Indian Art Market Surges as Modern Artists Redefine the Nation's Creative Landscape

Over the past few decades, India has witnessed an exponential growth in its art market, brought about by the oeuvres of influential artists that played a pivotal role in reshaping the narrative of contemporary art within the nation. These visionary creators harnessed a unique fusion of tradition and innovation, reflecting India's rich cultural heritage and its ever-evolving spirit. Their works have not only captivated the discerning tastes of art connoisseurs but have also made a resounding impact on the global art stage, smashing auction records and earning international acclaim. The modern artists of India stand as formidable powerhouses, breathing new life into the canvas of Indian art, and solidifying their position as indispensable contributors to the modern artistic landscape.

It would not be an exaggeration to say that the Indian art market is going through an extraordinary period. According to the recently published "State of the Indian Art Market Report FY23" by Grant Thornton Bharat and Indian Art Investor, the Indian art industry achieved a total turnover of $144.3 million by selling 3,833 artworks in FY23. This is a significant increase compared to the FY 20-21 report, which reported a combined turnover of 880.9 crore, highlighting the sustained growth of the Indian art market. Additionally, the fact that this figure was only Rs 13 crore in 2000 underscores the remarkable progress made by the Indian art market over the past two decades.

The modern artists of India have undeniably played a pivotal role in propelling the growth of the Indian art market. Renowned figures like Amrita Sher-Gil, M.F. Husain, S.H. Raza, F.N. Souza, Tyeb Mehta, K.H. Ara, and a host of other luminaries have left an indelible mark on the global art scene, and their work continues to set record-breaking prices at auctions.

Amrita Sher-Gil, often regarded as the pioneer of modern Indian art, fused European techniques with traditional Indian themes to create a unique, evocative style that resonates with collectors worldwide.  Her ability to evoke profound emotions through her canvases has translated into a remarkable demand, with her pieces continually commanding top prices at auctions, reflecting the enduring legacy of her unique artistic vision. In the year 2020, a beautiful portrait by Sher-Gil depicting her husband Victor Egan created a world record after being sold for a colossal value of Rs 10.8 crore. Since then, other works by her have continued to make headlines due to the remarkable prices they have achieved.

Similarly, M.F. Husain, known as the "Picasso of India," broke barriers with his bold and innovative artistry, making him one of the most recognised Indian artists on the international stage. In its past auctions, AstaGuru has consistently offered works by M. F. Husain from several important series of his career. In the recently concluded ‘Modern Treasures,’ held in the first week of September, a work by Husain depicting his famous horses was sold at a whopping price of Rs 7.2 crore. During the same auction, two more distinct works by the artist crossed the mark of Rs 80 lakhs. 

S.H. Raza's fascination with geometric abstraction and his celebration of the Bindu symbolise a deep connection to his Indian roots while engaging with global artistic trends. His deeply meditative creations have made him one of the most sought-after artists among the collectors. In the year 2023, AstaGuru offered a host of work by the artist, all of which invited competitive bidding and were acquired at impressive prices. One of these was a landscape from his early career called ‘Paysage’ and was sold at a price of Rs 1.4 crore. A work from his famed Bindu series titled ‘Prakriti’ was acquired at Rs 1.9 crore. Another work from the series titled ‘Tree & Bindu’ was sold at Rs 1.5 crore. 

The expressionist fervor of F.N. Souza and the dramatic intensity of Tyeb Mehta's works have also made them highly sought-after artists in the market. Emerging as the highest selling works by AstaGuru, two works by Tyeb Mehta were acquired at phenomenal prices in the last two years. One of these was from his seminal series ‘Diagonal’ which was sold in the ‘Modern Treasures’ Auction in 2022 for Rs 25.2 crore. Another work titled ‘Figure With Bird,’ was sold at the December 2021 ‘Modern Indian Art’ Auction for Rs 24.2 crore. Similarly, the bold oeuvre of F.N. Souza has always wooed collectors and has garnered impressive results in AstaGuru auctions. A work titled ‘Figure in Landscape’ sold at ‘Modern Treasures’ Auction in September 2023 auction fetched the price of Rs 1.9 crore. 

Numerous influential figures in the realm of Modern Indian Art originated from Bengal. Today, works by artists like Jamini Roy, Ganesh Pyne, Bikash Bhattacharjee, Hemendranath Mazumdar are found in the collections of all seasoned collectors of modern Indian art. A work by Ganesh Pyne titled ‘Winter Morning’ created a world record in ‘Modern Treasures’ auction after being sold at a price of Rs 5.9 crore. Works by surreal master Bikash Bhattacharjee also consistently witness enthusiastic bidding in auctions. 

Another significant artist hailing from this region was Hemendranath Mazumdar, who notably diverged from the prevailing trend of revivalism in the early 20th century. Instead, he honed his mastery of Western Academism. His art depicted his subjects in contemplation as they carried out their everyday domestic tasks, offering a window into their world devoid of intrusion, exploitation, or servility. Due to their scarcity, artworks by Hemendranath Mazumdar are eagerly sought-after by collectors.

The appeal of these modernists lies not only in their artistic brilliance but also in the stories and cultural themes they depict. Their influence on the Indian art market is profound, drawing in collectors and investors who recognise the historical and aesthetic significance of their work. The legacy of these artists continues to fuel the dynamism of the Indian art market, offering both connoisseurs and investors a glimpse into the rich tapestry of modern Indian artistry.

About the author: Sneha Gautam is a Senior Vice President, Client Relations at AstaGuru Auction House