India's art market has grown nearly 200-fold in 25 years, fuelled by record-breaking auctions and rising collector confidence
Krishen Khanna Market Report: Turnover and Record-Breaking 2025 Sales
With consistent demand and rising values, Khanna’s auction turnover highlights his strong position among artists in India
Krishen Khanna’s performance at auction over the past few years points to a steadily strengthening market, driven by sustained demand and a growing appreciation for his work. As one of the most sought-after living Masters, his auction turnover reflects both consistency and upward momentum.
Between 2021 and 2025, Khanna’s annual turnover at auction saw a notable rise, increasing from ₹12.66 crore ($1.44 million) in 2021 to ₹54.50 crore ($6.19 million) in 2025, based on hammer prices. This sharp growth underscores the expanding value of his works within the auction ecosystem.
Over a broader five-year period, his works collectively achieved ₹129.14 crore ($14.68 million) in turnover. This cumulative figure highlights the strength of his market, supported by regular sales and continued interest from collectors.
A key contributor to this performance has been the strong showing of his newer series, created between 2015 and 2025. These works have performed at high levels at auction, demonstrating how his ongoing engagement with contemporary themes continues to resonate with buyers.
Several standout sales further reinforce this trajectory. In December 2025, The Last Supper achieved ₹10.22 crore ($1.16 million), significantly exceeding its estimate of ₹2 crore to ₹3 crore and setting a new world record for the artist. This surpassed the previous record of ₹9.19 crore ($1.04 million) set in 2024.
Another notable result includes a Pietà painting, which sold for ₹2.51 crore ($285,227) in November 2025 against an estimate of ₹60 lakh to ₹80 lakh, reflecting strong bidding activity and market confidence. Together, these figures point to a market defined by both growth and consistency, with Khanna’s works continuing to perform strongly across years.
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