A recent auction by Saffronart in Delhi achieved a record total of $40.2 million, marking the highest amount ever recorded for South Asian art. Central to this achievement was an untitled painting from 1971 by artist Vasudeo Santu Gaitonde, which sold for $7.57 million—almost triple its estimated value—thus becoming India’s second most expensive painting. This event contributed to an ongoing strong season for Indian art auctions.
Just following this auction, Sotheby’s sold Francis Newton Souza’s landscape, “Houses in Hampstead,” for a price close to Gaitonde’s piece, positioning it as India’s third highest-grossing painting. Earlier this year, the record for the highest-priced painting was reset when MF Husain’s “Untitled (Gram Yatra)” auctioned for $13.8 million.
Experts note that there is a burgeoning interest in Indian art, driven by a rise in art fairs and galleries throughout various cities. Estimates suggest that India’s art market is valued at $338 million, a significant increase from $2 million at the beginning of the century, with predictions that it could reach $1.1 billion by 2030.
The recent auction activity attracted a blend of new and seasoned buyers, with a notable percentage of first-time bidders. This interest is not only seen in prestigious modernist works but is also benefitting lesser-known artists as auction prices continue to rise. Unlike the speculative art boom in the early 2000s, the current market is viewed as more sustainable.
A widespread resurgence in the Indian art scene has been aided by increasing public investment in art institutions, although private initiatives lead this growth. Non-profit organizations like Khoj are critical in supporting emerging artists and fostering innovative projects outside the commercial sector. Despite current successes, there remains a call for sustained support for new artists and communities beyond established markets.
Source: https://www.bbc.com/news/articles/cz69550vgqdo?at_medium=RSS&at_campaign=rss