NEW DELHI: India’s rising wealth and a widening pool of collectors are driving a surge in demand for South Asian art, with interest spreading beyond a small group of blue-chip modernist painters.
British auction house Sotheby’s has sold nearly $135 million worth of modern and contemporary South Asian art over the past five years, reflecting growing appetite for cultural assets among collectors in India and the global diaspora.
“India’s rising economic and geopolitical influence has been a key factor,” Manjari Sihare-Sutin, senior vice-president and worldwide head of modern and contemporary South Asian art at the auction house told 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. This segment is expected to gradually feed the ₹1 crore-plus category over the next three to four years as collectorsdeepen engagement with the market.
While blue-chip modernists such as Sayed Haider Raza, Tyeb Mehta and Vasudeo S. Gaitonde continue to anchor the market, collectors are also increasingly seeking out artists who were historically overlooked. Works by Khakhar, Sabavala and Swaminathan, for instance, have gained traction. Sotheby’s last year in March set new world records for Swaminathan (Homage to Solzhenitsyn sold for $4.6 million) and Sabavala (The Journey of the Magi for $2.7 million).
“These results reflect a broader reassessment of South Asian modernism. Collectors are increasingly looking beyond a small group of canonical figures toward a more expansive understanding of the region’s art history,” she added.
Provenance, exhibition history and institutional recognition remain key drivers of valuation as well.
"At the top tier of the market, collectors are looking for works that are both aesthetically compelling and rigorously documented. Strong provenance, major exhibition history, and inclusion in important publications firmly situate a work within art history, while institutional recognition often translates directly into stronger demand and higher valuations," Sihare-Sutin said.
SH Raza’s Terra Amata, for instance, sold in London in 2024 for $3.2 million, up from $55,000 in 2000, is an example of how historical and scholarly context enhanced the artwork's appeal.
Museums are also shaping the market. Institutions such as the Metropolitan Museum of Art, Solomon R. Guggenheim Museum, Art Institute of Chicago and M+ Museum have been expanding collections of South Asian modern and contemporary art. In India, Kiran Nadar Museum of Art has also helped advance scholarship and global visibility for the region’s artists.
The growing presence of museums and institutions, combined with strong auction results and high-profile collectors, has made the market more transparent and credible. “Institutional recognition gives buyers confidence,” Sihare-Sutin said. “It’s not just about investment; collectors want to acquire works that are historically and culturally significant.”
Looking ahead, Sihare-Sutin expects the market will continue to deepen.
“South Asian artists are becoming increasingly integrated into the global narrative of modern and contemporary art,” she said. “Together with a growing collector base, particularly among younger buyers and the global diaspora, the market is becoming deeper, more international, and more historically expansive.”