India’s art market deepens as wealthy collectors look beyond modernist masters

Mint.Collectors are increasingly turning to art alongside traditional investments, with a new generation of high-net-worth buyers building major collections alongside established patrons. The buyers include the global South Asian diaspora, which has played a crucial role across markets in North America, Europe, West Asia and Asia.Independent data also point to a sharp expansion in the market.

According to the 2026 Indian Art Market Report by Asign Art, Indian art auctions recorded their highest-ever half-yearly sales in FY25, surpassing full-year totals recorded until 2022. Three major auctions, including two by Saffronart and Sotheby’s, generated about $91.2 million, or nearly ₹799 crore collectively, and six of the ten most expensive Indian artworks ever sold at auction were transacted during this period.

In these auctions, two artists, Vivan Sundaram and Piraji Sagara, also entered the ₹1 crore club.“The blue-chip modernists remain the foundation of the market, but collectors are clearly expanding their focus. We are seeing strong momentum for artists such as Bhupen Khakhar, Jehangir Sabavala, and Jagdish Swaminathan,” Sihare-Sutin added and pointed out that many younger collectors (millennials) are research driven.

“The market is not just growing in size, it’s deepening and more collectors are participating. Price points across the board are also expanding.”The Asign Art report said the upper mid-market, particularly works priced between ₹50 lakh and ₹1 crore, will be the engine for future growth.