The recent sale of an untitled work (Gram Yatra) by MF Husain at Christie’s auction house in New York for over Rs 118.7 crore (about $13.8 million) marked a watershed moment for Indian art, highlighting its growing value in the global market. This sale surpassed the previous record holder, Amrita Sher-Gil’s The Story Teller (1937), which fetched about Rs 61.8 crore ($7.4 million) at a Saffronart auction in Mumbai in 2023.

• Key highlights of the sale include:
• MF Husain’s Gram Yatra sold for over Rs 118.7 crore.
• The sale surpassed the previous record holder, Amrita Sher-Gil’s The Story Teller (1937).
• The painting was bought by renowned art collector and philanthropist Kiran Nadar.

The Indian art market is experiencing significant growth, driven by the country’s strong economy and rising disposable income. According to the 2024 Hurun India Art List, sales by the top 50 artists reached a record-breaking $36.2 million (Rs 301 crore), a 19% increase from 2023. This growth is attributed to the increasing demand for Indian art globally, with many prominent galleries and museums showcasing works by Indian artists.

Despite this growth, Indian art still lags behind its global counterparts in terms of recognition. According to art critic-curator and author Uma Nair, “We need more originality and ingenuity. Masters don’t happen every year. We cannot become a generation that apes the West.”

• Key highlights of the statement include:
• Uma Nair emphasizes the need for originality and ingenuity in Indian art.
• She highlights the importance of not aping the West.

Uday Jain, director of Dhoomimal Gallery in Delhi, also stresses the need for more exposure to Indian art globally. “The more we expose Indian art to a global audience, we will see more awareness and rise in interest among people, and therefore sales will happen.”

The government, culture ministry, NGMAs, and political academies need to play a more active role in popularising modern art, according to Jain. “Also, we should not wait for the West first to validate a work of art, and then start accepting it more here.”

Nishad Avari, head of department, Indian art at Christie’s, notes that the Indian art market is much younger and more nascent than most others. “The first professional galleries in India date back to the 1950s and 60s, and standalone international auctions of South Asian modern and contemporary art only started being held in the mid-1990s.”

Indrajit Chatterjee, founder, curator and director of Prinseps auction house, agrees. “We’re still in the early stages of the Indian market. For a country like India, $10 million for an artwork is nothing. But as the economy grows, this $10 million will easily become, maybe in the next 10 years, $100 million.”

The rise of young collectors is also notable, with many enthusiastic about building their collections and driven by rising incomes, exposure to global trends, and eager to explore art and collectibles.

• Key highlights of the rise of young collectors include:
• Young buyers are well-informed, conducting thorough research before purchasing art.
• They are driven by rising incomes, exposure to global trends, and eager to explore art and collectibles.

Bhavna Kakar, founder and director, Latitude 28 gallery in New Delhi, notes that art should not be collected as an investment, but as a testament to cultural and intellectual engagement. “The rise of new artistic voices is crucial to the evolution of contemporary art, offering fresh perspectives that challenge and redefine existing narratives.”

The recent sale of MF Husain’s Gram Yatra at Christie’s auction house in New York marked a watershed moment for Indian art, highlighting its growing value in the global market. The sale surpassed the previous record holder, Amrita Sher-Gil’s The Story Teller (1937), which fetched about Rs 61.8 crore ($7.4 million) at a Saffronart auction in Mumbai in 2023. The Indian art market is experiencing significant growth, driven by the country’s strong economy and rising disposable income. According to the 2024 Hurun India Art List, sales by the top 50 artists reached a record-breaking $36.2 million (Rs 301 crore), a 19% increase from 2023. This growth is attributed to the increasing demand for Indian art globally, with many prominent galleries and museums showcasing works by Indian artists. Despite this growth, Indian art still lags behind its global counterparts in terms of recognition. According to art critic-curator and author Uma Nair, “We need more originality and ingenuity. Masters don’t happen every year. We cannot become a generation that apes the West.”

Uday Jain, director of Dhoomimal Gallery in Delhi, also stresses the need for more exposure to Indian art globally. “The more we expose Indian art to a global audience, we will see more awareness and rise in interest among people, and therefore sales will happen.”

The government, culture ministry, NGMAs, and political academies need to play a more active role in popularising modern art, according to Jain. “Also, we should not wait for the West first to validate a work of art, and then start accepting it more here.”

Nishad Avari, head of department, Indian art at Christie’s, notes that the Indian art market is much younger and more nascent than most others. “The first professional galleries in India date back to the 1950s and 60s, and standalone international auctions of South Asian modern and contemporary art only started being held in the mid-1990s.”

