In the Indian art market, the Navratna artists remain icons, making them an essential part of our living history and an unquestioned draw at auctions. They are nine towering figures—Raja Ravi Varma, Amrita Sher-Gil, Jamini Roy, Rabindranath Tagore, Nandalal Bose, Abanindranath Tagore, Gaganendranath Tagore, Sailoz Mookherjea, and Nicholas Roerich—who influenced the development of Indian art from the late 19th to the early 20th century. 

Raja Ravi Varma is described as arguably the first Indian artist to operate within a recognisable national art economy. His mastery of European academic Realism and his adoption of oil painting marked a decisive shift in Indian visual culture, amplified by the wide circulation of his chromolithographic prints. As a result, important original oils are rare, and the appearance of a significant Ravi Varma canvas at auction becomes a notable event capable of shifting the price index for these pioneers of Modern art.

The transition from academic realism to cultural nationalism was articulated most powerfully through the Bengal School, led by Abanindranath Tagore. He and contemporaries such as Nandalal Bose, Rabindranath Tagore, Gaganendranath Tagore, and Sailoz Mookherjea rejected colonial aesthetics to construct an indigenous visual language rooted in Indian tradition, spirituality, and identity. Their works were produced in small quantities and are intrinsically fragile, concentrating demand around rare, historically significant, and well-preserved pieces.

Jamini Roy occupies a particularly important market position among the Navratnas. His rejection of Western naturalism in favour of folk-inspired forms produced a visual language that remains immediately recognisable and widely accessible, translating directly into liquidity and consistent transaction volume. Nicholas Roerich, with his exceptional depictions of the Himalayas, has found resonance among collectors in India and has also stood out in the global market.

Amrita Sher-Gil forms the commercial and symbolic apex of early Indian Modernism. Her tragically brief career and the institutional absorption of much of her oeuvre have rendered her works very scarce, with each auction appearance treated as a landmark event that reshapes price benchmarks.

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

The roots of the Indian art market can be traced to Raja Ravi Varma, arguably the first Indian artist to operate within a recognisable national art economy. His mastery of European academic Realism and adoption of oil painting marked a decisive shift in Indian visual culture. He was among the first Indian artists to influence how people looked at art, aided significantly by the dissemination of his imagery through chromolithographic prints.

While these prints democratised access to art, they also had an unintended long-term effect: by contrast, his original oil paintings became increasingly rare. Today, with the most important works residing in institutional collections or tightly-held private hands, the appearance of a significant Ravi Varma at auction is a notable market event. It also has the power to shift the price index significantly for these pioneers of Modern art.

Over the last five years, his works have generated a total auction turnover of roughly ₹163.98 crore ($18.63 million), with merely 21 lots sold. Among these, over 60 per cent have been sold in the higher price bracket of above ₹1 crore. In 2025, the sale of his seven works generated a total revenue of ₹23.94 crore ($2.72 million). Similarly, nearly 60 per cent of these were sold in the higher price bracket, exceeding the sale value of over ₹1 crore.

Such competitive bidding reflects his extreme historical significance and shows that Ravi Varma represents the genesis of value creation in Indian art. Additionally, 38 per cent of Raja Ravi Varma lots sold for above ₹10 crore at auction between 2021 and 2025.

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

S.H. Raza’s auction performance stands out for its steady climb, with turnover figures that reflect enduring collector interest. Between 2021 and 2025, his works generated a total of ₹622.79 crore in sales, underscoring his blue-chip status in the Indian art market.

The year-by-year breakdown reveals clear momentum. Auction turnover started at ₹38.08 crore in 2021, rose to ₹75.76 crore in 2022, then climbed to ₹174.31 crore in 2023. It peaked at ₹199.11 crore in 2024 before moderating to ₹135.54 crore in 2025.

The Navratna artists—Raja Ravi Varma, Amrita Sher-Gil, Jamini Roy, Rabindranath Tagore, Nandalal Bose, Abanindranath Tagore, Gaganendranath Tagore, Sailoz Mookherjea, and Nicholas Roerich—continue commanding reverence in 2025 auctions. Key turnover figures spotlight their market pull.

Sher-Gil led with ₹37.52 crore total turnover at auction in 2025. Raja Ravi Varma followed, generating ₹23.94 crore ($2.72 million) from just seven lots sold, nearly 60 per cent exceeding ₹1 crore. Rabindranath Tagore achieved ₹14.78 crore from only five lots. Jamini Roy claimed 52% share of all Navratna lots at auction that year, with 91 works sold.

Lot-wise breakup for 2025 reveals the spread: Nicholas Roerich at 14 lots, Sailoz Mookherjea at 4, Gaganendranath Tagore at 5, Abanindranath Tagore at 4, Raja Ravi Varma at 7, Amrita Sher-Gil at 25, Rabindranath Tagore at 5, and Nandalal Bose at 20.

These results affirm the Navratna artists as consistently sought-after assets with competitive bidding and long-term value retention as the Indian art market matures.

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

Francis Newton Souza commands one of the strongest positions in the Indian art market, with his auction turnover reflecting consistent demand and remarkable growth. Between 2021 and 2025, his works generated ₹689.17 crore ($78.31 million) across more than 800 lots sold, showcasing a market that spans drawings, paper works, oils, and iconic nudes.

The annual figures trace a clear upward trajectory. Turnover began at ₹49.05 crore in 2021, rose to ₹111.60 crore in 2022 and ₹121.50 crore in 2023, then jumped to ₹179.54 crore in 2024—when Souza claimed the top spot by turnover among artists. The momentum peaked in 2025 at ₹227.48 crore ($25.85 million), a 21 per cent increase over 2024 despite 62 fewer lots sold that year (179 vs 241).

Krishen Khanna’s auction journey is marked by a set of standout works that continue to anchor his market performance. These top five lots, sold between 2021 and 2025, reflect both the strength of his artistic legacy and the sustained interest of collectors.