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.

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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.

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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.

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.

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.

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).