Indian art market at ₹3,040 crore driven by modern masters

India's art auction market is becoming a story of price rather than volume, according to the Asign.art Indian Auction Art Market report for January-June 2026 accessed by Mint. Modern art sales rose 43.7% year-on-year to ₹1,548 crore in the first six months, accounting for nearly three-fourths of the market, even as the number of lots sold increased just 3.21% to 2,091.

The five top-selling modern masters accounted for 44% of the market: M.F. Husain led at ₹253 crore, followed by Ganesh Pyne at ₹187 crore, F.N. Souza at ₹107 crore, S.H. Raza at ₹97 crore and V.S. Gaitonde at ₹39 crore. The biggest single sale was Raja Ravi Varma’s *Yashoda and Krishna* (1890) which sold for ₹167.2 crore at Saffronart's April sale in Mumbai.

Mint reports 83% of lots sold for under ₹50 lakh, but works from the 1950s-70s generated ₹737 crore. Auction houses and critics say supply of high-quality works is tight. Sotheby's September sale will feature Husain's *Mithuna Crimson* from the Chester and Davida Herwitz collection. The second half typically adds 58% of annual turnover, making it crucial for sustaining momentum.