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How the Navratna Artists Anchor India’s Cultural Wealth

Guarding the Legacy: How the Navratna Artists Anchor India’s Cultural Wealth

Nine towering figures who shaped Indian art now stand as icons of both history and the auction market

Jamini Roy Navratna
JAMINI ROY | Untitled (Nayikas) | 29 x 78 in | Tempera on cloth pasted on board | Sold in 2025 by AstaGuru for ₹73,20,500 ($83,187)

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.

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As a Navratna pioneer, Ravi Varma’s rare oils command top prices and shift market benchmarks

A steady rise in Raza's turnover over five years underscores sustained demand and strong collector confidence

Jamini Roy dominates lots while Ravi Varma and Sher-Gil drive high-value sales among the nine icons

From ₹49 crore in 2021 to ₹227 crore in 2025, Souza dominates Modern Indian art sales

A look at Krishen Khanna’s five highest-selling works between 2021 and 2025 reveals the consistency and depth of his auction performance

The market for Indian art, riding on record sales, has some clear bestsellers

Jamini Roy artwork

Krishen Khanna: The Last Progressive

Krishen Khanna: The Last Progressive

Beyond Time: Selected Works 1940-2025, is the most exhaustive volume ever attempted on the life and work of Modern Master Krishen Khanna

The way Krishen Khanna sees the world is the way he paints it. He draws inspiration from his surroundings and lived experiences, turning everyday moments into enduring works of art, in turn elevating the ordinary.

His paintings are proof of a life passionately observed and lovingly recorded. Among his most iconic works, The Bandwallas stand out as a tribute to India’s marching band musicians, painted not as caricature, but with respect and empathy. Other series, including Watermelon and Card Players, are rooted in his childhood memories of summer days and street games in Lahore, while in his Biblical series, Khanna merges the spiritual with social themes in a powerful visual statement.

On July 5, 2025, Khanna celebrated his 100th birthday, making him one of the oldest living artists in India. Beyond Time: Selected Works 1940–2025 commemorates this milestone through a carefully curated glimpse into his work, with more than 1,453 works of art featured and detailed. Plus, personal photographs and other photos round up a volume that will be treasured by all lovers of Indian Modern art.

Khanna’s work tells stories of society, memory, and time. Beyond Time is not just a celebration of an artist’s centenary, but a reminder of the power of observation and omnipresent humanity.

Published by The Arts Trust, in association with AstaGuru. Price ₹19,999, available on Amazon and Flipkart.

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As a Navratna pioneer, Ravi Varma’s rare oils command top prices and shift market benchmarks

A steady rise in Raza's turnover over five years underscores sustained demand and strong collector confidence

Jamini Roy dominates lots while Ravi Varma and Sher-Gil drive high-value sales among the nine icons

From ₹49 crore in 2021 to ₹227 crore in 2025, Souza dominates Modern Indian art sales

A look at Krishen Khanna’s five highest-selling works between 2021 and 2025 reveals the consistency and depth of his auction performance

The market for Indian art, riding on record sales, has some clear bestsellers

Inside India’s High-End Watch Revolution

Inside India’s High-End Watch Revolution

What’s leading to this quiet but astounding watch revolution in India’s luxury segment?

According to a report by Financial Times, Swiss watch exports fell in other key markets globally in 2024, but they grew exponentially in India. “Exports to the country rose 20 per cent in value, year on year, in the first seven months of 2024 to $165 million (₹1,452 crore), compared with a 2.4 per cent fall globally. And that export value represents a 41.4 per cent increase on the same period in 2022—the largest rise recorded by the Federation of the Swiss Watch Industry for any market, over such a timescale,” mentioned the Financial Times report.

At online auctions, luxury watch brands are performing better, as witnessed by the higher number of watches sold by AstaGuru in 2024-25. Their curation includes the world’s best-loved brands, including Patek Philippe, Audemars Piguet, Breguet and more. AstaGuru’s online auction model has become the benchmark for collectors of rare watches, with some timepieces garnering prices upwards of ₹1 crore ($113,636).

Additionally, brands are enhancing their retail presence. IWC Schaffhausen, a 150-year-old Swiss watch brand, opened its first boutique in India, at Jio World Plaza in Mumbai. Breitling opened two new boutiques in Chennai and Hyderabad. Many centuries-old legacy brands are making a significant investment in India. Additionally, India’s agreement with the European Free Trade Association reduces the custom duties substantially, a reason why premium watch brands are making a strong case for the traditional brick-and-mortar retail push in the country, besides the e-commerce platforms to whet the appetite of the customers.

