Sotheby’s has strengthened its position in India’s art market, achieving record sales in 2024, driven by demand from younger collectors for both modern artists and lesser-known figures. The rise of online auctions and a focus on provenance have broadened access, reflecting a dynamic market evolving beyond traditional boundaries. Institutional interest is rising, marking Indian art’s growing prominence globally.
The Indian art market is witnessing a surge in demand, particularly among millennials and high net worth individuals (HNIs), who are investing in modernist masters such as Sayed Haider Raza and lesser-known artists like Bhupen Khakhar. This trend has propelled auction sales to record heights, with Sotheby’s leading the market in 2024, achieving sales of ₹304 crore ($35.1 million).
Sotheby’s noted that contemporary South Asian artworks by Raza, Vasudeo S. Gaitonde, and Tyeb Mehta are achieving new price benchmarks, driven by a new generation of collectors, both domestic and international. The auction house’s autumn sale brought in ₹127.57 crore ($14.69 million), showing strong growth.
According to Manjari Sihare-Sutin, vice president and co-worldwide head of modern and contemporary South Asian Art at Sotheby’s, the Indian art market is evolving as younger collectors become more prominent. In 2024, significant sales included Raza’s “Terra Amata” for $3.4 million and Husain’s “Reincarnation” for $3.2 million.
The introduction of online auctions, NFTs, and blockchain provenance tracking has increased accessibility for new collectors, effectively reshaping the market. Provenance, the record of an artwork’s ownership history, has become essential for validating authenticity, directly influencing purchasing decisions in the art arena.
Sihare-Sutin remarked on the resilience of the Indian and South Asian art market compared to global trends, boasting a 93% sell-through rate over the past two years—an 8% surplus over the house’s global average. Since the 2009 financial crisis, the market has set records for modernist artists.
The Progressive Artists’ Group, established in 1947, united pivotal modern artists like Husain and Gaitonde, whose works encapsulated post-Independence India. Despite acquiring a reputation for progressives, buyers are now exploring beyond historically dominant artists, expanding their interests to lesser-known figures post-pandemic.
Sotheby’s strategy for 2024 involves diversifying its offerings, featuring works by Jagdish Swaminathan, Khakhar, and Jehangir Sabavala, moving away from traditional blue-chip artists. This shift emphasizes a broader appreciation for Indian art, encouraging emotional connections rather than mere investment perspectives among young collectors.
Sihare-Sutin highlighted that Indian art has transitioned from a niche market; global museums are now actively acquiring Indian artworks, reflecting its growing stature and acknowledging the influence of the Indian diaspora on cultural institutions.
Art fairs like the India Art Fair in Delhi indicate a rising interest in art among various demographics, including students and young adults. This broader appeal suggests continued demand for modernist works, alongside emerging mediums such as sculpture and academic realism.
Both Sotheby’s and its competitor Christie’s are thriving in the Indian art sector, despite overall market slowdowns. Christie’s recorded a sale of FN Souza’s “The Lovers” for $4.89 million, showcasing the growing strength of Indian art amid wider global challenges.
While smaller than the art markets in China and the Middle East, India’s market remains robust, backed by a rich cultural heritage and significant growth in wealth. With a report indicating a 41% rise in billionaire wealth in 2024, galleries are aiming at Indian collectors, enhancing the market’s growth potential further.
Though global art markets are facing difficulties, South Asian art remains affordable and appealing to international buyers. There’s substantial growth potential in India’s art market, which could be unlocked through supportive policies and tax incentives for collectors.
Sotheby’s has emerged as a frontrunner in the Indian art market, driven by growing interest from younger collectors and rising sales figures. The auction house’s strategy to diversify its offerings, alongside the increasing institutional interest in Indian art, reflects a significant shift toward a more inclusive market. With a robust demand for both modernist masters and lesser-known artists, the future of India’s art scene appears promising, enhanced by global recognition and local investment.
Original Source: www.livemint.com
