A quiet revolution has been unfolding in the auction world for Ahmedabad-based Modern artist C.D. Mistry. Between 2021 and 2025, his works generated a total turnover of ₹21.98 crore.

That impressive figure comes from hammer prices across all auction companies. The standout year was 2025, which contributed 54% to the total revenue from 2022 to 2025.

The momentum built steadily. Prices for Mistry’s works at auction rose 2.5 times over the period. This is clear in the price index, with 2022 as the base year at 100, climbing through 2023, 2024, and peaking in 2025.

2025 brought record-breaking sales on AstaGuru. An untitled oil on canvas, measuring 42 x 96.5 inches, sold for ₹38.72 lakh ($44,000) in the December auction. Earlier that year, Radha Krishna Churning Curd—a 63 x 54 inch oil on canvas—fetched ₹17.52 lakh ($19,912) in the February auction.

Himmat Shah’s auction turnover reflects growing recognition for his sculptures in clay, terracotta, stone, and bronze. In 2025, his works generated ₹8.18 crore ($929,545), placing him in the Top 50 artists by turnover and selling more than 74 works at auction in the last two years alone.

Yearly figures show consistent upward momentum: ₹1.41 crore in 2021, ₹2.26 crore in 2022, ₹4.69 crore in 2023, ₹7.50 crore in 2024, and ₹8.18 crore in 2025. This trajectory aligns with his price index rising against the 2021 base year and 3.5x estimated growth in lot selling price between 2021 and 2025.

These turnovers underscore collector interest in Shah’s monumental bronzes, stone heads, torsos, and works on paper, with 69.7 per cent of 2025 lots between ₹10 and ₹50 lakh.

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The path to preserving an artwork begins long before damage appears. Conservation and restoration are essential to stewardship, and for collectors, they are part of the responsibility of owning art for the long term.

The first step is initial examination and documentation, followed by cleaning and stabilising the artwork. After that comes UV, IR, and raking light assessment, which helps reveal details and condition issues that are not always visible at first glance. Structural conservation, including consolidation and crack repair, follows, along with chromatic integration to bring the work back closer to its original look.

Protective measures then help secure the result. These include varnishing and fixative air sprays, followed by documentation and display of the artwork. Custom framing is also part of the process, helping support and present the piece appropriately.

Basic preventive care matters just as much. Paintings should be stored in proper conditions, with humidity, sunlight, and pollutants carefully controlled. Too much moisture can encourage mould and mildew, while excessive sunlight can affect pigments, weaken canvases, and lead to fading.

Care also changes with material…

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Thota Vaikuntam’s auction turnover shows a clear and consistent rise across the last five years. From ₹1.76 crore in 2021, his total at auction moved to ₹2.06 crore in 2022, ₹8.73 crore in 2023, ₹12.74 crore in 2024, and then climbed sharply to ₹14.18 crore ($1.61 million) in 2025 his highest annual turnover with 74 artworks sold.

Across 2021 to 2025, Vaikuntam’s artworks generated a total turnover of ₹39.48 crore. Between these years, 98 works sold in the ₹10 lakh to ₹50 lakh range, while 2025 alone accounted for 32 works in that bracket.

His strongest moment came in June 2025, when Untitled (Temple Wedding) sold for ₹2.96 crore ($336,363) at AstaGuru, setting a new personal and world record and surpassing his previous high of ₹1.41 crore from AstaGuru’s September 2023 auction.

This sustained recognition is built on decades of a distinctive practice rooted in rural art forms and folk traditions.

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When Leonardo da Vinci’s long-lost Salvator Mundi resurfaced, its long and obscured history made one thing clear: restoration can change the fate of a work. The painting had passed through generations and kingdoms, was mistaken for a mere copy until 2005, and only emerged as a Milanese masterpiece after careful restoration and verification of authenticity.

That is why conservation matters so deeply to collectors. It is not only a museum concern, but an essential part of stewardship. A poorly stored painting can suffer discolouration, tears, flaking, mould, mildew, fading, and damage from humidity, sunlight, and pollutants, all of which can reduce its value and alter its appearance.

Collectors are also responsible for the conditions in which their works are kept. Paintings need proper storage, preventive maintenance, and regular inspection for signs of dust, tears, flaking, or mildew. Acrylic, oil, and watercolour each age differently, while wood, canvas, and varnish can shrink, tear, or become brittle if neglected.

For collectors, the lesson is simple: owning art also means caring for it. Insurance, conservator inspections, proper storage, and professional handling are all part of protecting an artwork’s integrity for future generations.

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Frida Kahlo’s El sueño (La cama) made history in 2025, selling for $54.7 million and setting a new all-time auction record for a female artist. That result sat within a market that was already changing shape, as collectors increasingly moved toward female artists, contemporary voices, and a broader, higher-volume trade.

The shift is tied to a major transfer of wealth and a younger collector base. Nearly three-quarters of active high net worth collectors now belong to the Millennial and Gen Z generations, and 98 per cent of younger collectors surveyed view their collections as a strategic part of wealth management. These buyers are drawn to Surrealists, women artists, and Contemporary figures such as Jean-Michel Basquiat, KAWS, and Banksy.

Female buyers are also making their presence felt. In 2024, female collectors spent 46 per cent more on average than male collectors, reaching an average expenditure of $519,960. Their collections are also more heavily weighted toward women artists, with 49 per cent of female collectors’ collections made up of works by female artists, compared with 40 per cent in men’s collections.

That demand is already translating into records. Marlene Dumas set an auction record for a living female painter at $13.6 million for Miss January, while Lisa Brice reached $6.9 million for After Embah. Together, those results show how women artists are being priced not as exceptions, but as central players in the market.

The broader auction landscape also points to a more accessible market, with works under $5,000 accounting for 85 per cent of all contemporary auction results, and online-only sales adding momentum. At the same time, the mid-market is emerging as a stabilising force, giving collectors more entry points while keeping demand active across price bands.

Read the full story in the premiere issue of LuxeTrope, on stands now.