Skip to main content

luxetrope.com

Top 50 Artists Generate Over ₹2,226 Crore

Power Players: Top 50 Artists Generate Over ₹2,226 Crore

A total of 1,881 lots sold at auction mark a robust 2025 for Indian art’s elite

M.F. HUSAIN | Summer | 61 x 38 in | Acrylic on canvas | Sold in 2024 by AstaGuru for ₹2,33,23,113 ($265,035)

In a rising market, the Top 50 Indian artists generated a total turnover of ₹2,226.8 crore at auction in 2025, re-staking their claim toward the $1 billion mark. They sold 1,881 total lots, achieving an average price of ₹1.18 crore per work.

Topping the leaderboard was M.F. Husain at ₹465.8 crore, followed by Tyeb Mehta at ₹305.4 crore, F.N. Souza at ₹268.1 crore, S.H. Raza at ₹142.1 crore, and V.S. Gaitonde at ₹110.1 crore. The Top 3 alone accounted for ₹1,039.3 crore.

Further down, Jehangir Sabavala reached ₹92.3 crore, J. Swaminathan ₹85.2 crore, Krishen Khanna ₹59.6 crore, Ram Kumar ₹50.3 crore, and Manjit Bawa ₹49.7 crore. Amrita Sher-Gil hit ₹44.7 crore, Bhupen Khakhar ₹34.3 crore, Akbar Padamsee ₹33.8 crore, Anish Kapoor ₹31.1 crore, and N.S. Bendre ₹31.0 crore.

The list continued with Raja Ravi Varma at ₹23.1 crore, Rabindranath Tagore ₹22.6 crore, Ganesh Pyne ₹19.8 crore, and others like K.H. Ara, Arpita Singh, Thota Vaikuntam, Nalini Malani, Somnath Hore, Jamini Roy, and more down to Subodh Gupta.

This scale signals structural robustness, with Modern art leading despite Contemporary growth.

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

Read More

Contemporary Indian art is gaining fresh momentum, with a new generation of collectors driving stronger auction results

Lokhande’s auction trail from 2021 to 2025 shows a gradual build

The collector believes art is an asset in more ways than one—it offers aesthetic pleasure and the potential for long-term appreciation

Leading with Gestation at ₹45 crore, Raza’s elite sales showcase his powerhouse market from 2021 to 2025

A generational shift in wealth is reshaping the art market, opening the door to a more layered landscape

The impact of wealth creation is becoming increasingly visible in the art market

Prashant Tulsyan Believes that True Collectors Should Look for Art that Excites Them

Prashant Tulsyan Believes that True Collectors Should Look for Art that Excites Them

He also emphasises that a good work must evoke a strong, lasting feeling

Prashant Tulsyan

Collecting art is much more than ownership—it’s an intimate pursuit that’s equal parts instinct and knowledge. One collects art  and, often, it ends up owning one, and not the other way around. Living with all that beauty, one can’t help but respond to it. For Prashant Tulsyan, art has always been a relentless chase for enjoyment and passion. Nearly 90 per cent of his buying decisions come from the heart—it’s no wonder that he encourages new collectors to trust their emotional response to an artwork first.

For him, the thrill of acquiring an artwork is hard-wired and he admits that his one regret in the earlier years of collecting was not looking beyond Bengali artists. “My biggest mistake was not buying art from outside Bengal,” he says, adding, “But one should not just dwell on the mistakes; one should also consider all the correct decisions one has made.”

While his art education made him lean more towards Bengal art, he emphasises the importance of appreciating other art movements and forms as well.

Cherished artists, acquisitions and acquaintances
Some of Tulsyan’s most valued artworks have been challenging acquisitions—especially those held within old families’ collections. Among his longest acquisitions were a rare Hemendranath Mazumdar figurative and a large Jamini Roy work that he eventually acquired after agreeing to a very high price. For Tulsyan, however, artists such as Raja Ravi Varma, Hemen, Amrita Sher-Gil and Nicholas Roerich are, quite simply, gods—artists who transcend borders and time.