Indrajit Chatterjee, founder, curator and director of Prinseps auction house, agrees. “We’re still in the early stages of the Indian market. For a country like India, $10 million for an artwork is nothing. But as the economy grows, this $10 million will easily become, maybe in the next 10 years, $100 million.”

The rise of young collectors is also notable, with many enthusiastic about building their collections and driven by rising incomes, exposure to global trends, and eager to explore art and collectibles. Bhavna Kakar, founder and director, Latitude 28 gallery in New Delhi, notes that art should not be collected as an investment, but as a testament to cultural and intellectual engagement. “The rise of new artistic voices is crucial to the evolution of contemporary art, offering fresh perspectives that challenge and redefine existing narratives.”

As the Indian art market continues to grow, it is clear that the country is on the cusp of achieving global recognition. With the recent sale of MF Husain’s Gram Yatra at Christie’s auction house in New York, Indian art has finally taken its rightful place on the international stage. The Indian art market is experiencing significant growth, driven by the country’s strong economy and rising disposable income. According to the 2024 Hurun India Art List, sales by the top 50 artists reached a record-breaking $36.2 million (Rs 301 crore), a 19% increase from 2023. This growth is attributed to the increasing demand for Indian art globally, with many prominent galleries and museums showcasing works by Indian artists. The rise of young collectors is also notable, with many enthusiastic about building their collections and driven by rising incomes, exposure to global trends, and eager to explore art and collectibles. Bhavna Kakar, founder and director, Latitude 28 gallery in New Delhi, notes that art should not be collected as an investment, but as a testament to cultural and intellectual engagement. “The rise of new artistic voices is crucial to the evolution of contemporary art, offering fresh perspectives that challenge and redefine existing narratives.”

