With a new generation of collectors seeking both cultural value and investment potential, art is quickly becoming a must-have in both luxury and lifestyle spaces. It’s an exciting time for Indian art, as it finds its place on the global stage.
From Raja Ravi Varma’s masterful fusion of Indo-European aesthetics to the thought-provoking works of M.F. Husain and Amrita Sher-Gil, and the conceptual depth of contemporary artists like Bharti Kher and Atul Dodiya, Indian art has long mirrored the country’s evolving cultural landscape. In recent years, however, this evolution has gained significant momentum. Amrita Sher-Gil’s ‘The Storyteller’, which fetched a record-breaking INR 61,800,000 (EUR 699,600) at auction as the most expensive Indian artwork ever sold, underscores the country’s growing prominence in the global art conversation.
A new generation of collectors, both at home and abroad, are seeking out India’s rich artistic heritage whilst embracing its bold contemporary expressions. The influx of international galleries, high-profile art fairs, and rapidly growing digital platforms have given Indian artists unprecedented global visibility. From the hallowed halls of major museums to cutting-edge digital exhibitions, Indian art is now being recognised in spaces once reserved for the global elite. These new platforms and art fairs are reshaping how art is consumed, offering artists a direct channel to global audiences, and solidifying India’s role as a powerful player in the future of global creative expression.
Key Drivers of the Luxury Art Boom in India
India’s deep-rooted tradition of royal patronage and artistic grandeur has always placed culture and luxury as its core. This legacy is now being redefined by modern aspirations, growing spending power, and the global exposure of affluent buyers. According to Moksha Modgill, CEO of Greek Pictures India, “This newfound exposure is elevating the dialogue around art in India, encouraging collectors to appreciate contemporary art not only as a creative pursuit but also as a tangible asset.” She highlights how international galleries are making significant inroads, integrating Indian art into the global art asset ecosystem and providing collectors to diverse artistic expressions.
Industry experts believe that institutions like the India Art Fair have played a major role in reshaping the art scene in the country. Curator and Archaeologist Anica Mann sees this evolution as a broader opportunity for artists and buyers to showcase and experience art. “The switch to a programmatic, contemporary, and wider approach has expanded both the artist landscape and purchasing variety, creating a way to engage with collectors in a more robust way,” she observes.
“While growing wealth has spurred audiences towards engaging with the luxury market, they are recognising and prioritising art for its immersive and personal connections. More so now than ever before, we have a growing demographic of people between the ages of 25 and 45, that are educated, well travelled, self aware, and genuinely looking to engage with art specifically as a major part of their lives,” said Umah Jacob, Director of External Relations & Outreach at India Art Fair. “In the context of luxury in India, there has been a rise of homegrown brands and collectives that are seeking meaningful collaborations and exchanges with artists to really evolve our perception of luxury and what this means for us in the country. This is a key marker of us looking inward and really owning and appreciating the immense talent and possibilities in the arts here.” She attributes this shift to expanded gallery networks, increased visibility through international platforms, and greater participation in global art fairs.
Interestingly, there is a generational shift in purchasing behaviour. For many first-time buyers in their 30s and 40s, art collection coincides with milestones like buying their first home. “Beyond traditional collectors, there is a growing segment of people with disposable income for whom the initiation into art collection is converging with the purchase of their first home,” says Sahil Arora, Founder and Curator of Method. This new wave of collectors seek work that evoke emotion, challenge norms, and reflect their individuality. “Art is sparking conversation that aligns with individual values,” he adds.
Overall Growth in the Luxury Art Market in Asia
Jacob highlights the impressive 265% growth of India’s art market between 2013 and 2023, driven by increased visibility through auctions and the rising global recognition of Indian artists. The appetite for art is no longer confined to metropolitan centres but is also gaining traction in their 2 and tier 3 cities, signalling a broader cultural and economic shift.
“Feedback from senior patrons and younger buyers alike reflects a strong demand for contemporary art, making a gradual shift from the dominance of modernist works, which traditionally remain a cornerstone of collector interest. This evolving openness to fresher, more experimental art that reflects the concerns and questions of our lifetimes, highlights a dynamic and expanding market poised for sustained growth,” she shares.
Mann sees a growing curiosity about Indian and South Asian art in global markets, with cultural interactions offering new purchasing options and fostering cross-cultural dialogue among collectors and creators. “Indian and South Asian diaspora artists are receiving significant representation at prestigious events like the Frieze Art Fair in London and the Venice Biennale. The Aravalli Art Project was invited to create a mural at the Venice Biennale. Galleries like Rajiv Menon Contemporary and Aicon Contemporary in New York, Rob Dean and Grosvernor in London, and Greek Art in Japan are all showcasing Indian art to an international audience. Indian art is truly having a moment,” she notes.