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

Read More

Contemporary Indian art is gaining fresh momentum, with a new generation of collectors driving stronger auction results

Lokhande’s auction trail from 2021 to 2025 shows a gradual build

The collector believes art is an asset in more ways than one—it offers aesthetic pleasure and the potential for long-term appreciation

Leading with Gestation at ₹45 crore, Raza’s elite sales showcase his powerhouse market from 2021 to 2025

A generational shift in wealth is reshaping the art market, opening the door to a more layered landscape

The impact of wealth creation is becoming increasingly visible in the art market

Prashant Tulsyan

How to Sell Art at Auction

How to Sell Art at Auction

A primer for beginners on the art of selling your collection at auction

M.F. HUSAIN | Untitled | 58 x 58 in | Oil on canvas | Sold in 2023 by AstaGuru for ₹5,64,41,933 ($641,385)

Consigning an artwork means giving it to an auction company like AstaGuru to sell on the collector’s behalf. For many collectors and enthusiasts, it is less about financial urgency and more about refining portfolios, collections, and legacies with care.

The process begins with valuation, which determines the right price for a work of art and is often offered as a complementary service by reputed auction houses. Rarity, provenance, and other unique details about the artist or artwork can shape that valuation. Preliminary photographs, along with size, medium, provenance, and dimensions, help assess the prospects of the work.

Auction houses can take two main routes with a consigned piece: they may place it in a public auction or sell it privately. Works valued at a certain threshold may also be exhibited before auction so interested viewers can see them in person. Private sales are handled through trusted advisors, without public auction or exhibition, allowing for bespoke negotiations and greater confidentiality.

The contract is another critical part of the process, covering the reserve price, duration of the deal, marketing responsibilities, and procedures for unforeseen events. It also sets out insurance responsibility, especially important when artworks are physically moved and handled.

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

Read More

Contemporary Indian art is gaining fresh momentum, with a new generation of collectors driving stronger auction results

Lokhande’s auction trail from 2021 to 2025 shows a gradual build

The collector believes art is an asset in more ways than one—it offers aesthetic pleasure and the potential for long-term appreciation

Leading with Gestation at ₹45 crore, Raza’s elite sales showcase his powerhouse market from 2021 to 2025

A generational shift in wealth is reshaping the art market, opening the door to a more layered landscape

The impact of wealth creation is becoming increasingly visible in the art market

Top Female Artists and Their Record-Setting Totals at Auction

Top Female Artists and Their Record-Setting Totals at Auction

From folk-inspired aesthetics to meditative abstractions, women artists are claiming elite ranks among collectors

AMRITA SHER-GIL | Untitled | 14 x 20 in | Watercolour on paper | Sold in 2020 by AstaGuru for ₹81,49,181 ($92,604)

For decades, the art world’s narrative was told through a narrow lens, with female artists often categorised as exceptions to the rule rather than the rule itself. However, as we moved through 2025, that narrative saw a fundamental shift. The presence of women in the Indian art market is no longer just a conversation about representation, it’s a conversation about market leadership, financial dominance, and cultural permanence. The past year demonstrated that the female perspective is a cornerstone of the market’s stability, with women driving some of the most competitive bidding. At auction, the contributions of women artists, from distinguished Modernists to Contemporary figures, are being recognised with high interest.

From the vivid canvases of Arpana Caur to the intricate palette knife of Shraddha More, the market is moving to a consistent demand for Contemporary women artists. But if there’s a single figure who embodies the strength and prestige of the 2025 market, it remains Amrita Sher-Gil. Her legacy as a foundational figure of Indian Modern art has only grown. In 2025, Sher-Gil maintained her position at the very top of the auction hierarchy, achieving a total turnover of ₹37.52 crore ($4.26 million) from 25 lots sold. The year’s most significant highlight occurred during AstaGuru’s November 2025 auction—her masterpiece, Portrait of Mother, sold for ₹12.10 crore ($1.38 million). This sale served as a definitive testament to the deep-rooted strength of the Modern segment and confirmed that Sher-Gil remains a blue-chip standard. The consistent demand for her work across 25 different lots, be it canvas or paper, indicates her importance.

