The market is no longer led only by Modern Masters; it is increasingly being shaped by Contemporary names whose works combine institutional relevance, market depth and a strong visual identity.

Among the standout Contemporary artists is Anish Kapoor, who reclaimed the top spot in the segment with a turnover of ₹31.1 crore at auction in 2025. His sustained market strength reflects the global appeal of his sculptural and conceptual practice, which continues to attract serious collectors. Bharti Kher and Anju Dodiya also feature prominently, underscoring how women artists are gaining stronger visibility in the auction space.

Nataraj Sharma has also emerged as an important name, with auction performance that reflects the steady rise of artists whose work has matured within the contemporary market over time. Alongside him, artists such as Subodh Gupta and Jitish Kallat continue to remain central to the broader Indian art conversation, supported by institutional recognition and collector interest. Their presence signals how Contemporary art is becoming a more stable and trusted category for buyers.

What is especially notable is that the segment is benefiting from greater transparency, stronger valuation discipline and the rise of online auctions. This has expanded access for younger collectors, many of whom are entering the market with more research and confidence than previous generations. As a result, Contemporary art is no longer seen as a speculative side category, but as an essential part of the Indian auction ecosystem.

The segment’s growth is likely to continue, with more artists from this group playing a central role in shaping the market in the coming years. With the democratisation of access and a broader appetite for new voices, Contemporary Indian art is emerging as one of the most dynamic areas in the country’s art economy.

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Growing up surrounded by the vibrant canvases of Masters M.F. Husain, B. Prabha, and Hemendranath Mazumdar in his family homes, Anshuman Mohta developed an innate appreciation for art in his earliest years. It’s fair to say that basking in the glory of great artists invites you into a world where art is not just present, but central. “Whenever I would visit a friend’s home, a beautiful painting or sculpture would always catch my attention, and I could recognise some artists’ works by just looking at them from a distance. I always had an eye for art, and, in a way, it called out to me. My first purchase was a Paresh Maity that I bought in 2011,” he says.

THE ART OF DOING BUSINESS
Passion and patience—these two words have guided Mohta’s quest to find the kind of art that speaks to his soul. He firmly believes that collecting the ‘right’ art, much like building a solid business or enterprise, requires time. “Unless you’re passionate about what you do, you’re not driven—the same goes for art. You must go the extra mile to find good quality works.”

Similarly, Mohta feels that an enviable art collection can only be built over time. He says, “Some businesses take time to blossom and there’s a gestation period before you break even. An art collection, too, must be built over time, and you need to be patient in finding the right works.”

Being exposed to art from a young age has another advantage—it has influenced the way Mohta looks at leadership and creativity in business. “It has encouraged me to think out of the box as artistic activities promote imaginative solutions and breakthrough ideas. Art has also helped foster innovation and helped me develop a new perspective by seeing challenges from multiple viewpoints.”

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The global art market is being reshaped by two powerful forces: the great wealth transfer and a multi-speed structure that rewards both trophy works and accessible lower-priced segments. In 2025, the market was not defined simply by volatility or contraction, but by a deeper recalibration in how collectors buy, what they value and where wealth is moving.

Over the next two decades, around $83.5 trillion is expected to change hands globally, with roughly $1 trillion tied specifically to art and collectibles. That shift is already visible in the collector base, where nearly three-quarters of active high-net-worth collectors now belong to the millennial and Gen Z generations. For these younger buyers, art is not a passive luxury; it is part of financial planning, identity and long-term wealth management.

This generational change is expanding the market beyond traditional blue-chip collecting. Younger collectors are drawn to Surrealists, women artists and contemporary figures such as Jean-Michel Basquiat, KAWS and Banksy. Female collectors are also playing a bigger role, spending significantly more on average than male buyers and building collections with a higher share of works by women artists. The result is a broader and more diverse market than the one dominated by Old Masters in previous decades.

