A Year Of Records: The Indian Art Market at Auction

A Year of Records: The Indian Art Market at Auction

The market for Indian art is rising. We trace the evolution and the future as it unfolds

Between January and December 2025, Indian art sold by the top auction companies achieved a total turnover of ₹2,391.52 crore ($271.76 million), with 2,257 total lots being offered. The sell-through rate was an impressive 96.54 per cent. This is a clear growth over FY 2024-25, which saw a total turnover of ₹1,500 crore ($170.45 million) for Indian art sold by top auction companies, with 2,575 total lots sold.

In FY 2024-25, India’s leading auction company AstaGuru was the powerhouse of the scene, accounting for 28.31 per cent of auction turnover with ₹424.63 crore ($48.25 million). In 2025 alone, its turnover reached ₹520.03 crore ($59.09 million) across 652 lots sold. AstaGuru’s December 2025 auction was a white-glove event, with all 87 lots sold. This included a 1977 oil on canvas by Tyeb Mehta, Untitled (Gesture), originally from the famed Chester and Davida Herwitz collection, which was sold for ₹53.54 crore ($6.08 million). The same auction also saw other Masters reinforce their legacies with impressive numbers: Jehangir Sabavala’s 1996 work Conspirators more than doubled its higher estimate to reach ₹12.14 crore ($1.38 million).

Similarly, the 100-year-old Master Krishen Khanna saw his work The Last Supper fetch ₹10.22 crore ($1.16 million), more than three times the higher estimate. One of the year’s most interesting results wasn’t a painting, but a collection of 35 hand-written letters from Rabindranath Tagore to D.P. Mukerji. Selling for ₹5.90 crore ($670,454), these letters offered a rare glimpse into a “mind in motion”. This result was validated later in the year when his 1937 work, From Across The Dark, shattered its ₹2–3 crore estimate to sell for ₹10.73 crore ($1.22 million).

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

Top 12 Sculptors Popular at Auction

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

A Year Of Records: The Indian Art Market at Auction

The market for Indian art is rising. We trace the evolution and the future as it unfolds

Krishen Khanna Sees Surge in Auction Lots

A steady rise in the number of lots sold highlights the expanding demand for Khanna’s works

Krishen Khanna Gains Ground at Auction

With consistent demand and rising values, Khanna’s auction turnover highlights his strong position among artists in India

Krishen Khanna Sees Surge in Auction Lots

A steady rise in the number of lots sold highlights the expanding demand for Krishen Khanna’s works

Krishen Khanna’s auction market is marked not only by strong values but also by a consistent rise in the number of works sold over the years. This steady increase in volume reflects a growing and sustained demand for his work across categories.

Between 2021 and 2025, a total of 400 lots were sold at auction, demonstrating the scale and consistency of his market presence. The yearly progression of lots sold further illustrates this upward trend. In 2021, 48 works were sold, followed by 43 in 2022 and 62 in 2023. This number rose significantly to 102 in 2024, before reaching 145 lots in 2025—the highest in this five-year period.

The sharp increase between 2024 and 2025 is particularly notable, with a 29.7 per cent rise in the number of lots sold. This growth indicates heightened activity in the auction market and a broader participation from collectors.

In 2025 alone, the 145 lots sold included a substantial number of paper works created between 2020 and 2025. These works formed the largest share of lots sold during the year, highlighting the role of recent creations in driving market volume.

This steady rise in the number of lots sold, combined with a broad price distribution, reflects a market that is both active and expanding. Khanna’s works continue to attract interest across levels, ensuring a consistent flow of transactions at auction.

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

Top 12 Sculptors Popular at Auction

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

A Year Of Records: The Indian Art Market at Auction

The market for Indian art is rising. We trace the evolution and the future as it unfolds

Krishen Khanna Sees Surge in Auction Lots

A steady rise in the number of lots sold highlights the expanding demand for Khanna’s works

Krishen Khanna Gains Ground at Auction

With consistent demand and rising values, Khanna’s auction turnover highlights his strong position among artists in India

Krishen Khanna Gains Ground at Auction

Krishen Khanna Market Report: Turnover and Record-Breaking 2025 Sales

With consistent demand and rising values, Khanna’s auction turnover highlights his strong position among artists in India

Krishen Khanna’s performance at auction over the past few years points to a steadily strengthening market, driven by sustained demand and a growing appreciation for his work. As one of the most sought-after living Masters, his auction turnover reflects both consistency and upward momentum.

Between 2021 and 2025, Khanna’s annual turnover at auction saw a notable rise, increasing from ₹12.66 crore ($1.44 million) in 2021 to ₹54.50 crore ($6.19 million) in 2025, based on hammer prices. This sharp growth underscores the expanding value of his works within the auction ecosystem.

Over a broader five-year period, his works collectively achieved ₹129.14 crore ($14.68 million) in turnover. This cumulative figure highlights the strength of his market, supported by regular sales and continued interest from collectors.

A key contributor to this performance has been the strong showing of his newer series, created between 2015 and 2025. These works have performed at high levels at auction, demonstrating how his ongoing engagement with contemporary themes continues to resonate with buyers.

Several standout sales further reinforce this trajectory. In December 2025, The Last Supper achieved ₹10.22 crore ($1.16 million), significantly exceeding its estimate of ₹2 crore to ₹3 crore and setting a new world record for the artist. This surpassed the previous record of ₹9.19 crore ($1.04 million) set in 2024.

Another notable result includes a Pietà painting, which sold for ₹2.51 crore ($285,227) in November 2025 against an estimate of ₹60 lakh to ₹80 lakh, reflecting strong bidding activity and market confidence. Together, these figures point to a market defined by both growth and consistency, with Khanna’s works continuing to perform strongly across years.

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