While some artists find success through high trading volume, the 2025 market also highlighted the value found in rarity. Arpita Singh is a prime example. Despite only six lots sold last year, her work generated a turnover of ₹17.25 crore ($1.96 million). This indicates high interest for her complex, narrative-heavy compositions. Following a similar trajectory of uniqueness is Nasreen Mohamedi. Known for her minimalist and deeply philosophical works, Mohamedi is perhaps the most exclusive female artist on the 2025 list.

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

Read More

Contemporary Indian art is gaining fresh momentum, with a new generation of collectors driving stronger auction results

Lokhande’s auction trail from 2021 to 2025 shows a gradual build

The collector believes art is an asset in more ways than one—it offers aesthetic pleasure and the potential for long-term appreciation

Leading with Gestation at ₹45 crore, Raza’s elite sales showcase his powerhouse market from 2021 to 2025

A generational shift in wealth is reshaping the art market, opening the door to a more layered landscape

The impact of wealth creation is becoming increasingly visible in the art market

From Margins to Mainstream: Indian Folk Art Takes Centre Stage

From Margins to Mainstream: Indian Folk Art Takes Centre Stage

From Jangarh Singh Shyam to Lado Bai, once-overlooked voices now thrive in museums and auctions

JANGARH SINGH SHYAM | Untitled | 24 x 58 in | Acrylic on canvas | Sold in 2025 by AstaGuru for ₹51,87,484 ($58,948)

Indian tribal artists have transitioned from mud walls and forest homes to museum collections, galleries, and auction catalogues. Jangarh Singh Shyam, a Pardhan Gond artist, developed ‘Jangarh Kalam’, translating oral songs, myths, and musical rhythms into dense visual constellations of dots and lines. In 2025, his auction turnover reached just over ₹4.81 crore ($546,303) across 22 lots. At AstaGuru, his untitled acrylic from 1997 sold for ₹51.87 lakh ($58,943), another untitled canvas from 1992 fetched ₹26.57 lakh ($30,193), and a 1989 work on paper realised ₹10.45 lakh ($11,875). 

Bhuri Bai is the defining voice of Bhil art. She arrived at Bharat Bhavan as a construction labourer earning ₹6 a day and became one of the most important Bhil artists. In 2025, her auction turnover stood at ₹79.36 lakh ($90,181) across nine lots. Bhuri Bai was the first from her community to shift from clay walls to paper and canvas, using acrylic without abandoning traditional form. Her dense, multicoloured dot in-filling is her signature.

Jodhaiya Bai Baiga, born in 1938 in Umaria district, began painting after her husband’s death in her forties. Her work draws from Baiga cosmology: sacred mahua trees, forest animals, village deities. She received a Nari Shakti Puraskar in 2022 and Padma Shri in 2023. In 2025, Bholenath, Nandi, Devotees In Jungle sold for ₹9.66 lakh ($10,980) at AstaGuru, Sita Haran fetched ₹7.98 lakh ($9,068), Durga Mata realised ₹1.47 lakh ($1,670) at Giftex.in, and her turnover reached ₹72.66 lakh ($82,568) across five lots.

Lado Bai started painting to unwind while labouring at Bharat Bhavan. Her talent was spotted by Swaminathan. Her rhythmic dots form wave-like patterns of flora and fauna. In late 2025 at Giftex.in, Bharadi 2022 sold for ₹4.60 lakh ($5,227), with other works between ₹1.39 lakh ($1,579) and ₹1.85 lakh ($2,102). Her auction turnover for the year stood at ₹7.75 lakh ($8,806).

