The Indian art market is experiencing significant growth, as shown by the 2024 Hurun India Art List. Sales by the top 50 artists reached a record-breaking US$ 36.2 million (Rs. 301 crore), a 19% increase from 2023, driven by India’s strong economy and rising disposable income. Art is increasingly seen as a valuable investment, with the entry point for the top 10 artists rising from US$ 239,327 (Rs. 1.99 crore) in 2021 to US$ 926,037 (Rs. 7.70 crore) in 2024, reflecting a 287% increase. The cumulative value of the top 50 artworks reached US$ 30.4 million (Rs. 252.61 crore), up from US$ 9.9 million (Rs. 82.57 crore) in 2021, marking a threefold increase. The threshold for the Top 25 artists rose from US$ 42,094 (Rs. 35 lakh) in 2021 to US$ 228,503 (Rs. 1.9 crore) in 2024, a 443% increase. Total lots sold 2024 were 789, up 59% from 2021, indicating growing interest in art as a stable investment asset.
Artist highlights include Mr. Anish Kapoor retaining the top spot for the sixth consecutive year with sales of US$ 9.6 million (Rs. 79.9 crore), followed by Mr. Gulam Mohammed Sheikh with US$ 2.9 million (Rs. 24.1 crore), and Ms. Arpita Singh with US$ 2.8 million (Rs. 22.9 crore). Newcomers to the top 10, Mr. Thota Vaikuntam and Mr. Paresh Maity showcase the market’s dynamism. Mr. Laxma Goud led in lots sold, with 81 works. Age is no barrier, with 99-year-old Mr. Krishen Khanna ranking fifth with US$ 2.2 million (Rs. 18 crore) in sales and 27-year-old Mr. Raghav Babbar eighth with US$ 1.4 million (Rs. 12 crore). AstaGuru Mumbai was the top auction house. International recognition and aggressive marketing strategies have increased prices, with the average price per lot rising from US$ 20,445 (Rs. 17 lakh) in 2021 to US$ 45,702 (Rs. 38 lakh) in 2024, a 124% increase. Paintings dominate the market, while interest in sculptures is rising.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
