Is the Indian art market on an upward curve?

At the recent International Iconic sale by Mumbai-based auction house AstaGuru (19-20 July), the two top-billed artworks were sculptures—Tetê De Cariátide (Head of Caryatid) by Italian sculptor Amedeo Modigliani, which was sold for ₹10.59 crore, and Hi Konnichiwa (Hello Goro!), featuring a four-legged dog in neon pink by Japanese artist Yayoi Kusama. The latter, embellished with her signature polka dots in green, red and black, sold for ₹8.82 crore.

The second edition of International Iconic not only brought together modern and contemporary works in a single sale but also showed that Indian buyers are keen to diversify their collections by including international masters and contemporary artists. In fact, Siddanth Shetty, chief administrative officer, AstaGuru, is noticing a greater cross-cultural appreciation and cosmopolitan outlook among Indian collectors.

Such sales—featuring a mix of global names—could also be part of newer strategies by Indian auction houses’ to keep the attention of the collectors alive, especially at a time when the global art market is stressed. According to the report, RawFacts Auction Review First Half 2024, published by ArtTactic, a London-based art market research firm, earlier this year, auction sales of leading companies and brands have been weak given sluggish economic growth and geopolitical uncertainty. “Auction sales by Christie’s, Sotheby’s, and Phillips were down in the first half of the year compared to the previous year,” states the report, which focuses on markets such as New York, London, and Hong Kong.

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The online art market

However, the report presents a ray of sunshine in the form of online-only sales, which are on the rise. “The resilience in the online art market signals continued confidence at the lower end of the market, and continues to act as a gateway for new buyers,” the report further mentions.

In this bleak global scenario, how is the Indian market faring? If experts are to be believed, it is buoyant. A market report by Indian Art Investor—an independent art market intelligence firm—for 2023-24 reveals that the financial year’s performance has been the strongest in 39 years. According to Arvind Vijay Mohan, founder, Indian Art Investor, while India continues to be a relatively young market, it has displayed a consistent and stable ascent from a financial perspective. He attributes one of the reasons behind this growth to the rise in patronage, with a greater number of art events taking place—such as Artix, an art show that travels between luxury hotels, which is all set to launch its third edition next month, and Art Mumbai, the country’s newest art fair that will launch its second edition in November 2024, and more.

Ishrat Kanga, Sotheby’s Co-Worldwide Head, Indian and South Asian Art, too has noticed this trend. “Over the last few years, we have witnessed a noticeable upswing in the modern and contemporary South Asian art market, both in terms of prices and volume of sales. Since 2018, our auction sales have totalled over $100 million for this category, with 65% of works selling for over the high estimate and 40% of bidders new to Sotheby’s,” she says.

The reason for that, perhaps, is that the developed markets and developing ones are evolving differently. The Indian market is seeing a diverse selection of collectors—from seasoned to emerging, and auction houses are catering to this eclectic set in a myriad ways. For instance, in the recent past, Sotheby’s has featured a mix of leading contemporary artists, modern masters and lesser-known artists that were previously underrepresented. “This dedication to expanding the market has resulted in numerous world auction records in the recent past. In 2023 and 2024, our sales achieved 27 world records at the time of the sale for artists such as Zainul Abedin, Lionel Wendt, Kattingeri Krishna Hebbar, Lancelot Ribeiro, Sheela Gowda and Aminul Islam,” Kanga says.

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Indian auction houses have caught on to the trend of online auctions fairly well. Minal Vazirani, founder and CEO, Saffronart has been using technology and innovation to engage collectors through physical, online and hybrid formats. Seeing the diversified interest of the Indian collector, Saffronart is actively putting up unique collectibles on offer as well.

For instance, its latest online auction, ‘Passages to India: A Journey Through Indian History’, features 93 lots that include rare collectibles, photographs, books, maps, letters—there’s one written by Mahatma Gandhi in the early 1920s. According to Vazirani, there is greater interest in collectibles among a diverse group of collectors between the ages of 35 and 70. With lower price points compared to iconic artworks by modernists, the rare antiquarian collectibles are also a huge draw for younger enthusiasts who want to start building their collection.

Collecting is personal

At the same time, such sales sit well with the seasoned collectors, who want to include unique works for their personal collection. Moreover, these works also showcase personal histories—a letter or a book, for instance, may spike an interest from family members who want to learn about their forefathers, their culture and contribution to the land. Sketch of the Sikhs; A Singular Nation, Who Inhabit the Provinces of the Penjab, Situated Between the Rivers Jumna and Indus (estimated at ₹2-3 lakh) is an extremely rare account of Sikhism authored by Sir John Malcolm. Hailed as one of the first books on Sikhs published in English, it is gaining the interest of buyers. Another highlight is the first edition of the Constitution of India (estimated at ₹18-20 lakh).

The auction’s big-ticket work at ₹35-40 lakh (the highest in the auction) is Les Hindous: Ou Description de Leurs Moeurs, Coutumes et Ceremonies. This four-volume book, which is a compilation of coloured etched plates, offers detailed visuals of Indian society and culture in the 1790s by painter-printmaker François Balthazar Solvyns who lived in India for 12 years between 1791 and 1803.

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Even in the categories of private auctions, featuring handbags, watches, jewellery, furniture and cars, the interest of the Indian collector seems to be growing. According to Kanga, many clients who entered the market a few years ago are now seasoned and comfortable with the auction process. “They’re curious and they are now feeding that curiosity by dipping their toe into other categories. With globalisation, horizons are expanding for collectors in India, just as they are for collectors everywhere, and personal aesthetics are evolving too.”

Abhilasha Ojha is a Delhi-based culture writer.