5 Indian Modernist Artists with Market Momentum

Much like the country’s economy, India’s art market is growing—fast. Recent years have seen an influx of new collectors, galleries, institutions, and art fairs, which, taken together, are actively fostering a burgeoning contemporary art scene.

Much of this growth is illustrated by the country’s auction houses, which saw total turnover surge from $1.46 million to $144.3 million between 2002 and 2023, according to Grant Thornton Bharat and the Indian Art Investor. In fact, last year was the most successful yet for Indian art auctions, and the momentum is being carried into 2024, marked by a nearly 40% rise in buyers, driven by newcomers.

The majority of this demand at the top end of the Indian art market has been towards 20th century artists, particularly from the Bombay Progressive Artists’ Group (PAG) and Modernist movements that emerged around the time of Indian Independence in 1947. Drawing influence from styles such as Expressionism and Cubism, these artists played influential roles in shaping Indian art throughout and beyond the 20th century.

As their works become increasingly coveted, strong collector and institutional interest has intensified, driving up demand and prices—particularly in recent years.

Here, we spotlight five Indian Modernists who have profoundly impacted the nation’s art since the early 1900s, experiencing a remarkable rise in global exhibitions and auction sales in recent years.

B.1924, Saligao. D. 2002, Mumbai.

Francis Newton “F. N.” Souza, born in Portuguese Goa in 1924 to a strict Roman Catholic family, is heralded as a pioneer in India’s Modernist movement. He co-founded the Bombay Progressive Artists’ Group (PAG) in 1947, known for its blending of Indian art history with influences from European and North American styles. As a leading figure of the group, Souza ignited a transformative era in Indian art, influencing peers such as Maqbool Fida Husain, who considered him a mentor. His career, which spanned more than six decades, included a diverse range of subjects and styles, drawing influence from Cubism and abstraction.

In 1948, Souza displayed work at the landmark “Exhibition of Indian Art” at London’s Royal Academy of Arts before settling in the city to seek patronage. He went on to have his first international solo exhibition at Gallery One, London, in 1955. Souza’s travels across Europe culminated in a profound encounter with Pablo Picasso in Paris, marking a significant moment in his career.

The year 2024 marks Souza’s centenary year. In March, Christie’s set a new auction record for a work by the artist, when The Lovers (1960) sold for $4.89 million. The price exceeded his previous auction record of $4.06 million set last August for Hunger (1960), sold at Mumbai auction house Pundole’s. Souza’s works from 1955 to 1963 are rare and highly sought after, driving exceptional market demand.

As one of India’s earliest artists to gain acclaim in the West after Indianindependence, Souza’s notable exhibitions include a retrospective titled “Religion and Erotica” at Tate Britain in 2005. His work is currently on display in the “Nucleo Storico (Historical Nucleus)” section of the central pavilion at the Venice Biennale until November.

B. 1922, Mandla. D. 2016, New Delhi.

Another pioneering name in Indian Modernism, Sayed Haider “S. H.” Raza was also a co-founder of PAG and would become one of the country’s most influential artists of the 20th century.

Raza is best known for his experiments with geometric abstraction, exemplified in a series of famous paintings that depict the Bindu symbol, which represents the convergence of creation and unity. Most of the artist’s career was spent in Paris, where he moved in 1950 on a painting scholarship at École Nationale Supérieure des Beaux-Arts. Last year, a major retrospective of nearly 100 works by the artist was held at Centre Pompidou. The exhibition traced Raza’s artistic evolution, highlighting distinct phases of abstraction and pieces from his periods in India and France. The artist lived in Paris for more than six decades where he achieved significant acclaim, notably becoming the first non-French artist to win the Prix de la Critique in 1956.

Last August, Raza’s painting Gestation (1989) set a new auction record for the artist when it sold for $6.27 million at Pundole’s, surpassing its estimated $1.81 million. In November, Sotheby’s London presented an exhibition of works by the artist, “Masterpieces: Sayed Haider Raza 1955–1985,” showcasing previously unseen works. Currently, Raza’s work is on view in the “Nucleo Storico” section of the central pavilion at the Venice Biennale, until November.

B. 1915, Pandharpur. D. 2011, London.

Known for his Cubist-influenced, vividly colored paintings, Maqbool Fida Husain is regarded as one of India’s foremost artists of the 20th century. He achieved significant recognition throughout his career, representing his country at the Venice Biennale and the São Paulo Biennale in 1955 and 1972, respectively.

Most recently, the Kiran Nadar Museum of Art (KNMA) presented the artist’s first immersive exhibition, “The Rooted Nomad,” at Magazzini del Sale during this year’s Venice Biennale. This dual-format project blends exhibition and immersive elements, echoing Husain’s exploratory spirit as he returns to the Biennale after 70 years.

Husain’s distinguished career has consistently captivated collectors for decades, with his works prominently showcased in Sotheby’s landmark sale dedicated to contemporary Indian art that took place in 1995 from the Chester and Davida Herwitz collection—one of the pioneering single-owner collections of its kind in auction history.

In 1974, Husain made his solo exhibition debut in the United States at the Worcester Art Museum in Massachusetts. A notable piece from this exhibition, Bulls (1961), made its auction debut at Christie’s in September 2003, selling for $107,550. The work reemerged at Sotheby’s New York last March during Asia Art Week, soaring to $2.78 million—surpassing expectations and setting a new record for the artist.

B. 1937, Kolkata.

One of India’s most important living artists, Arpita Singh has led an illustrious career spanning over six decades amid a predominantly male-dominated industry. Her oeuvre, which draws reference from traditional Indian art forms, is often concerned with women’s experiences both within historical and mythical contexts.

In February 2023, Vadehra Art Gallery hosted a buzzy solo exhibition of Singh’s works in New Delhi, followed by her debut solo presentation with the gallery at Frieze, No.9 Cork Street in London, “Meeting,” last June. The KNMA in Delhi also held a major retrospective entitled “Arpita Singh, ‘Six Decades of Painting’” in New Delhi in 2019.

Singh’s artworks have garnered international acclaim, displayed prominently at institutions such as the Centre Pompidou and the Guggenheim Museum Bilbao, as well as in auctions at Christie’s, Sotheby’s, and Pundole’s. Her piece Watching (2004) fetched $1.33 million at Pundole’s in 2023, exceeding its $361,445 estimate.

B. 1913, Budapest, Hungary. D. 1941, Lahore.