Is India’s Art Market Expanding Its Canvas

The Indian art market is in the spotlight once again after a landmark sale of Raja Ravi Varma’s Yashoda and Krishna, for a whopping Rs 167.2 cr, reaffirming the enduring value of iconic, heritage works. While masters continue to command staggering prices, the moment also raises a larger question can this value extend beyond a select few names? Also, what does this mean for Hyderabad artists and can young artists command an increased price because of this renewed interest in art?

Beyong legacy and nostalgia

The record auction of Raja Ravi Varma reflects a strong return to historical anchors in Indian art, where legacy and cultural memory drive value. The future of art lies beyond nostalgia. Younger artists are expanding mediums, engaging with global ideas, and redefining content. While only a few names from Hyderabad command high prices, this will shift as institutional support, critical writing, and collector confidence grow. In time, new voices will achieve significant auction results, not just for market appeal, but for their ability to reshape contemporary visual language. — Laxman Aelay, Artist

A growing market

Recent auction records for Raja Ravi Varma highlight how value in Indian art remains concentrated around a narrow canon. The gap you observe is economic and institutional and is shaped by scholarship, patronage, and visibility accrued over decades. Yet, the emergence of younger, lesser-known artists achieving increasingly confident price points suggests a subtle recalibration. If sustained, this could mark the early stages of a broader, more permeable market and indeed a strong Indian market — a market in which value is no longer the preserve of a few established names, but gradually extends to a more diverse and contemporary field. The new Indian market considers `1 Lakh as entry level. — Arjun Butani, Director, Pristine Contemporary and art Collector

Be rooted to your identity

It’s a great time for Indian art, especially given the richness of our traditional culture. For younger artists, the key is to work hard and stay rooted in a strong theme. Experimentation is important, but it shouldn’t be driven only by what is selling, because then the image and the integrity of the work can get diluted.

If you look at masters like M. F. Husain and Raja Ravi Varma, they constantly added to their oeuvre instead of simply repeating themselves. They evolved, but without losing their core identity. Today, there’s a tendency to become completely contemporary just to attract buyers, but that approach doesn’t always sustain in the long run.

I truly believe artists from Hyderabad can reach great heights. The city has tremendous potential and this is just the beginning of it all. — Ramesh Gorjala, Artist

Growing interest in art, a good sign

My feeling is that heritage and antique works carry a very special aura, there is history, depth, brand value, and truly phenomenal craftsmanship in them. These are pieces you can keep returning to, and each time, they reveal something new. Works of that stature exist in their own space.

Growing interest in art overall is a very positive sign. Artists like M. F. Husain and V. S. Gaitonde have shown how powerful and timeless Indian art can be, but reaching that level also requires a certain journey, and sometimes, even a bit of luck.

The art market itself can be difficult to fully understand, but what is clear is that increasing engagement and curiosity around art will only help the ecosystem grow.— Anju Poddar, Art Collector

Good time for artists

This sale reflects how Indian art is increasingly being seen as a serious collectible globally. Indian collectors are becoming more mature and discerning, which is creating a strong moment for the Indian art market. It is true that only a few artists in the city command very high prices, but I think that’s just where we are as a market. The city is growing, and you can see that in the collector base and the way people are engaging with art. With more visibility and stronger platforms, I do see this evolving over time. We are also collaborating on Hyderabad Art Week this year which should help build more momentum around the city’s art scene. — Lakshmi Nambiar, Srishti Art Gallery