Big prices, bigger confidence: Inside Indian art’s breakout era

The year started with Air India revealing their first art-themed in-flight magazine. From Kiran Nadar’s exceptional private-to-public collection to the MET’s take on AI and art, the collector’s edition acknowledges India’s buoyant art scene. One that is witnessing a surge in auction activity* with blue-chip masters fetching record prices, comtemporary and young artists sparking conversations at biennales, fairs, institutional exhibitions. And a vibrant ecosystem of curators, gallerists and new buyers from LA to London, Mumbai to Singapore. We take a closer look at the picture within the big picture.

Who collects, and why it matters

A new crop of HNI collectors is carefully building its legacy. Some are socially visible – Kalyani Saha Chawla’s daughter Tahira Tara or Anamika Khanna’s son Viraj, for instance –having had the advantage of being born into the environment. Others, such as a well-known startup entrepreneur based in Gurgaon, would rather not talk about it. What is common to almost all of them, however, is that they are all deeply engaged with the process. “Serious collectors today study an artist’s journey, provenance, authenticity, and past valuations before committing. No one is buying art blindly or purely as speculation,” says artist Gurudas Shenoy.

“Indian collectors are definitely more aware of contemporary practices than before. And increasingly so… which makes them build their own collections with more intent and knowledge,” say Prateek and Nandita Raja of Experimenter, recognised globally for their curatorial rigour. India’s economic ascent has also acted as a catalyst. “The global attention to the high growth economies of South Asia and India specifically, have brought attention to the massive consumption and ambitions of private Indian collectors, who are in a race to build institutions of lasting legacy.”

Domestic auction houses such as Saffronart have played an important role. Reflecting on their 25-year journey, founders Dinesh and Minal Vazirani told Vogue India that the current boom is driven by “a far more informed collector base, greater transparency, and the willingness to see Indian art as both culture and capital.”

Agrees Munish Jhajharia, who has been collecting for nearly four decades. “Indian art does not give immediate returns. Unless you are in love with a piece you can’t keep it with you,” says Munish, who is particularly fond of a Jayshree Burman in his private collection. “I get my information on mails, PDFs from the curators and the galleries. But I buy only when I feel connected with a piece. Not just for value.”

That personal connection is key. “I never felt any connection to other investment instruments I had been working with,” says a 36-year-old business consultant based in Kolkata, whose first buy was a Subhankar Chakraborty. “With art it is different. The whole process of studying, selecting and watching their valuation grow is personal and enjoyable.”

The expanding ecosystem

What distinguishes this phase is the depth of the ecosystem supporting it. In the UK, wealthy Indian patrons are engaging with prestigious galleries (Arpita Singh’s first solo abroad at Serpentine was supported by the Lohia Foundation), and museum fundraisers (Pink Ball curated by Isha Ambani) with a growing focus on Indian art. In Los Angeles, Ramesh Menon Contemporary has emerged as a key node in this expanding network, dedicated to contemporary South Asian practices. Since its high-decibel launch last year, it has spotlighted South-Asian and diaspora artists, including Viraj Khanna who works primarily in textiles.

In India, there are more public events. “Large-scale platforms such as art fairs and biennales have shaped this momentum by creating concentrated spaces of encounter. Beyond commerce, they enable artistic practices to be seen, discussed and contextualised within global conversations, allowing Indian artists to move fluidly between local specificity and international discourse,” says art curator Reena Dewan. The audience, too, has expanded far beyond the generational elites, drawing in first-time viewers and younger crowds. “Without the presence of a large museum-going youth… the biennales, festivals, and art fairs become public spaces of learning and engagement within the arts and are hugely influential,” say the Rajas.

The success of Bengal Biennale, Serendipity Arts Festival, Art Mumbai, Art of India, and the return of the Kochi-Muziris Biennale has been thanks to the young and newly curious. As Dewan puts it, “The heightened demand for Indian artists across modern, contemporary and emerging practices is the outcome of this maturing ecosystem. Collecting today is an intellectual and cultural investment, not just a legacy of patronage.”

Indian art: the new flex

For seasoned observers, the Husain record mattered less for the painting itself – one veteran critic dismissed it as “not even one of his best” – and more for what it reflected: Sustained confidence in Indian art. That confidence was visible on Christie’s floor in New York. Writing in The American Bazaar, lifestyle consultant and real-estate advisor Jaswant Lalwani described the atmosphere at Christie’s Modern and Contemporary South Asian Art sale as “electric,” with Indian works commanding the kind of competitive bidding “normally reserved for European modernism or Impressionist art.”

Lalwani credits Christie’s with institutionalising the category through dedicated departments, curated evening sales, international previews and rigorous scholarship. “They did not merely sell Indian art,” he argues, “but systematically created a global segment for it.”

*The big-ticket auctions

Who’s buying what

As per Art Mumbai reports, institutional buyers focussed on modern masters, established contemporary artists, unique, museum-grade works. New & first-time buyers sought easy price points, contemporary and emerging voices, indigenous practices and experimental works.

Through the India lens

The global perception of artists from the subcontinent has been growing over several years now, say the Rajas. “Curators in significant institutions now understand that the story of a contemporary world cannot be told without the inclusion of the global south or rather, without the global majority. And Indian artists and the concerns they raise and address is a significant voice,” they add.

Facts:

• 995 lots sold (+26% YoY): Auction activity surge in 2025
• Key artists (2025): Anish Kapoor, Krishen Khanna and Sakti Burman
• Rs 310cr Total sales by India’s top artists in 2025 (Hurun India Art List)

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