Names Dominating the Luxury Art Market in India
The Indian high-value art market thrives on its foundation of enduring masterpieces and the influence of established institutions. “Art auction houses in India like AstaGuru and Saffronart are at the forefront, while Sotheby’s has broadened its reach beyond just the art trade,” says Modgill. Long-standing galleries and collectors continue to enrich the sector, but it is events like the Indian Art Fair that truly unlocks the potential of luxury art, sparking essential dialogues. “Luxury art organisations and foundations are increasingly taking on pivotal roles,” adds Modgill, highlighting initiatives like Art Jaipur, Art Mumbai, and the RMZ Foundation’s efforts to enhance cultural exchanges in public spaces.
At GeekArt, collaborations emphasise rich Indo-Japanese and broader Asian art traditions, presenting unique contemporary perspectives to deepen the cultural landscape.
South Asia is also witnessing the rise of newer galleries fostering emerging talent, democratising access to art. Mann explains that a lot of patrons and connoisseurs are now investing not just in acquiring art but also in supporting fresh talent.
Institutions like Khoj Studios, through fellowships and residencies, are creating opportunities for young collectors and emerging artists. “In 2022/23, during my time curating the India Art Fair Young Collector Programme, we emphasised making art accessible. The expansion to include new South Asian galleries has transformed this into a more inclusive entry point into the art world,” said Mann, citing examples of affordable art priced as low as INR 10,000 (EUR 113) facilitated by flexible payment plans.
The ecosystem is evolving beyond the conventional gallery format. “Galleries like Method Stranger House, Blueprint, Shrine Empire, Galerie Mirchandani + Steinruecke, and Kalakriti are taking centre stage as commercial powerhouses, while biennales in Kochi and Bengal are providing spaces for artistic discovery and programmatic expansion. Additionally, interactive museums like the Museum of Art and Photography in Bangalore and the Kiran Nadar Museum of Art (KNMA) in Delhi, alongside events like the Serendipity Arts Festival, are reshaping how art is experienced,” shares Mann. “A notable trend is galleries collaborating with art schools to bring graduation shows into mainstream spaces.”
Emphasising the intersection of luxury and art, Jacob speaks of the new avenues for contemporary collaboration between established players in the luxury sector and artists and art spaces. “These partnerships have not only expanded and diversified the collector base but also emphasised the richness of Indian art and craftsmanship. The result is a dynamic market producing creations that resonate deeply with both local and global audiences, highlighting a seamless blend of tradition and modernity.”
Growth of the Online Art Market
The growth of the online art market in India is not only reshaping how art is purchased, but also expanding the global footprint of Indian and South Asian art. With a combination of digital platforms, social media engagement, and the support of institutions and collectors, the Indian art market is poised for continued growth, as both local and international collectors are increasingly seeking out contemporary, innovative works from India.
“I could sit in Delhi and buy art from a space in Mumbai, but the tactile interaction with art remains important,” Mann reflects. “However, the online market works well for mediums like digital art and photography, where physical presence is not crucial.” On the challenges in managing forgeries, she shares, “With contemporary art, buyers still have the opportunity to connect directly with artists for validation, which adds a layer of trust and authenticity in the purchasing process.”
The Future of the Luxury Art Market in India: Opportunities and Challenges
The future of the luxury art market in India presents both significant opportunities and challenges. As the market continues to expand, Modgill sees immense potential for galleries and institutions to create a universal narrative that highlights contemporary art and artists in India. According to her, high import taxes, the need for improved regulatory frameworks, and stringent measures to ensure authenticity in transactions are pressing issues that must be addressed to preserve the market’s integrity and build trust among both new and established collectors.
Jacob highlights India Art Fair’s commitment to approaching this growth thoughtfully, focusing on integrating artists into the heart of the arts ecosystem. “Fostering art knowledge and awareness, especially among emerging collectors, continues to be a priority,” she shares.
As the wealth within the market expands rapidly, the understanding of art has not kept pace. To bridge this gap, India Art Fair’s Young Collectors Programme offers tailored initiatives to engage a new generation of collectors, helping them navigate both local and global art market trends. This initiative aims to foster a deeper appreciation for art, making the art world more accessible to diverse demographics and laying a solid foundation for the sustainable growth of the art ecosystem.
Arora observes that a younger generation, with an increasing capacity and willingness to spend on art, driven by a greater awareness of art’s cultural value, presents a significant opportunity. However, he stresses that accessibility must be prioritised to fully capitalise on this opportunity. “People are collecting art that aligns with their generation’s mindset and culture, and we must ensure that more people can access it,” he shares.
According to Mann, while the private sector is doing well, the government needs to awaken to its role in advancing the art sector, especially through museums and galleries, which have not yet caught up with the developments in the art world. “With its extensive reach, the government can integrate thousands of artists in India’s hinterlands to bring indigenous practices into the emerging art scene and enrich the market with diverse cultural expressions.”
BurdaLuxury’s Lens
The future of the luxury art market in India is full of potential. Addressing the challenges of accessibility, regulatory frameworks, and inclusivity will be key to ensuring its continued growth. By fostering strategic partnerships, increased awareness, and engaging emerging collectors, the market can evolve into a more integrated and sustainable ecosystem that embraces the rich diversity of Indian art.
