Indian Art on the Global Stage
Indian art has gained significant global attention, driven by Indians themselves through record-breaking auctions and a growing number of passionate collectors.
Record Sales and Benchmark Auctions
- Kiran Nadar purchased M F Husain’s Untitled (Gram Yatra) for $13.8 million at a Christie’s auction in New York, setting a new record for Indian art.
- This sale surpassed the previous record of ₹61.8 crore, held by Amrita Sher-Gil’s The Story Teller.
Evolution of Indian Art Collecting
- Collecting Indian art reflects evolving tastes, increased affluence, and a deeper appreciation for cultural heritage.
- Younger Ultra High Net Worth Individuals (UHNIs) have fueled interest in alternative asset classes such as art, pens, and watches.
- Art, alongside jewelry and real estate, is seen as a status symbol among the UHNI set.
Growth of the Indian Art Market
- According to Grant Thornton, the Indian art market reached a turnover of $144.3 million in 2023, with 3,833 works sold.
- Since 2013, the auction market has expanded by 265%.
- Despite increasing prices, Indian art is still considered undervalued compared to Western art, presenting investment opportunities.
With the projected growth in the number of UHNIs in India, art is becoming a recognized and promising investment class, set for exponential growth and recognition beyond aesthetic value.