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

Read More

Contemporary Indian art is gaining fresh momentum, with a new generation of collectors driving stronger auction results

Lokhande’s auction trail from 2021 to 2025 shows a gradual build

The collector believes art is an asset in more ways than one—it offers aesthetic pleasure and the potential for long-term appreciation

Leading with Gestation at ₹45 crore, Raza’s elite sales showcase his powerhouse market from 2021 to 2025

A generational shift in wealth is reshaping the art market, opening the door to a more layered landscape

The impact of wealth creation is becoming increasingly visible in the art market

What HNIs Are Buying in the New Art Economy

What HNIs Are Buying in the New Art Economy

As wealth preferences evolve, HNIs are increasingly turning to art and alternative collectibles

High-net-worth individuals are widening their view of collectability, with art emerging as one of the most compelling alternative assets in their portfolios. Paintings continue to dominate demand, but interest is also rising across sculptures, paper works, installations, textile art, prints and digital art, reflecting a more experimental and globally informed collector base. The range of buying now reflects not just taste, but a more nuanced understanding of value.

What is especially notable is that today’s HNIs are not buying art only for appreciation in the visual sense. They are also responding to provenance, rarity, artist recognition and market transparency. Online auction platforms and a growing ecosystem of private museums have made collecting more accessible, helping younger buyers enter the market with greater confidence.

Modern Masters still command the strongest attention, with names such as M.F. Husain, Raja Ravi Varma, Amrita Sher-Gil, Tyeb Mehta, F.N. Souza and S.H. Raza continuing to shape market benchmarks. Yet the current wave of buying is not confined to canonical paintings alone. Sculptures, installations and textile-based works are finding traction among collectors who want pieces with material presence and contemporary relevance.

Offbeat categories are also gaining ground. Paper works offer a more accessible entry point for first-time collectors, while large-scale sculptures and culturally significant archives are increasingly viewed as legacy assets. For many HNIs, the appeal lies in building a collection that reflects personal taste as much as financial foresight.

Across this shifting landscape, art is being positioned less as a speculative purchase and more as a durable store of value. In that sense, what HNIs are buying today is not just art, but identity, legacy and cultural capital.

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

Read More

Contemporary Indian art is gaining fresh momentum, with a new generation of collectors driving stronger auction results

Lokhande’s auction trail from 2021 to 2025 shows a gradual build

The collector believes art is an asset in more ways than one—it offers aesthetic pleasure and the potential for long-term appreciation

Leading with Gestation at ₹45 crore, Raza’s elite sales showcase his powerhouse market from 2021 to 2025

A generational shift in wealth is reshaping the art market, opening the door to a more layered landscape

The impact of wealth creation is becoming increasingly visible in the art market

Himmat Shah’s Auction Highlights: Top 5 Lots Between 2021-25

Himmat Shah’s Auction Highlights: Top 5 Lots Between 2021-25

Himmat Shah’s work combines material sensitivity, quiet force and enduring collector appeal

UNTITLED (CHRIST) (ED: 2-5) | Sold for ₹1,01,67,601 ($115,540)

Himmat Shah’s market has continued to gather strength through a body of work that balances material experimentation with sculptural restraint. His five highest-selling lots between 2021 and 2025 show just how strongly collectors respond to that language.

Leading the list is Untitled (Christ) (Ed: 2-5), which sold for ₹1,01,67,601 ($115,540). As his top-performing auction lot, it captures the appeal of Shah’s ability to distil presence into a pared-down sculptural vocabulary.

MAN FROM MOON | Sold for ₹79,99,653 ($90,905)

In second place is Man from Moon, which realised ₹79,99,653 ($90,905). One of his most recognisable works, it exemplifies the elemental quality that runs through his practice and continues to draw strong collector interest.

