Online art market booming in India, collectors ready to pay big bucks

At the recent International Iconic sale by Mumbai-based auction house AstaGuru, the two top-billed artworks were sculptures. One, by the Italian sculptor Amedeo Modigliani, was sold for ₹10.59 crore; the other, by the Japanese artist Yayoi Kusama, was sold for ₹8.82 crore.

The International Iconic, which brought together modern and contemporary works in a single sale, showed that Indian buyers were keen to diversify their collections by including international masters and contemporary artists. Siddanth Shetty, chief administrative officer, AstaGuru, is noticing a greater cross-cultural appreciation and cosmopolitan outlook among Indian collectors. 

However, the report presents a ray of sunshine in the form of online-only sales, which are on the rise. “The resilience in the online art market signals continued confidence at the lower end of the market, and continues to act as a gateway for new buyers,” the report further mentions.

More art events 

In this bleak global scenario, how is the Indian market faring? If experts are to be believed, it is buoyant. A market report by Indian Art Investor—an independent art market intelligence firm—for 2023-24 reveals that the financial year’s performance has been the strongest in 39 years. According to Arvind Vijay Mohan, founder, Indian Art Investor, while India continues to be a relatively young market, it has displayed a consistent and stable ascent from a financial perspective. He attributes one of the reasons behind this growth to the rise in patronage, with a greater number of art events taking place.

Ishrat Kanga, Sotheby’s Co-Worldwide Head, of Indian and South Asian Art, too has noticed this trend. “Over the last few years, we have witnessed a noticeable upswing in the modern and contemporary South Asian art market, both in terms of prices and volume of sales. Since 2018, our auction sales have totalled over $100 million for this category, with 65% of works selling for over the high estimate and 40% of bidders new to Sotheby’s,” she says.

The reason for that, perhaps, is that the developed markets and developing ones are evolving differently. The Indian market is seeing a diverse selection of collectors—from seasoned to emerging, and auction houses are catering to this eclectic set in myriad ways. For instance, in the recent past, Sotheby’s has featured a mix of leading contemporary artists, modern masters, and lesser-known artists who were previously underrepresented. “This dedication to expanding the market has resulted in numerous world auction records in the recent past. In 2023 and 2024, our sales achieved 27 world records at the time of the sale for artists such as Zainul Abedin, Lionel Wendt, Kattingeri Krishna Hebbar, Lancelot Ribeiro, Sheela Gowda and Aminul Islam,” Kanga says.

Online is trending

Indian auction houses have caught on to the trend of online auctions fairly well. Minal Vazirani, founder and CEO, Saffronart has been using technology and innovation to engage collectors using physical, online, and hybrid formats. Seeing the diversified interest of the Indian collector, Saffronart is actively putting up unique collectibles on offer as well.

For instance, its latest online auction, ‘Passages to India: A Journey Through Indian History’, features 93 lots that include rare collectibles, photographs, books, maps, letters—there’s one written by Mahatma Gandhi in the early 1920s. According to Vazirani, there is greater interest in collectibles among a diverse group of collectors between the ages of 35 and 70. With lower price points compared to iconic artworks by modernists, the rare antiquarian collectibles are also a huge draw for younger enthusiasts who want to start building their collections.

Personal histories

At the same time, such sales sit well with the seasoned collectors, who want to include unique works for their personal collections. Moreover, these works also showcase personal histories—a letter or a book, for instance, may spike interest from family members who want to learn about their forefathers, their culture, and their contribution to the land. Sketch of the Sikhs: A Singular Nation, Who Inhabit the Provinces of the Penjab, Situated Between the Rivers Jumna and Indus (estimated at ₹2-3 lakh) is an extremely rare account of Sikhism authored by Sir John Malcolm. Hailed as one of the first books on Sikhs published in English, it is gaining the interest of buyers. Another highlight is the first edition of the Constitution of India (estimated at ₹18-20 lakh).

The auction’s big-ticket work at ₹35-40 lakh (the highest in the auction) is Les Hindous: Ou Description de Leurs Moeurs, Coutumes et Ceremonies. This four-volume book, which is a compilation of coloured etched plates, offers detailed visuals of Indian society and culture in the 1790s by painter-printmaker François Balthazar Solvyns who lived in India for 12 years between 1791 and 1803.

Evolving aesthetics

Even in the categories of private auctions, featuring handbags, watches, jewellery, furniture, and cars, the interest of the Indian collector seems to be growing. According to Ms Kanga, many clients who had entered the market a few years ago were now comfortable with the auction process. “With globalisation, horizons are expanding for collectors in India, just as they are for collectors everywhere, and personal aesthetics are evolving too.”

                                                           (By arrangement with livemint.com)