As Indian art gets famous, a great chance to diversify your portfolio

With record-breaking sales, Indian art is finding its voice - and value - both at home and abroad. This might be the best time to invest in some great artworks

Stocks are great but you can't hang them on a wall. As if to prove that point, there is a new-found buoyancy in the Indian art market and excitement amongst artists and art collectors. A landmark event was the sale of Maqbool Fida Husain’s 1954 painting 'Untitled (Gram Yatra)' for $13.7 million, or about Rs 118 crore, making it the most expensive work of modern Indian art ever sold in a public auction.

 

According to Roshini Vadehra, director of the Vadehra Art Gallery and trustee at the Foundation for Indian Contemporary Art, “Overall, South Asian art is having a great moment, with mostly the domestic market driving the scene and people buying across generations and mediums.... the collector today is well educated, and is building a thoughtful, meaningful collection with artists that they resonate with. In fact both seasoned and new collectors are looking at acquiring just really good quality work - be it paintings, sculpture, photography, and also from different generations.”

 

Contemporary modern Indian art is also acquiring a fan base globally. According to Vikram Mayor, Art Curator of Delhi based art Gallery Silver Scapes, “In terms of top-rated artists, the works of modern masters such as Bimal Das Gupta, F N Souza, and S H Raza continue to garner significant attention, owing to their groundbreaking styles and lasting impact on the art world. Furthermore, senior contemporary artists like Kashmiri Khosa, Jatin Das, and Manu Parekh are highly sought after, not only for their technical expertise but also for their unique perspectives and artistic vision."

 

He adds that emerging genres and themes, such as sustainable art and storytelling through art, are gaining traction, as they push the boundaries of artistic expression and resonate with collectors and art enthusiasts. "Artworks that demonstrate a profound understanding of Indian culture and society, while showcasing innovative techniques and themes, tend to appreciate in value over time," Mayor said.

 

Fuelling the art market's growth is also a younger generation of collectors. Indian artists are gaining prominence on international platforms, with institutions like the Barbican Centre, the Serpentine Gallery, and the Metropolitan Museum of Art featuring Indian art prominently. There is also institutional growth with the art ecosystem expanding with new galleries and museums, such as the Museum of Art & Photography in Bengaluru and the upcoming Kiran Nadar Museum of Art in Delhi.

 

“The newly built space has been conceived as a world class museum and cultural centre, with a state-of-the-art building, art galleries, auditoriums, library, restaurants, spaces for pause and movement, retreat and action/participation,” said a spokesperson for the KNMA, which is scheduled to open in the next two to three years.

 

How to buy: First, purpose. Then the art

 

Buying art is not easy as it sounds. The first step? Define your purpose. Clarity of intent not only shapes your choices but also ensures your collection grows with meaning and direction. Are you buying as an investment? Then focus on established artists, track market trends, and consider the potential for long-term appreciation. If it’s for aesthetic pleasure, choose pieces that speak to you—works that evoke emotion, complement your space, or bring daily joy. For those building a legacy or a serious collection, look for art that reflects your values, cultural roots, or individual style—pieces that tell your story over time.

 

Set aside a budget and decide how much you want to invest. Remember additional costs: framing, maintenance, insurance. Visit galleries, museums, art fairs, and auctions. “Artworks may have an unusually high price in auctions when there is a bidding war," cautions Vadehra. "But at the primary level, works are always priced keeping in mind all the factors of past exhibition, future possibilities, and in conversation with the artist.”

 

Read extensively about artists and art movements that interest you. Engage with curators, gallery owners, and art advisors. Assess the artist’s background, previous sales, critical reviews, and representation in galleries and museums.

 

Invest in art that resonates with you. Art collector Himangini Singh, co-founder of Hunch Ventures, believes that personal connection should guide every art purchase. “Always choose art that speaks to you—something you’ll enjoy seeing every day. It should evolve with you, reflect your journey,” she says. “I’ve never been swayed by big names or brands. For me, it’s about emotional resonance. Whether it’s figurative or abstract, I’ll only hang a piece in my home if I truly believe in it. If it doesn’t connect with you, it’s not the right piece.”

 

However gallerists like Mayor alert that having a judicious approach to art investment is crucial, one that balances aesthetic sensibilities with market acumen.

