A radiant golden canvas layered with subtle textures and faint shapes, exuding both energy and tranquillity.
This untitled 1971 painting by Vasudeo Santu Gaitonde headlined a record-breaking recent Saffronart auction in Delhi, which fetched $40.2 million (£29.9 million) - the highest-ever total for South Asian art. Gaitonde's work alone sold for $7.57 million, nearly three times its estimate, making it India's second most expensive painting.
The bidding added momentum to an already strong auction season for Indian art.
Just days later, Sotheby's sold artist Francis Newton Souza's landscape, Houses in Hampstead, at a price marginally lower than Gaitonde's piece, making it India's third highest grossing painting. Earlier this year, the record for India's most expensive painting was reset when MF Husain's Untitled (Gram Yatra) fetched a staggering $13.8 million.
Auctioneers and curators say India's art market is witnessing an unprecedented boom, driven by a surge of art fairs, galleries, and exhibition spaces across cities and towns.
Industry insiders estimate that the market is worth $338 million, up exponentially from $2 million at the turn of the century, and will expand to $1.1 billion by 2030.
Dinesh Vazirani, a founder of Saffronart, believes this is a point of massive inflection. Marking its 25th anniversary, Saffronart's recent auction saw a packed room, spirited bidding, and a rare white glove result - every lot sold, with some attendees even squabbling over artworks, according to an attendee.
Mr. Vazirani notes, When we started in 2000, people said we were crazy. Who's going to buy art online? With the current strength of the art market, he feels vindicated.
The boom in Indian art, which dominates South Asia's market, comes even as global art sales slump. The 2024 Art Basel and UBS report shows a 12% drop worldwide, the second yearly decline.
Mr. Vazirani predicts the auction market could double last year's earnings, driven by rising wealth in India and among the diaspora. Millionaire households have nearly doubled in four years, as the rich pour money into their luxurious lifestyle, with art becoming both a status symbol and an investment.
Recent tax cuts slashing goods and services tax (GST) on art have also helped boost the market. While global buyers dominate, much of the demand abroad comes from diaspora collectors seeking a slice of their heritage.
Recent trends have drawn new buyers: a third of Sotheby's last-month bidders were first-timers, and Saffronart reports 25-30% of its buyers are new entrants. Though established modernists still dominate, rising prices are lifting demand and values for previously overlooked artists.
Curator Ina Puri notes a resurgence in India's art scene, driven by growing recognition of Indian artists and increased investment in public engagement spaces. This positive outlook sees new institutions coming up across the country.
The rise in interest for South Asian art boosts the entire ecosystem but requires continued support for emerging artists. Non-profit Khoj attempts to bridge this gap by providing residencies and opportunities for newcomers.
As record sales of established artists create a ripple effect, more effort is needed to ensure that upcoming talent receives the nurturing it requires for a sustainable future in the art world.