The recent sale of MF Husain’s Gram Yatra at Christie’s auction house in New York marked a watershed moment for Indian art, highlighting its growing value in the global market. The sale surpassed the previous record holder, Amrita Sher-Gil’s The Story Teller (1937), which fetched about Rs 61.8 crore ($7.4 million) at a Saffronart auction in Mumbai in 2023. The Indian art market is also experiencing a shift towards online auctions and accessible art markets. Manoj Mansukhani, CMO, AstaGuru auction house, notes that only in the past few decades has art come to be seen as a valuable aesthetic possession. Indian artists and their works are being recognised and exhibited globally, contributing to the country’s prominence in the international art arena. AstaGuru’s top records include Tyeb Mehta’s Diagonal (1973) that sold for Rs 25.29 crore in 2022; Manjit Bawa’s Untitled (Krishna) (1992), which fetched Rs 25.11 crore in 2023; and MF Husain’s Voices (1958), which realised Rs 18.47 crore in 2020. Jehangir Sabavala’s artwork fetched Rs 15.8 crore in 2024. Dinesh Vazirani, CEO and co-founder of Saffronart, notes that both Indian and non-Indian buyers show serious interest in acquiring the best, and acknowledge value based on the importance of a painting. “The traditional auctions have evolved into hybrid experiences with live streaming and online/ mobile bidding,” he adds. The rise of Indian art is also being driven by new art galleries, such as Subcontinent, which opened its doors in Mumbai recently. The gallery is bringing shows of pioneering modernists like the renowned figurative painter and Padma Shri artist Haku Shah’s seven-decade-long practice. Arpita Singh, who has for the first time exhibited outside India, at the prestigious Serpentine Gallery in London, is another example of Indian art increasing global recognition and appreciation. “The South Asian art market is experiencing a significant global moment, with major international institutions actively showcasing works by artists from the region,” says Jaya Asokan, director, India Art Fair. In its 16th edition this year, the art fair announced robust sales, with Vadehra Art Gallery selling 90% of their booth on the first day, and prices ranging from $2,500 to $300,000. David Zwirner sold a painting by Portia Zvavahera, a painting by Oscar Murillo, a sculpture by Huma Bhabha, and a painting by Sosa Joseph with prices ranging from $12,000 to $450,000. Carpenters Workshop Gallery made sales worth $600,000. Nature Morte sold 70% of their booth by the second day, including a Jitish Kallat for $100,000. The rise of Indian art is a testament to the country’s growing economy and rising disposable income. With the recent sale of MF Husain’s Gram Yatra at Christie’s auction house in New York, Indian art has finally taken its rightful place on the international stage. The Indian art market is experiencing significant growth, driven by the country’s strong economy and rising disposable income. According to the 2024 Hurun India Art List, sales by the top 50 artists reached a record-breaking $36.2 million (Rs 301 crore), a 19% increase from 2023. This growth is attributed to the increasing demand for Indian art globally, with many prominent galleries and museums showcasing works by Indian artists. The recent sale of MF Husain’s Gram Yatra at Christie’s auction house in New York marked a watershed moment for Indian art, highlighting its growing value in the global market. The Indian art market is also experiencing a shift towards online auctions and accessible art markets. Manoj Mansukhani, CMO, AstaGuru auction house, notes that only in the past few decades has art come to be seen as a valuable aesthetic possession. Indian artists and their works are being recognised and exhibited globally, contributing to the country’s prominence in the international art arena. AstaGuru’s top records include Tyeb Mehta’s Diagonal (1973) that sold for Rs 25.29 crore in 2022; Manjit Bawa’s Untitled (Krishna) (1992), which fetched Rs 25.11 crore in 2023; and MF Husain’s Voices (1958), which realised Rs 18.47 crore in 2020. Jehangir Sabavala’s artwork fetched Rs 15.8 crore in 2024. Dinesh Vazirani, CEO and co-founder of Saffronart, notes that both Indian and non-Indian buyers show serious interest in acquiring the best, and acknowledge value based on the importance of a painting. “The traditional auctions have evolved into hybrid experiences with live streaming and online/ mobile bidding,” he adds. The rise of Indian art is also being driven by new art galleries, such as Subcontinent, which opened its doors in Mumbai recently. The gallery is bringing shows of pioneering modernists like the renowned figurative painter and Padma Shri artist Haku Shah’s seven-decade-long practice. Arpita Singh, who has for the first time exhibited outside India, at the prestigious Serpentine Gallery in London, is another example of Indian art increasing global recognition and appreciation. “The South Asian art market is experiencing a significant global moment, with major international institutions actively showcasing works by artists from the region,” says Jaya Asokan, director, India Art Fair. In its 16th edition this year, the art fair announced robust sales, with Vadehra Art Gallery selling 90% of their booth on the first day, and prices ranging from $2,500 to $300,000. David Zwirner sold a painting by Portia Zvavahera, a painting by Oscar Murillo, a sculpture by Huma Bhabha, and a painting by Sosa Joseph with prices ranging from $12,000 to $450,000. Carpenters Workshop Gallery made sales worth $600,000. Nature Morte sold 70% of their booth by the second day, including a Jitish Kallat for $100,000. The rise of Indian art is a testament to the country’s growing economy and rising disposable income. With the recent sale of MF Husain’s Gram Yatra at Christie’s auction house in New York, Indian art has finally taken its rightful place on the international stage. The Indian art market is experiencing significant growth, driven by the country’s strong economy and rising disposable income. According to the 2024 Hurun India Art List, sales by the top 50 artists reached a record-breaking $36.2 million (Rs 301 crore), a 19% increase from 2023. This growth is attributed to the increasing demand for Indian art globally, with many prominent galleries and museums showcasing works by Indian artists. The recent sale of MF Husain’s Gram Yatra at Christie’s auction house in New York marked a watershed moment for Indian