 

The new generation of artists and collectors

 

“There’s a growing appetite for artworks that skillfully blend traditional Indian aesthetics with contemporary expression,” says Mayor. “This fusion creates a powerful visual language that resonates with today’s audience.” He believes the Indian art market is on the cusp of significant growth, led by a younger generation of collectors and artists who are redefining the rules. “We’re seeing a renewed interest in earlier masters, whose works are being rediscovered and revalued by serious collectors. At the same time, today’s buyers are more discerning — less swayed by hype and more focused on depth, technique, and authenticity.”

Mayor notes that this shift is reshaping how art is valued, with connoisseurs now basing their choices on a thoughtful appreciation of an artist’s body of work and their place in art history. “It’s a welcome evolution—one that promises a more mature, meaningful, and enduring art market.”

 

Art Meets history: When research shapes the canvas

 

For many emerging Indian artists, research is as integral to the creative process as brush and pigment. A striking example is Guruvinayak Singh Budhwar, whose monumental painting 'Utkal' chronicles 5,000 years of Odisha’s history. Commissioned for Rambha Palace, a heritage property in Bhubaneswar, the work spans an impressive 17 feet 3 inches by 26 feet 3 inches. “This piece took over 7,000 hours to complete, spread across a year and a half of intensive research, planning, and studio work,” says Budhwar. “It comprises seven panels, each requiring close to 1,000 hours of effort. I often worked up to 13 hours a day.”

 

Material selection was equally deliberate. “I used hand-ground oil pigments made from natural minerals—lapis lazuli for the sky, Naples yellow and cadmium for the warmer tones. These choices were guided by both vibrancy and their historical resonance,” he explains. The painting’s foundation, high-grade Belgian linen, was chosen for its longevity and rich texture, ensuring the artwork endures as a cultural artifact as much as a visual masterpiece.

 

Caring for art: Preserving the masterpiece

 

Proper maintenance is key to preserving art for generations, says veteran artist Jatin Das. “Preserving artworks is a delicate craft in itself,” he notes. “I follow a meticulous approach to ensure their longevity.”

 

He recommends gentle, regular dusting and careful handling to prevent accidental damage. “For deeper cleaning and restoration, I advise seeking professional help every four to five years. This not only safeguards the artwork but also restores its original vibrancy.”

 

Das adds that his technique involves layering the artwork to enhance durability and resist the wear of time. “What's more, I've carefully layered my works in a manner that allows them to withstand the test of time, defying deterioration and retaining their essence for generations to come. This, I dare say, is the hallmark of a masterpiece.”

 

Will AI replace human creativity?

 

As the art world grapples with the rise of artificial intelligence, a key question looms: will AI empower or eclipse human creativity?

 

Dr Sanjay Gupta, vice-chancellor of the World University of Design (WUD), offers a clear distinction. “AI excels at technique — it’s trained on pre-existing art and can replicate styles with remarkable precision,” he explains. “But what it lacks is emotion. The ability to infuse a work with feeling, intuition, and lived experience remains uniquely human.”

 

Top Deals

 

Here are the five most recent high-profile transactions in the Indian art market as of April 2025.

 

M.F. Husain (Untitled (Gram Yatra), 1954): Sold on  March 19, 2025 at Christie’s, New York for Rs 118 crore, this 13-panel mural set a new record for modern Indian art, nearly quadrupling its high estimate. 

Tyeb Mehta (Trussed Bull, 1956): Sold on  April 2, 2025 at Saffronart, Mumbai for Rs 61.8 crore, this artwork is tied with Amrita Sher-Gil’s The Story Teller as the second-highest auction price for an Indian artwork.

  Jagdish Swaminathan (Homage to Solzhenitsyn, 1973): Sold on  March 17, 2025 at Sotheby’s, New York for Rs 39.15 crore, this triptych set a new auction record for the artist, far exceeding its estimate.

  Jehangir Sabavala (The Journey of the Magi, 1963): Sold on March 17, 2025 at Sotheby’s, New York for Rs 22.97 crore, this artwork achieved a new record for Sabavala, surpassing its high estimate after competitive bidding.

  Amrita Sher-Gil (Still Life with Green Bottles and Apples, 1932): Sold on April 2, 2025 at Saffronart, Mumbai for Rs 24 crore, this artwork is a rare still life by Sher-Gil, significantly surpassing its high estimate.