has never been stronger. Take Kiran Nadar, for instance, who bought M F Husain's Untitled (Gram Yatra) at a Christie's auction in New York for $13.8 mn, breaking all records for Indian art. The painting, which had remained unseen for decades, was sold on March 20. This sale sets a new benchmark, nearly doubling the previous record of ₹61.8 cr, held by Amrita Sher-Gil's The Story Teller, auctioned in 2023.

Once a niche pursuit, collecting Indian art is now a reflection of evolving tastes, growing affluence and a deeper appreciation for cultural heritage. Rising affluence and swelling ranks of UHNIs, whose average age keeps getting younger, have fuelled a greater risk appetite and tastes aligned with their global counterparts. This has raised interest in alternative asset classes - passion investments like art, pens and watches - alongside Indian staples like jewellery and real estate. And while jewellery and property remain favourites, nothing signals arrival among the UHNI set in that quiet, cool, sophisticated way like a piece of fine art.

Indian art as an asset class has been growing steadily. According to Grant Thornton, the Indian art market clocked a turnover of $144.3 mn in 2023 through the sale of 3,833 works. The auction market has grown by 265% since 2013. This is just the beginning. Despite rising prices, Indian art remains undervalued compared to its Western counterparts, presenting a significant opportunity. For India's expanding tribe of UHNIs - projected to reach 20,000 by 2028, a 50% increase from 2023 - art is becoming a sound investment. As Indian art appreciates in value and gains recognition as an asset, the market is poised for exponential growth. Art is no longer just a thing of beauty. It's so much more.