At the same time, the art world is operating as a multi-speed market. While the top end remains powerful, sales above $10 million fell sharply in 2025 as sellers waited for better conditions. Yet the base of the market widened, with works under $5,000 accounting for the majority of contemporary auction results. The mid-market, particularly works priced between $50,000 and $1 million, is now emerging as the most stable and promising segment, supported by rising numbers of collectors with investable assets.

Technology and art-secured lending are further strengthening this shift, making collections more liquid and more closely tied to active capital. Together, these trends show a market that is no longer dependent on a few headline sales, but increasingly driven by breadth, access and generational change.

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India’s luxury and art markets are benefiting from a rapid rise in wealth creation. The country now has 191 billionaires, compared with just seven in 2019. Moreover, 26 new billionaires emerged in 2024 alone. At the same time, India’s high-net-worth individual (HNWI) population grew by 6 per cent to 85,698 and is expected to approach 94,000 within the next three years.

This trend is significant because HNWIs are the primary consumers of luxury goods and experiences. Their spending drives demand for art, watches, jewellery, premium real estate and bespoke services. In India, HNWIs are defined as individuals with assets exceeding $10 million, or roughly ₹88 crore.

Several factors are contributing to this growth. Entrepreneurial activity remains strong, global integration continues to expand, and new industries are creating fresh opportunities for wealth generation. Importantly, many of India’s newest millionaires are first-generation entrepreneurs from tier-2 and tier-3 cities rather than traditional metropolitan centres.

As a result, the impact of wealth creation is becoming increasingly visible in the art market. In 2024, sales by the country’s Top 50 artists reached ₹301 crore, representing a 19 per cent increase from 2023. Meanwhile, the cumulative value of the Top 50 artworks climbed to ₹252.61 crore, up from ₹82.57 crore in 2021. This threefold increase highlights the growing depth and maturity of the market.

The rising value of leading artists further reflects this momentum. The entry threshold for the Top 25 artists increased from ₹35 lakh in 2021 to ₹1.9 crore in 2024. Similarly, the threshold for the Top 10 artists rose from ₹1.99 crore to ₹7.70 crore during the same period.

Beyond art, this expanding wealth base is reshaping luxury consumption across categories. Today’s affluent buyers are more informed, more experience-driven and increasingly willing to collect across multiple luxury segments. They are not only purchasing products, but also investing in culture, heritage, and long-term value.

Consequently, India’s luxury economy is evolving. What was once a market dominated by a small elite is becoming broader and more confident. As disposable incomes rise and more entrepreneurs climb the wealth ladder, a new generation of collectors is helping define the future of luxury in India.

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Tom Vattakuzhy occupies a distinctive place in Contemporary Indian art, one defined by restraint, observation and psychological nuance. Trained at Kala Bhavana, Santiniketan, and later at the Faculty of Fine Arts, M.S. University, Baroda, he developed a practice shaped as much by literature and lived experience as by formal painting traditions. Over time, this sensibility has given rise to a body of work that feels intimate, humane and deeply rooted in Kerala’s social and emotional landscape.

His early years as an illustrator for Malayalam publications such as Mathrubhumi and Bhashaposhini were formative, sharpening a visual language that would later evolve into what he calls “story paintings.” In his mature works, realism becomes a language of subtlety. Domestic interiors, verandas, courtyards and thresholds recur as settings where inner life quietly surfaces. Figures are often shown in suspended moments, animated by light, gesture and the delicate interplay of presence and absence.

The emotional strength of his work lies in its ability to find significance in ordinary moments. Children, animals and small details of domestic life often act as anchors of vitality, grounding the paintings in lived experience rather than abstraction.

Projects such as The Shadows of Absence and his inclusion in Edam at the 6th Kochi-Muziris Biennale have further affirmed his growing institutional relevance. While still absent from auction, Vattakuzhy’s work continues to attract collectors drawn to its restraint, emotional intelligence and enduring visual force.

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