Indian Art Beyond the Progressives

India’s strongest auction performers in FY 2025–26 reflected a market driven by scarcity, sustained collector demand and growing confidence across both established and emerging artists. While blue-chip names continued to command premium prices, several overlooked masters and contemporary artists experienced remarkable re-ratings.

The Progressive Artists’ Group remained the market’s undisputed powerhouse. Together, M.F. Husain, Tyeb Mehta, F.N. Souza, S.H. Raza and V.S. Gaitonde generated more than ₹1,400 crore in auction turnover, accounting for nearly 55% of the market’s total value. Their continued dominance reinforces the enduring appeal of India’s most celebrated modern masters.

Scarcity also proved to be a defining factor. Artists such as Tyeb Mehta, V.S. Gaitonde, Jehangir Sabavala, Rabindranath Tagore and Raja Ravi Varma achieved exceptional results despite limited supply, with collectors competing aggressively for museum-quality works.

At the same time, several artists witnessed significant market re-rating. Amrita Sher-Gil emerged as one of the year’s standout performers, achieving a perfect sell-through rate while recording substantial growth in both auction turnover and average prices. Artists including N.S. Bendre and K.G. Subramanyan also benefited from rising supply matched by sustained collector demand, resulting in sharply higher turnover.

The year’s momentum extended beyond established names. Rabindranath Tagore, Bhupen Khakhar, Reba Hore and Vivan Sundaram all recorded remarkable increases in average auction prices, reflecting growing recognition of their contribution to the Indian art landscape and a maturing collector base willing to look beyond traditional market favourites.

Read the full story in the special ‘Joaillerie Market’ issue of LuxeTrope, on stands now.