There’s another story ticking in the premium watch segment…

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

Read More

As a Navratna pioneer, Ravi Varma’s rare oils command top prices and shift market benchmarks

A steady rise in Raza's turnover over five years underscores sustained demand and strong collector confidence

Jamini Roy dominates lots while Ravi Varma and Sher-Gil drive high-value sales among the nine icons

From ₹49 crore in 2021 to ₹227 crore in 2025, Souza dominates Modern Indian art sales

A look at Krishen Khanna’s five highest-selling works between 2021 and 2025 reveals the consistency and depth of his auction performance

The market for Indian art, riding on record sales, has some clear bestsellers

Raja Ravi Varma Masterpieces Command Crores at Auction

Raja Ravi Varma Masterpieces Command Crores at Auction

As a Navratna pioneer, Ravi Varma’s rare oils command top prices and shift market benchmarks

Raja Ravi Varma painting
Arjun And Subhadra | 23 x 20 in | Oil on canvas | Circa 1910 | Sold in 2016 by AstaGuru for ₹3,66,15,510 ($416,085)

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.

Read More

As a Navratna pioneer, Ravi Varma’s rare oils command top prices and shift market benchmarks

A steady rise in Raza's turnover over five years underscores sustained demand and strong collector confidence

Jamini Roy dominates lots while Ravi Varma and Sher-Gil drive high-value sales among the nine icons

From ₹49 crore in 2021 to ₹227 crore in 2025, Souza dominates Modern Indian art sales

A look at Krishen Khanna’s five highest-selling works between 2021 and 2025 reveals the consistency and depth of his auction performance

The market for Indian art, riding on record sales, has some clear bestsellers

Raja Ravi Varma artwork

S.H. Raza Commands Strong Auction Values

S.H. Raza Auction Results: A Guide to the Artist’s Rising Market Value

A steady rise in Raza’s turnover over five years underscores sustained demand and strong collector confidence

Raza turnover
Paysage Corse | 27.5 x 27.5 in | Oil on canvas | 1958 | Sold in 2017 by AstaGuru for ₹4,02,50,000 ($457,386)

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.

Raza turnover graph

This cumulative ₹622.79 crore comes from 567 lots sold over the five years, with nine works breaching the ₹10 crore mark. The market’s reliability shines through in consistent sales, where Raza’s paintings deliver financial stability alongside cultural value.

Raza’s appeal spans formats, from large canvases to works on paper keeping the market active. His steady value growth makes him a go-to for collectors seeking both beauty and investment security.

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

Read More

As a Navratna pioneer, Ravi Varma’s rare oils command top prices and shift market benchmarks

A steady rise in Raza's turnover over five years underscores sustained demand and strong collector confidence

Jamini Roy dominates lots while Ravi Varma and Sher-Gil drive high-value sales among the nine icons

From ₹49 crore in 2021 to ₹227 crore in 2025, Souza dominates Modern Indian art sales

A look at Krishen Khanna’s five highest-selling works between 2021 and 2025 reveals the consistency and depth of his auction performance

The market for Indian art, riding on record sales, has some clear bestsellers

Navratna Nine Show Strong Auction Demand in 2025

Navratna Artists Show Strong Auction Demand in 2025

Jamini Roy dominates lots while Ravi Varma and Sher-Gil drive high-value sales among the nine icons

Roerich artwork
NICHOLAS ROERICH | Himalayas | 18.3 x 30.8 in | Tempera on canvas | Circa 1940 | Sold in 2022 by AstaGuru for ₹5,50,06,969 ($6,25,079)

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.

Read More

As a Navratna pioneer, Ravi Varma’s rare oils command top prices and shift market benchmarks

A steady rise in Raza's turnover over five years underscores sustained demand and strong collector confidence

Jamini Roy dominates lots while Ravi Varma and Sher-Gil drive high-value sales among the nine icons

From ₹49 crore in 2021 to ₹227 crore in 2025, Souza dominates Modern Indian art sales

A look at Krishen Khanna’s five highest-selling works between 2021 and 2025 reveals the consistency and depth of his auction performance

The market for Indian art, riding on record sales, has some clear bestsellers

Nicholas Roerich artwork

F.N. Souza Sees Surge in Auction Sales

F.N. Souza Auction Sales 2025: Trends and Record-Breaking Prices

From ₹49 crore in 2021 to ₹227 crore in 2025, Souza dominates Modern Indian art sales

FN Souza The Castle
The Castle | 48 x 30 in | Oil on masonite board | Sold in 2025 by AstaGuru for ₹9,08,51,985

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).

