Indian art market booms: Sales by top 50 artists touch Rs 301 crore this yr

Arpita Singh continues to be the most successful female artist, with her work achieving impressive sales of Rs 23 crore.

The Indian art market is experiencing a boom, according to the 2024 Hurun India Art List. Sales by the top 50 artists reached a record-breaking Rs 301 crore, a 19% increase from 2023.  Demand is high, with 92% of featured artists seeing a rise in sales value.  This growth is fueled by India's economic strength and a rise in disposable income.  

Art is increasingly seen as a valuable investment, attracting new buyers.  For instance, the entry point for the top 10 artists rose from Rs 1.99 crore in 2021 to Rs 7.70 crore in 2024, reflecting a nearly 287% increase.

In the 2024 list, the cumulative value of the top 50 artworks reached Rs 252.61 crore, up from Rs 82.57 crore in 2021, marking a threefold increase. The threshold for an artist to enter the Top 25 in the Hurun India Art List has increased from Rs 35 lakh in 2021 to Rs 1.9 crore in 2024, a rise of 443%. The total lots sold in 2024 were 789, up from 495 in 2021, a 59% increase, indicating a growing interest in art as a stable investment asset.

Artist Highlights:

• London-based sculptor Anish Kapoor retained the top spot for the sixth consecutive year, with sales of Rs 79.9 crore. Among his renowned works, "Cloud Gate" remains a significant contributor to his success, consistently earning acclaim and reinforcing Kapoor's status as a prominent contemporary artist.
• Gulam Mohammed Sheikh secured the second position with  Rs 24.1 crore, while Arpita Singh ranked third with Rs 22.9 crore.
• Thota Vaikuntam and Paresh Maity entered the top 10 for the first time, showcasing the dynamism of the art scene.

Meanwhile, Laxma Goud takes the crown for the most lots sold, with a total of 81 works finding new homes. Age is no barrier either – Krishen Khanna, the oldest artist on the list at 99, continues to be a force, ranking fifth with Rs 18 crore in sales, while the young gun Raghav Babbar, at just 27, secured the eighth spot with Rs 12 crore.

AstaGuru Mumbai emerged as the top auction house, selling the most artworks featured on the list (28). The report also reveals a record-breaking year for high-value sales, with 18 artists achieving prices exceeding Rs 1 crore. Ten women artists contributed a significant 14% of the total value, showcasing their growing influence.

Biggest Gainers

42% of the total art lots sold were attributed to the collective sales of the top 10 artists, amounting to 789 art pieces.

The Top 10 in the Hurun India Art List 2024

The bar for entry has also been raised dramatically. The threshold to enter the coveted top 10 has skyrocketed by 100% in just one year, from Rs 3.7 crore to Rs 7.7 crore. 

Auction houses and galleries are employing aggressive marketing strategies, leading to higher average sale prices. Paintings dominate the market, but sculptures are gaining popularity. Online platforms and digital marketing are expected to further propel the industry. This approach has been successful, as evidenced by the rise in the average price per lot from Rs 17 lakh in 2021 to Rs 38 lakh in 2024, a 124% increase. These strategies have created a competitive environment, pushing up the thresholds.

The international recognition of Indian artists has played a crucial role. In 2023, the cumulative value of the top 50 artworks reached Rs 252.61 crore, up from Rs 82.57 crore in 2021, marking a 3x increase. This growth suggests a strong global demand driving up the prices.

Investment Diversification

Art as an investment has become more popular, with many viewing it as a hedge against inflation and market volatility. The total lots sold in 2024 were 789, up from 495 in 2021, a 59% increase, indicating a growing interest in art as a stable investment asset.

Trends in Specific Art Forms

Paintings dominate!

Paintings continue to dominate the market, with the number of painting lots sold increasing from 34 in 2021 to 37 in 2024. This slight increase in quantity, coupled with higher valuations, has contributed to the rising thresholds. The consistent demand for paintings ensures that they remain a key driver of market growth.

Sculpting

The number of sculpting lots sold increased from 4 in 2021 to 7 in 2024, reflecting a growing interest in this art form. Although the quantity is smaller compared to paintings, the rising interest in sculpting has added to the overall increase in market thresholds.

Biggest Gainers

Among the artists featured in the Hurun India Art List 2024, thirteen of them experienced a surge of over 100% in their sales prices compared to the previous year. Thota Vaikuntam notably stands out with an astounding 292% increase in sales value, closely followed by Ganesh Haloi at 291% and Surendran Nair at 262%.

Most Expensive Individual Works

Gulam Mohammed Sheikh achieves the highest result or value for artwork sold during the year. In 2024, four artists achieved a sales turnover of over Rs 5 crore for a single work.