art, highlighting its growing value in the global market. The Indian art market is also experiencing a shift towards online auctions and accessible art markets. Manoj Mansukhani, CMO, AstaGuru auction house, notes that only in the past few decades has art come to be seen as a valuable aesthetic possession. Indian artists and their works are being recognised and exhibited globally, contributing to the country’s prominence in the international art arena. AstaGuru’s top records include Tyeb Mehta’s Diagonal (1973) that sold for Rs 25.29 crore in 2022; Manjit Bawa’s Untitled (Krishna) (1992), which fetched Rs 25.11 crore in 2023; and MF Husain’s Voices (1958), which realised Rs 18.47 crore in 2020. Jehangir Sabavala’s artwork fetched Rs 15.8 crore in 2024. Dinesh Vazirani, CEO and co-founder of Saffronart, notes that both Indian and non-Indian buyers show serious interest in acquiring the best, and acknowledge value based on the importance of a painting. “The traditional auctions have evolved into hybrid experiences with live streaming and online/ mobile bidding,” he adds. The rise of Indian art is also being driven by new art galleries, such as Subcontinent, which opened its doors in Mumbai recently. The gallery is bringing shows of pioneering modernists like the renowned figurative painter and Padma Shri artist Haku Shah’s seven-decade-long practice. Arpita Singh, who has for the first time exhibited outside India, at the prestigious Serpentine Gallery in London, is another example of Indian art increasing global recognition and appreciation. “The South Asian art market is experiencing a significant global moment, with major international institutions actively showcasing works by artists from the region,” says Jaya Asokan, director, India Art Fair. In its 16th edition this year, the art fair announced robust sales, with Vadehra Art Gallery selling 90% of their booth on the first day, and prices ranging from $2,500 to $300,000. David Zwirner sold a painting by Portia Zvavahera, a painting by Oscar Murillo, a sculpture by Huma Bhabha, and a painting by Sosa Joseph with prices ranging from $12,000 to $450,000. Carpenters Workshop Gallery made sales worth $600,000. Nature Morte sold 70% of their booth by the second day, including a Jitish Kallat for $100,000. The rise of Indian art is a testament to the country’s growing economy and rising disposable income. With the recent sale of MF Husain’s Gram Yatra at Christie’s auction house in New York, Indian art has finally taken its rightful place on the international stage. The Indian art market is experiencing significant growth, driven by the country’s strong economy and rising disposable income. According to the 2024 Hurun India Art List, sales by the top 50 artists reached a record-breaking $36.2 million (Rs 301 crore), a 19% increase from 2023. This growth is attributed to the increasing demand for Indian art globally, with many prominent galleries and museums showcasing works by Indian artists. The recent sale of MF Husain’s Gram Yatra at Christie’s auction house in New York marked a watershed moment for Indian art, highlighting its growing value in the global market. The Indian art market is also experiencing a shift towards online auctions and accessible art markets. Manoj Mansukhani, CMO, AstaGuru auction house, notes that only in the past few decades has art come to be seen as a valuable aesthetic possession. Indian artists and their works are being recognised and exhibited globally, contributing to the country’s prominence in the international art arena. AstaGuru’s top records include Tyeb Mehta’s Diagonal (1973) that sold for Rs 25.29 crore in 2022; Manjit Bawa’s Untitled (Krishna) (1992), which fetched Rs 25.11 crore in 2023; and MF Husain’s Voices (1958), which realised Rs 18.47 crore in 2020. Jehangir Sabavala’s artwork fetched Rs 15.8 crore in 2024. Dinesh Vazirani, CEO and co-founder of Saffronart, notes that both Indian and non-Indian buyers show serious interest in acquiring the best, and acknowledge value based on the importance of a painting. “The traditional auctions have evolved into hybrid experiences with live streaming and online/ mobile bidding,” he adds. The rise of Indian art is also being driven by new art galleries, such as Subcontinent, which opened its doors in Mumbai recently. The gallery is bringing shows of pioneering modernists like the renowned figurative painter and Padma Shri artist Haku Shah’s seven-decade-long practice. Arpita Singh, who has for the first time exhibited outside India, at the prestigious Serpentine Gallery in London, is another example of Indian art increasing global recognition and appreciation. “The South Asian art market is experiencing a significant global moment, with major international institutions actively showcasing works by artists from the region,” says Jaya Asokan, director, India Art Fair. In its 16th edition this year, the art fair announced robust sales, with Vadehra Art Gallery selling 90% of their booth on the first day, and prices ranging from $2,500 to $300,000. David Zwirner sold a painting by Portia Zvavahera, a painting by Oscar Murillo, a sculpture by Huma Bhabha, and a painting by Sosa Joseph with prices ranging from $12,000 to $450,000. Carpenters Workshop Gallery made sales worth $600,000. Nature Morte sold 70% of their booth by the second day, including a Jitish Kallat for $100,000. The rise of Indian art is a testament to the country’s growing economy and rising disposable income. With the recent sale of MF Husain’s Gram Yatra at Christie’s auction house in New York, Indian art has finally taken its rightful place on the international stage. The Indian art market is experiencing significant growth, driven by the country’s strong economy and rising disposable income. According to the 2024 Hurun India Art List, sales by the top 50 artists reached a record-breaking $36.2 million (Rs 301 crore), a 19% increase from 2023. This growth is attributed to the increasing demand for Indian art globally, with many prominent galleries and museums showcasing works by Indian artists. The recent sale of MF Husain’s Gram Yatra at Christie’s auction house in New York marked a watershed moment for Indian art, highlighting its growing value in the global market. The Indian art market is also experiencing a shift towards online auctions and accessible art markets. Manoj Mansukhani, CMO, AstaGuru auction house, notes that only in the past few decades has art come to be seen as a valuable aesthetic possession.