Souza turnover graph

This performance underscores Souza’s market depth rather than reliance on sporadic blockbusters. In 2025 alone, four works breached the ₹10 crore mark, contributing significantly to the annual total. The Progressive Artists’ Group pioneer continues to outperform, with his broad appeal across mediums driving sustained liquidity.

Souza’s dominance extends beyond volume—his turnover leadership in 2024 and strong 2025 results affirm collector confidence in works that span his provocative figures, deconstructed religious iconography, and introspective landscapes.

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

Read More

As a Navratna pioneer, Ravi Varma’s rare oils command top prices and shift market benchmarks

A steady rise in Raza's turnover over five years underscores sustained demand and strong collector confidence

Jamini Roy dominates lots while Ravi Varma and Sher-Gil drive high-value sales among the nine icons

From ₹49 crore in 2021 to ₹227 crore in 2025, Souza dominates Modern Indian art sales

A look at Krishen Khanna’s five highest-selling works between 2021 and 2025 reveals the consistency and depth of his auction performance

The market for Indian art, riding on record sales, has some clear bestsellers

Souza The Castle

Krishen Khanna’s Highest-Selling Works at Auction

Krishen Khanna’s Highest-Selling Works at Auction

A look at Khanna’s five highest-selling works between 2021 and 2025 reveals the consistency and depth of his auction performance

UNTITLED | Sold for ₹3,34,82,256 ($380,480)

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.

THE LAST SUPPER | Sold for ₹8,66,03,709 ($984,133)

Leading the group is The Last Supper, which achieved ₹8,66,03,709 ($984,133), making it the highest-selling work among his top auction results. The sale underscores the significance of this work within his oeuvre and its strong reception in the market.

UNTITLED: BANDWALLA PROCESSION (PENTAPTYCH) | Sold for ₹7,79,28,401 ($885,550)

Following closely is Untitled: Bandwalla Procession (Pentaptych), which sold for ₹7,79,28,401 ($885,550). Rooted in one of Khanna’s most enduring themes, the Bandwalla series continues to resonate with collectors and remains a key contributor to his top auction results.

UNTITLED | Sold for ₹3,34,82,256 ($380,480)

Another major sale is Untitled, which realised ₹3,34,82,256 ($380,480). This is closely followed by Bandwallas (Diptych), which fetched ₹3,29,82,791 ($374,804), reinforcing the continued demand for works linked to this recurring subject.

BANDWALLAS (DIPTYCH) | Sold for ₹3,29,82,791 ($374,804)

Completing the top five is Jesus at Emmaus, which sold for ₹3,11,99,183 ($354,536). Together, these works span a range of themes and formats, yet collectively demonstrate the consistency of Khanna’s performance at the higher end of the market.

JESUS AT EMMAUS Sold for ₹3,11,99,183 ($354,536)

These top results not only highlight the value of individual works but also point to a broader trend of sustained collector confidence. With multiple works crossing significant price thresholds, Khanna’s presence at auction remains both strong and stable.

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

Read More

As a Navratna pioneer, Ravi Varma’s rare oils command top prices and shift market benchmarks

A steady rise in Raza's turnover over five years underscores sustained demand and strong collector confidence

Jamini Roy dominates lots while Ravi Varma and Sher-Gil drive high-value sales among the nine icons

From ₹49 crore in 2021 to ₹227 crore in 2025, Souza dominates Modern Indian art sales

A look at Krishen Khanna’s five highest-selling works between 2021 and 2025 reveals the consistency and depth of his auction performance

The market for Indian art, riding on record sales, has some clear bestsellers

The Top 10 Living Artists by Turnover at Auction

The Top 10 Living Artists by Turnover at Auction

The market for Indian art, riding on record sales, has some clear bestsellers

Krishen Khanna artwork
KRISHEN KHANNA | Bandwallas (Diptych) | 60 x 72 in | Oil on canvas | Sold in 2025 by AstaGuru for ₹3,89,74,342 ($442,890)

Even as India’s art market captivates global audiences, the landscape at auction has thrown up some surprises. From January to December 2025, while Masters’ works rooted in legacy have outperformed expectations, some Contemporary artists’ works have also made major strides.

With lots commanding admiration and demand, Krishen Khanna retained the spot as the top living artist in both turnover and lots sold in 2025. With 145 lots sold at auction, Khanna’s artworks fetched a total turnover of ₹59.6 crore ($6.77 million) across top auction companies in 2025. The year also saw a new world record for the artist for The Last Supper, which was sold for ₹10.22 crore ($1.16 million) by AstaGuru. Khanna is followed by Sakti Burman, whose surrealist works and landscapes continued to find loyal admirers. His total turnover at auction was ₹40.8 crore ($4.64 million), which includes an oil on canvas painting titled Durga, sold for ₹4.15 crore ($471,590) by AstaGuru.

