How record auctions are fuelling India's art boom

The Indian art market has experienced a remarkable surge in recent months, even as global art sales have declined. This trend is largely driven by record-breaking auction prices for Indian artworks. Notable examples include the sale of an untitled work by artist Akbar Padamsee for $3.9 million, setting a new record for the artist. Additionally, a painting by MF Husain, one of India's most renowned modern artists, fetched $4.6 million at a recent auction. These high-profile sales have generated significant interest and investment in the Indian art scene. Experts attribute this growth to the increasing global recognition of Indian artists, as well as the rising affluence of the country's collector base. The art boom has not been limited to the auction market, with galleries and art fairs also reporting strong sales. This surge in activity has positioned India as an emerging and dynamic player in the international art world, even as global markets face economic challenges.