The recently concluded Art Mumbai (13-16 November 2025) saw an electric confluence of contemporary and modern Art, talks, programmes and curated exhibition of works – both modern and post-modern – reflecting a growing appeal for art and the increasing quest for acquisition at levels that were not prevalent even a decade ago.
The confidence in consumption of art, whether for vanity or vain, is on an ascension, even as India witnesses an upswing towards cultural curation. Art Mumbai saw an estimated 26,000 visitors, tagging a 60 per cent jump from previous years. The India Art Fair held in Delhi earlier this year saw a record 120 exhibitors, 78 galleries, 28 institutions and 11 design studios participate in conjunction with parallel events, lectures, screenings and cocktail receptions, hosted across town. From active engagement of diplomatic missions to a widening palette of international sponsors, creative conversations are engaging more minds and markets of smart art. Serendipity Arts Festival in Goa, Kochi Biennale and AMI Arts Festival in Kolkata add to the growing flag-bearers of this refreshing trend that resonates with Indian creativity and continuity.
Collectors and investors, auction houses, brokers, agents, investment bankers, dealers and boutique galleries are on the rise. Each armed with well-prepared talking points on market trends and highly curated presentations – some laced in intrigue and intellectual tease. Private viewings and exclusive invitation-only events, exquisite, well-researched catalogues and provenance of paintings, are increasingly becoming songs for soft-power making music for the ‘masters’ of the market. This multi-million-dollar business is gaining momentum in India beyond imagination. The sheer speed and scale of buying and selling is at unprecedented levels. Though a handful of collectors are acquiring works of art for public display at their private museums and galleries, there are others who are investing in it as part of their CSR (corporate social responsibility) spending and yet others, for their true love of art and aesthetic ascension.
While there is an abundance of forced styles embraced for notoriety and notice, the subject matter is also seeking a new artistic premise beyond the comfort of cows, bulls, gods, tigers, and horses collaged amid predictable and relatable motifs of abstraction and tantra. Stories of legendary collections, astronomical bid prices that buck the trend, and the desire to drive up the value of an artist or a collection over another, add to the tapestry of taste that is beginning to define art appreciation beyond the South-Asian umbrella. A record 3,800+ works of significant contemporary art changed hands last year, marking a major shift in both in-person and online auctions.
Compared to the global market, the Indian auction market hovers at about a fractional Rs1,250 crore. It is, however, showing strong signs of double-digit growth that is expected to top Rs10,000 crore in the coming three years. This spurt is largely driven by increasing affluence, growing appreciation, younger collectors and massive investment potential.
In parallel to the trajectory in the private sector, the government – both at the state and Central levels – has never had a comprehensive acquisitions budget, though they have commissioned works of public art. There is growing support for artists, artisans, cultural exchanges, scholarships, digital and creative media and programs, but not so much in terms of building its internal contemporary collections. Many governments around the world acquire contemporary works of art, not so much through interior decorators, auction houses or commissions, but through active curated scouting of known and unknown works and expressions of artistic value that reflect the spectrum from angst to aspiration. There is a potential to bridge this gap within our governance structure with aesthetic sensitisation training, policy framework, independent juried acquisition, followed by an immersion practice that takes bureaucracy away from the paper-pushing routine and engages with the larger arts and cultural talent. This would make a tremendous difference in the positioning of India’s artistic talent in the long term.
Last week, Gustav Klimt’s 1914-16 painting of Elizabeth Lederer dressed in white imperial silks with Asian motifs gained $236.4 million under the gavel at Sotheby’s in New York, making it the second highest price fetched by a single artist. Six bidders battled for 20 minutes to yield to an anonymous buyer, reinforcing the innate human desire to possess, admire and pay homage to beauty that transcends time.