Acclaimed sculptor Anish Kapoor’s works clocked in third in terms of turnover in 2025, selling 44 lots at auction for ₹31.1 crore ($3.53 million). His stainless steel and resin sculptures found a consistent demand building on the gains made in 2024. The ever-experimental Arpita Singh continued to appeal to collectors, and her works came in fourth in turnover with ₹17.2 crore ($1.95 million). A 1996 untitled watercolour on paper work sold for ₹40.8 lakh ($46,363)—the same work was auctioned by AstaGuru in September 2024 for ₹29.5 lakh ($33,522). Singh was followed by Thota Vaikuntam, with a turnover at auction of ₹15.3 crore ($1.74 million) across the top auction houses, while he sold the third highest number of lots at 74 for a living artist. Inspired by life in rural Telangana, an impressive acrylic on canvas, Untitled (Temple Wedding), sold for ₹2.96 crore ($336,363) in 2025.

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

Read More

As a Navratna pioneer, Ravi Varma’s rare oils command top prices and shift market benchmarks

A steady rise in Raza's turnover over five years underscores sustained demand and strong collector confidence

Jamini Roy dominates lots while Ravi Varma and Sher-Gil drive high-value sales among the nine icons

From ₹49 crore in 2021 to ₹227 crore in 2025, Souza dominates Modern Indian art sales

A look at Krishen Khanna’s five highest-selling works between 2021 and 2025 reveals the consistency and depth of his auction performance

The market for Indian art, riding on record sales, has some clear bestsellers

Top 12 Sculptors Popular at Auction

Top 12 Sculptors Popular at Auction

As sculpture demand surges among collectors, here is a curated guide to the top artists shaping the market

Anish Kapoor sculpture
ANISH KAPOOR | Mirror (Brandy Wine, Gladstone Red) 51.2 x 51.2 x 7.2 in | Stainless steel and lacquer | Sold in 2018 by AstaGuru for ₹6,50,96,485 ($7,39,732)

The latest data on Indian sculptors by auction turnover reveals a market that is both top-heavy and incredibly diverse, where legendary names and Contemporary visionaries command prices that seem to reflect their impact on the art world.

A GLOBAL APPEAL
At the pinnacle of Contemporary sculpture stands Anish Kapoor, whose market dominance in 2025 was formidable. With a total auction turnover of ₹40.08 crore ($4.55 million) across 44 lots, Kapoor has found a loyal collector base and a global footprint. His work often blurs the line between art and architecture, and 2025 solidified his status as a blue-chip favourite. In an AstaGuru auction in May 2025, Kapoor’s untitled acrylic, plexiglass, and paint sculpture was a major talking point. This massive piece, measuring over 70 inches, sold for ₹4.66 crore ($529,545). The sale of this work illustrates the market’s appetite for pieces that manipulate perception and space, hallmarks of Kapoor’s international career.

PILLOO POCHKHANAWALA | Untitled (Ed : Unique) 62 x 16 x 13 in | Teakwood Sold in 2022 by AstaGuru for ₹2,59,86,187 ($2,95,297)

If Kapoor represents the global direction, others like Modernists Sankho Chaudhuri, Prodosh Dasgupta and Leela Mukherjee, and Contemporary artists like G. Ravinder Reddy and Akhil Chandra Das represent the incredible breadth of the Indian narrative. Reddy, known for his monumental and often brightly gilded figures, saw significant success in August 2025. His piece, composed of polyester, resin, and fiberglass with paint and gilding, sold for ₹1.99 crore ($226,136). This reflects a growing collector appetite for works that combine traditional iconography with bold, modern materials. Reddy’s total turnover of ₹2.92 crore ($331,818) from five lots highlights the value placed on his works.

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

Read More

As a Navratna pioneer, Ravi Varma’s rare oils command top prices and shift market benchmarks

A steady rise in Raza's turnover over five years underscores sustained demand and strong collector confidence

Jamini Roy dominates lots while Ravi Varma and Sher-Gil drive high-value sales among the nine icons

From ₹49 crore in 2021 to ₹227 crore in 2025, Souza dominates Modern Indian art sales

A look at Krishen Khanna’s five highest-selling works between 2021 and 2025 reveals the consistency and depth of his auction performance

The market for Indian art, riding on record sales, has some clear bestsellers