UNTITLED | Sold for ₹71,87,100 ($81,671)

The third-highest result is an Untitled work that sold for ₹71,87,100 ($81,671), followed by another Untitled sculpture at ₹65,38,605 ($74,302). Completing the top five is Tirthankar, which fetched ₹60,02,277 ($68,207). Together, these results reveal a consistent preference for Shah’s bronzes and sculptural forms, especially those that balance abstraction with an unmistakably human presence.

UNTITLED | Sold for ₹65,38,605 ($74,302)

What is notable across these top lots is their coherence. Each work reflects Shah’s commitment to quiet monumentality, whether through archetypal heads, torso-like forms or figures that appear suspended between abstraction and recognition. The market response suggests that collectors value not just the objects themselves, but the atmosphere they hold.

These results also underline Shah’s growing stature in the auction market. His top five lots are supported by a wider pattern of demand, with more than 74 works sold in the last two years alone and a 2025 turnover of ₹8.18 crore ($929,545). For a sculptor whose practice has long privileged patience over spectacle, the market’s response is strikingly consistent.

TIRTHANKAR | Sold for ₹60,02,277 ($68,207)

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

Read More

Contemporary Indian art is gaining fresh momentum, with a new generation of collectors driving stronger auction results

Lokhande’s auction trail from 2021 to 2025 shows a gradual build

The collector believes art is an asset in more ways than one—it offers aesthetic pleasure and the potential for long-term appreciation

Leading with Gestation at ₹45 crore, Raza’s elite sales showcase his powerhouse market from 2021 to 2025

A generational shift in wealth is reshaping the art market, opening the door to a more layered landscape

The impact of wealth creation is becoming increasingly visible in the art market

The Forces Shaping India’s Art Market

The Forces Shaping India’s Art Market

A mix of legacy, transparency and new collector behaviour is driving the art market’s expansion

The growth of India’s art market is being powered by a sharper understanding of art as both culture and capital. For many high-net-worth individuals, works by leading artists are no longer seen as decorative purchases alone, but as assets that can appreciate over time while carrying provenance, rarity and emotional value.

Auction platforms have played a major role in this shift by making pricing more visible and the market more transparent. As more works enter the secondary market, collectors are able to track value with greater confidence, while new buyers find it easier to enter the ecosystem through public sales and digital platforms. This visibility has helped art feel more accessible, measurable and investable.

Another important driver is the widening range of collectible formats. While Modern Masters continue to dominate, younger and newer collectors are increasingly drawn to paper works, textiles, installations and sculptures. These categories offer a more accessible starting point, especially for those building collections for the first time, and they also reflect a broader curiosity about material and medium.

The market is also being shaped by legacy thinking. Art is increasingly passed down within families, gifted on special occasions, or acquired with an eye toward long-term cultural significance. That makes it less vulnerable to short-term volatility and more aligned with the way luxury is consumed in India, where ownership often carries emotional and generational meaning.

At the same time, the rise of private museums, contemporary exhibitions and growing institutional visibility has strengthened the perception of art as a serious asset class. Collectors are no longer buying only for prestige; they are buying with intent, context and continuity in mind. Together, these factors are fuelling a market that is expanding not just in value, but in depth, diversity and purpose.

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

Read More

Contemporary Indian art is gaining fresh momentum, with a new generation of collectors driving stronger auction results

Lokhande’s auction trail from 2021 to 2025 shows a gradual build

The collector believes art is an asset in more ways than one—it offers aesthetic pleasure and the potential for long-term appreciation

Leading with Gestation at ₹45 crore, Raza’s elite sales showcase his powerhouse market from 2021 to 2025

A generational shift in wealth is reshaping the art market, opening the door to a more layered landscape

The impact of wealth creation is becoming increasingly visible in the art market

Kavita Singh Shares Her Essentials of Building an Elegant Art Collection

Kavita Singh Shares Her Essentials of Building an Elegant Art Collection

The space designer talks about her collecting philosophy

Kavita Singh

Anyone who knows of Kavita Singh knows she is all about elegance and confidence. A veteran designer, passionate art collector, and former model, Singh’s eye for style is unmatched. When it comes down to it, she believes that a house without art has no soul. “Without art, it’s just empty rooms,” she says, adding, “Art becomes part of the overall vibe, so it’s very much an essential aspect of decorating a home.”

