Shetty added: “We are optimistic that the future for the Indian art world seems vibrant and ever-changing, with increasing opportunities. In the past year, we witnessed several record-breaking sales, notably Manjit Bawa’s ‘Untitled (Krishna)’ work which was sold for Rs25,11,12,268 in AstaGuru’s Modern Treasures auction (December 2023).

Recently, AstaGuru’s Masters Legacy auction (April 2024) saw several artist records established including those for JP Gangooly, Manu Parekh, KK Hebbar and Anjolie Ela Menon, among others. This solidifies the stance that modern Indian artists continue to be highly sought after, with collectors preferring important and rare works by artists responsible for shaping the Indian art landscape.”

“While seasoned collectors continue to be a driving force, we have seen an uptick in new collectors, contributing to the dynamism of the market. Primarily aged between their late thirties and forties, their backgrounds are diverse, as they look to further existing family collections or begin their own. This has resulted in an increasingly varied group of art enthusiasts and collectors here, due to changing demographics and a growing fascination with contemporary Indian art. We have responded to this demand by increasing the frequency of auctions in a year and by offering works by emerging contemporary Indian artists. Some are being sold for the first time at AstaGuru, providing collectors with diverse artistic styles and themes.”

According to the recently released Hurun India Art List 2024, the entry point for the top 10 artists in the list rose from Rs1.99 crore in 2021 to Rs7.70 crore in 2024, reflecting a nearly 287 per cent increase. The list mentions that the cumulative value of the top 50 artworks reached Rs252.61 crore, up from Rs82.57 crore in 2021, marking a threefold increase. This signals an optimistic trajectory for the Indian art market this year and in the following years. With the growth in middle-class incomes and a marked increase in high-net-worth individuals, more people are collecting art and spending on works that embody India’s rich artistic legacy.

As per the report, the vitality of the Indian art market was remarkable in several ways, particularly its exceptional ‘sold through’ rate of over 95 per cent, significantly higher than the global average of 62 per cent, (including China). Despite a limited supply of 2,200 lots offered in 2023, the market completely matched a competitive demand earning the seventh spot in the global ranking of countries by art auction turnover (by artprice.com). The $152 million in auction sales marked a substantial 76 per cent increase from 2022, already a record-breaking year.

Notable highlights of the list: two artists made significant strides – Paresh Maity surged into the top 10 for the first time, while Thota Vaikuntam from Telangana reclaimed the ninth spot. Furthermore, an impressive 13 artists witnessed an extraordinary increase of over 100 per cent in cumulative sales value, up from 10 artists in the previous year.