The Indian Art story is, not so quietly, unfurling into what many experts call a fairy tale. Consider this: in FY 2000-01, India’s fine art auction market was estimated at around ₹13 crore ($1.37 million). In FY 2025-26, it crossed ₹2,600 crore ($274 million), nearly two hundred times its size a quarter century earlier. Few asset classes in India can claim a comparable trajectory. Fewer still can claim to have done so while keeping their investors delighted and consistently engaged.

The market took the better part of two decades to cross the ₹400 crore ($42 million) mark, reaching that threshold only around FY 2014-15. It then crossed ₹900 crore ($95 million) in FY 2020-21 and has since nearly tripled in the space of five years. What was once a modest corner of India’s cultural economy has evolved into a market of genuine scale and collector capital, buoyed by institutional attention and global interest. The artists once considered niche are now commanding prices that invite comparison with established global art markets. Works of F.N. Souza, Tyeb Mehta or Ramkinkar Baij are commanding prices that would have seemed extraordinary three years ago. Artists like Krishen Khanna and Arpita Singh are marking high auction prices by living Indian artists.

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.

A true custodian of global culture, Dr. Amin Jaffer has shaped projects at the Victoria and Albert Museum (V&A), curated the Islamic Arts Biennale in 2025, and now the acclaimed India Pavilion at the 61st Venice Biennale. His impact on the world of art is profound, given that he has chronicled history through many brilliant books. Today, as director of The Al Thani Collection—a repository of over 5,000 artefacts spanning millennia—Jaffer continues his lifelong journey of bringing world heritage to those who treasure it most.

Before we delve into The Al Thani Collection, we have to ask: what was the idea behind the theme ‘Geographies of Distance: Remembering Home’ at the Venice Biennale’s India Pavilion?

The Biennale’s theme, ‘In Minor Keys’, invited a quiet, introspective response, leading me to reflect on the idea of home at a moment when India is changing at an unparalleled pace. Across the country, cities and communities are being transformed, while globally millions of Indians continue to live and work far from their places of origin. ‘Geographies of Distance: Remembering Home’ explores the idea that home is not simply a physical place, but something we carry within us through memory, ritual, relationships and material culture. It’s a theme rooted in the Indian experience, but with universal resonance. 

How did you build a cohesive story for The Al Thani Collection, given that it spans antiquity to the present?

The Al Thani Collection represents the vision of its founder, His Highness Sheikh Hamad bin Abdullah Al Thani. We work closely with His Highness in presenting the Collection; the stories reflect his collecting vision. With more than 5,000 objects spanning periods and geographies, there are many stories we can tell about civilisation, and this is exactly what we aim to do at the Collection’s museum space at the Hôtel de la Marine in Paris.

The jewels in The Al Thani Collection are historically significant. What essential qualities must a piece possess to merit a place?

The Al Thani Collection is very much a reflection of the encyclopaedic vision of its founder. I can say that works of art tend to be selected based on their form, the skill, mastery, and proficiency of their creator, as well as their provenance and ability to evoke history, bridge cultures, and promote cultural exchange.

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

A jewelled sarpech adorning a Mughal ruler, delicate pearl strands in a Raja Ravi Varma painting, or shimmering ornaments in the works of Hemendranath Mazumdar are not simply artistic details. They are visual symbols that communicate status, tradition and emotion, transforming paintings into rich narratives of India’s cultural heritage.

In Indian courtly art, jewellery served as a language of authority. Turban ornaments, layered necklaces, armlets and waistbands signified imperial power and royal lineage, making them integral to portraits of kings, queens and nobility. Today, that fascination continues, with heavily ornamented artworks commanding strong demand at auction as collectors seek works that embody both artistic excellence and historical significance.

One remarkable example is Raja Ravi Varma’s ‘Little Prince of Courage’, which achieved ₹30.88 crore at auction, its meticulously painted royal jewels adding to the work’s enduring appeal. Across Indian art, ornamentation continues to enhance not only visual beauty but also the stories embedded within each masterpiece.

A similar sense of luxury is found in the paintings of Hemendranath Mazumdar, where luminous fabrics and delicately rendered jewellery work together to create an atmosphere of intimate opulence. His elegant compositions capture the refinement of another era, demonstrating how jewellery can shape mood as much as identity.

Far beyond embellishment, ornament remains one of the defining visual languages of Indian art—bridging history, craftsmanship and culture while continuing to captivate collectors around the world.

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