At the just-concluded Art Mumbai, currently the only fair for modern and contemporary art in the country’s financial capital, exhibitors were in good numbers (having increased from 53 in its inaugural edition last year to 71 this year), as were the attendees (approximately double the footfall of 25,000 it witnessed in 2023). That the fair also recorded ‘very healthy’ sales is a testament to the fact the interest in art is thriving, and for good reason.
“The Indian art market has been growing at 25-30% a year. It is also estimated to be around $300-400 million by the end of this year,” says Dinesh Vazirani, co-founder of Art Mumbai.
“The art scene in Mumbai has come alive with the fair anchoring down at the Mahalaxmi Racecourse as prominent names such as Galleria Continua Paris, Ben Brown Fine Arts (London, Hong Kong, Florida), Rossi & Rossi (Hong Kong, London), Grosvenor Gallery (London) and more, participating this year,” adds Vazirani, who also co-owns online auction house Saffronart.
Incidentally, Art Mumbai took place at a time when India Art Fair (IAF), a Delhi-based event since 2008, recently announced its own Mumbai edition for next year. “The Delhi edition will continue to focus on both modern and contemporary art, alongside a section dedicated to collectible design, while the Mumbai edition (to be called India Art Fair Contemporary) will focus on contemporary art with a 50-50 split between art and design,” explains Jaya Asokan, fair director, IAF.
Mumbai’s role as a cultural and financial hub, with strong ties to global contemporary art, makes it an ideal location for this specialised fair, she adds.
It’s a known fact that Indian art and artists are garnering a lot of attention but the increasing number of art events focusing on Indian art only shows that the growth momentum will continue. Besides showcasing a vast array of artworks under one roof, such art events are also playing a vital role in the art market, serving as platforms for galleries, artists, and collectors to connect and engage with one another, and changing the landscape of the industry, one business opportunity at a time.
“Regional fairs promoting south Asian arts like the IAF or others give better understanding of the south Asian art landscape. Also, the Indian art market is self-sustained with certain strength in our domestic market, a great learning lesson during the pandemic, when there were no international visitors,” says Asokan.
“This is a byproduct of increasing awareness about the region, a role that institutions are playing,” says Smriti Rajgarhia, director of Serendipity Arts Foundation and Festival, an interdisciplinary arts festival that is holding its ninth edition in Goa this year. From just eight venues, 300 projects and 53 artists in 2016, Serendipity has today expanded to over 22 venues, showcasing more than 200 projects and featuring over 1,800 artists.
“Our growth is a testament to the rising global interest in the arts from India and the subcontinent, and to engage with the arts in a meaningful way,” says Rajgarhia, who has now announced the launch of Serendipity Arts Festival Birmingham in the UK from May 23-June 1 next year.
Growing numbers
With India maintaining its place as the world’s fifth largest economy, the passion for collecting and the art market have also boomed in the country, says Asokan of IAF. “The growth has been consistent y-o-y and the market has expanded by more than 250% in the past decade,” she adds.
Last year, Amrita Sher-Gil’s The StoryTeller was sold for Rs 61.8 crore at Saffronart’s Evening Sale in New Delhi, becoming the most expensive Indian artwork ever sold at an auction. Two years earlier, in 2021, an untitled 1969 painting of Vasudeo S Gaitonde sold for Rs 39.98 crore, setting the previous record for the most expensive Indian artwork at auction. Similarly, in 2022, Tyeb Mehta’s untitled artwork sold for Rs 41.97 cr at a Saffronart Spring sale.
These historic sales reflect the new heights at auction that Indian art has reached as well as the strength of the Indian art market.
As per the 2024 Hurun India Art List, sales by the top 50 artists reached a record-breaking Rs 301 crore this year, a 19% increase from 2023. The demand is high, with 92% of featured artists seeing a rise in sales value. This growth is fuelled by India’s economic strength and a rise in disposable income. For instance, the entry point for the top 10 artists rose from Rs 1.99 crore in 2021 to Rs 7.70 crore in 2024, reflecting a nearly 287% increase.
London-based sculptor Anish Kapoor retained the top spot for the sixth consecutive year, with sales of Rs 79.9 crore. Gulam Mohammed Sheikh secured the second position with Rs 24.1 crore, while Arpita Singh ranked third with Rs 22.9 crore.
Many discerning buyers have started viewing art as a strategic investment while Indian collectors have made their mark at major auction houses. “The online art market surged by 25% post-pandemic, with modern and contemporary art fetching record prices. We’re seeing more private collectors, corporations, and government bodies investing in art as an asset class,” says Aparajita Jain, director partner of Nature Morte gallery.
