Summary
A recent series of art auctions in India, including a record-breaking sale by Saffronart, has highlighted a significant growth in the Indian art market. The demand for Indian art is being driven by rising wealth, changes in tax policy, and increased interest from both local and international buyers. As the global art market experiences a decline, India's art sector is expanding rapidly.
Key Facts
- A painting by Vasudeo Santu Gaitonde sold for $7.57 million at a Saffronart auction, nearly three times its expected price.
- The Saffronart auction set a new record for South Asian art sales, totaling $40.2 million.
- India's art market value has grown from $2 million around the year 2000 to $338 million now and is expected to reach $1.1 billion by 2030.
- Recent tax cuts have reduced the goods and services tax on art from 12% to 5%.
- The number of millionaire households in India has nearly doubled in the past four years.
- A Sotheby's auction, featuring work by Francis Newton Souza, earned $25.5 million, marking the department's best performance in 30 years.
- New buyers are entering the market, with 25-30% of Saffronart's buyers and a third of Sotheby’s bidders being first-time participants.
- The growing market includes interest from diaspora collectors wanting to reconnect with their heritage through art.
