India’s art market is experiencing an unprecedented boom, setting new records even as global art sales decline.
A recent Saffronart auction in Delhi achieved the highest-ever total for South Asian art at $40.2 million. The headline piece, a 1971 painting by V.S. Gaitonde, sold for $7.57 million, becoming India’s second most expensive painting. This follows record sales for works by M.F. Husain and F.N. Souza earlier in the year.
Experts attribute this surge to several factors:
- Rising Wealth: A growing number of millionaires in India and among the diaspora are investing in art as a status symbol and a long-term asset.
- New Buyers: Auctions are seeing a significant influx of first-time bidders, with Saffronart reporting 25-30% of its buyers are recent entrants.
- Favorable Policies: A recent tax cut on art from 12% to 5% has also boosted the market.
- Growing Infrastructure: Unlike a brief boom in the 2000s, this growth is supported by a burgeoning ecosystem of private museums, art fairs like the India Art Fair, and biennales, fostering a more sustainable and mature industry.
While top modernists are breaking records, this momentum is also lifting demand for other artists. The growth is fueled by both local collectors and the global diaspora reconnecting with their heritage, marking a “point of massive inflection” for Indian art.