Does her personal sense of style—layered and nuanced—influence the kind of art she acquires? It’s a 50:50. Mostly, she acquires what she likes. She says, “I just have an eye for it, but that’s something that I’ve picked up over the years. It’s not consciously done, just something that comes to me.”

Singh is of the belief that in any house, or on anybody for that matter, a colour should not scream—everything should be in harmony. “Everything that you see in my house just blends into each other,” she says. Of the artists that she holds dear in her celebrated collection, Raja Ravi Varma has had the strongest impact on her. “I love Ravi Varma’s works because I like the detailing, and how emotions show through his subject’s eyes. You can see every little detail in a Ravi Varma artwork—you see the nails, the hair—it’s very minutely done. That is what I always marvel at, how this artist could have done all this, and how real the artworks seem.”

Whether it’s high jewellery or paintings, objects with a hefty price tag are rarely just expenses; they are assets that tend to appreciate over time. Does Singh ever think about an artist’s or artwork’s investment potential?

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

Read More

Contemporary Indian art is gaining fresh momentum, with a new generation of collectors driving stronger auction results

Lokhande’s auction trail from 2021 to 2025 shows a gradual build

The collector believes art is an asset in more ways than one—it offers aesthetic pleasure and the potential for long-term appreciation

Leading with Gestation at ₹45 crore, Raza’s elite sales showcase his powerhouse market from 2021 to 2025

A generational shift in wealth is reshaping the art market, opening the door to a more layered landscape

The impact of wealth creation is becoming increasingly visible in the art market

S.H. Raza’s Market Momentum: 567 Lots Sold in 5 Years

S.H. Raza’s Market Momentum: 567 Lots Sold in 5 Years

From 87 lots in 2021 to 105 in 2025, Raza’s market shows consistent volume growth

JAGRAT | 58.5 x 58.5 in | Acrylic on canvas | 2004 | Sold in 2023 by AstaGuru for ₹6,83,60,669 ($776,825)

S.H. Raza’s auction market thrives on volume as much as value, with a steady stream of works finding buyers year after year. Between 2021 and 2025, a total of 567 lots were sold, reflecting broad accessibility and reliable demand across his diverse output.

The annual numbers tell a story of consistency with upward momentum: 87 lots in 2021, 93 in 2022, peaking at 136 in 2023, rising to 146 in 2024, and settling to 105 in 2025. This flow keeps his market active, drawing collectors at every level.

Raza lots sold graph

Price-point data over the full period highlights the spread. A total of 204 lots sold for up to ₹10 lakh, 178 between ₹10 lakh and ₹50 lakh, 56 from ₹50 lakh to ₹1 crore, and 120 in the ₹1 crore to ₹10 crore range. Notably, nine lots exceeded ₹10 crore, adding firepower to the top end.

Raza’s range—from drawings and paper works to major canvases—fuels this volume, making his market welcoming for new and established collectors alike. The consistent lot movement underscores his blue-chip reliability.

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

Read More

Contemporary Indian art is gaining fresh momentum, with a new generation of collectors driving stronger auction results

Lokhande’s auction trail from 2021 to 2025 shows a gradual build

The collector believes art is an asset in more ways than one—it offers aesthetic pleasure and the potential for long-term appreciation

Leading with Gestation at ₹45 crore, Raza’s elite sales showcase his powerhouse market from 2021 to 2025

A generational shift in wealth is reshaping the art market, opening the door to a more layered landscape

The impact of wealth creation is becoming increasingly visible in the art market