India’s art market experienced a significant boom in 2025, marked by record auction sales for works of legendary painters like M F Husain, rising global demand, increased investor interest, and a growing base of young and affluent buyers.
India’s most famous modernists, from Tyeb Mehta to V S Gaitonde, established new best prices this year, while Hussain’s ‘Gram Yatra’ became the first Indian painting to sell in excess of USD 10 million, setting a new benchmark for modern Indian art.
According to experts, the boom in the art market is fuelled by the country’s vibrant economy, increased private wealth, and a maturing market embracing digital platforms and international recognition for Indian art. Having said that, the overall Indian market still focuses on fewer, higher-value pieces amidst global art market slowdowns.
Indian modernists and select contemporary artists are increasingly viewed as “blue-chip” assets internationally, attracting buyers from Europe, Asia, and the West.
The Delhi and Mumbai-based galleries sold around 90 per cent of its stand by the end of the preview day, topping out at a new steel tong sculpture by Subodh Gupta at USD 300,000, to a collector in Ahmedabad, reports said.
The recent lowering of India’s goods and service tax (GST) on art from 12 per cent to 5 per cent—implemented partially to soften the effects of US tariffs — is providing an extra boost to the market.
Tara Lal, co-founder, Chatterjee & Lal’s noted some “ever-frugal collectors are now asking for that to be factored into a further-discounted final price”.
Independent market reports estimate that Indian art auctions achieved Rs 2,456.7 crore in 2025, up more than 20 per cent from the previous year.
Meanwhile, the global art market has also brought recognition for Indian tribal and indigenous artists although a long road needs to be travelled to bring sustained financial support and fame, especially for crafts that are already on the verge of extinction, since the new generations do not want to be a part of the lineage due to limited opportunities and low income.
Historical institutions such as the National Museum, Delhi, as well as new ones like the Bihar Museum have done some commendable work to engage with the public and make Indians more aware of culture and heritage, experts said.
The India Art Fair (IAF) in Delhi (February, 2025) and the launch of India Art Fair Contemporary in Mumbai (November, 2025) highlighted South Asian talent alongside global art, featuring immersive experiences, digital art, and strong sales for both established modernists and emerging contemporary artists.
IAF expanded with a new Mumbai edition focusing on contemporary art, alongside established fairs like Kochi-Muziris Biennale and Serendipity Arts Festival.
“We had a lot of international visitors this year, probably more so than the last five years. That really speaks to the strength of the Indian artists, South Asian artists, but also what we have been doing globally. Visitors from Los Angeles and Europe were among the most sizable international visitors at this year’s fair,” IAF director Jaya Asokan told a news channel.
According to a report by India Brand Equity Foundation (IBEF), the total number of Indian ultra-high-net-worth individuals is set to double by 2027. Notably, 20 per cent of this cohort is under the age of 40.
Aakshat Sinha, art curator, said 2025 has the potential to be the year of significant change in how Indian contemporary art is “perceived, received and valued” in the global art space.
“After a commercially more successful year than the last decade for contemporary art, the years ahead will reveal the extent to which the Indian contemporary artists and galleries that promote them will be able to build on this momentum.
“Art curators will have a significant role to play in this surge by identifying the key artists in the Indian contemporary art space and by creating relevant and exciting projects that promote the Indian grammar and visual language to the world,” he told UNI.
Shahzada Khurram, curator and cultural influencer, opine that industry reports and auction house commentary indicate that the Indian art market in 2025 experienced stabilisation and qualitative growth rather than a speculative surge.
“Recent editions of the Art Basel & UBS Art Market Report point to India’s continued momentum within Asia, driven by a more informed collector base, increased private sales activity, and stronger institutional participation.
“Auction houses such as Christie’s and Sotheby’s have noted consistent demand for Indian works across established modern and mid-career contemporary segments, with fewer speculative spikes and greater emphasis on provenance, curatorial relevance, and long-term value,” he told UNI in a telephonic interview.
Khurram added that artists, including Atul Dodiya, Bharti Kher, Jitish Kallat, and Shilpa Gupta, continue to demonstrate sustained market and institutional confidence.
How are the Indian contemporary artists faring in the global art space? Have they made their mark or is there a long way to go?
“Indian contemporary artists are increasingly visible through curatorial and institutional frameworks rather than market-driven exposure. At major international platforms such as the Venice Biennale, artists of Indian origin—including Nalini Malani, Shilpa Gupta, and Dayanita Singh—have featured across curated exhibitions and collateral projects, reflecting sustained curatorial engagement,” the curator added.
He said while this presence has expanded significantly over the past decade, industry observers note that Indian contemporary art remains underrepresented in global market share, pointing to the need for deeper international gallery representation, sustained museum partnerships, and long-term curatorial advocacy.