Amid the ongoing global recession, the art market has found an unexpected ally in India, a country that has become Asia’s new wealth hub and is experiencing a booming art scene driven by its growing number of new millionaires.
In the midst of a global downturn, Indiaโs art market has flourished, drawing the attention of international players eager to tap into the countryโs expanding consumer base. This week, thirteen foreign galleries showcased their artists’ works at the India Art Fair in New Delhi, one of South Asia’s largest art events, which runs until Sunday.
India’s economic growth in recent decades, making it the fifth-largest economy in the world, has provided fertile ground for the art marketโs growth. The rise of a middle class and an increasing number of millionaires have fueled the demand for art.
According to the latest art market report from Indian firms Grant Thornton Bharat and Indian Art Investor, the countryโs art auction market saw a 265% increase between 2013 and 2023. In fiscal year 2023, art sales in India reached $144 million, a 9% increase from the previous year. Additionally, the number of artworks soldโ3,833 piecesโand the number of auctionsโ132โalso saw growth, up 6% and 11%, respectively.
A Spotlight on South Asia
The return of some of the most renowned art galleries to New Delhiโs art fairโgalleries that had not participated for several yearsโhighlights the growing interest in the Indian art market.
โOur last edition was in 2012. The global art world has definitely changed since then,โ said Courtney Plummer, sales director of Lisson Gallery, a contemporary art gallery with locations in London, New York, Los Angeles, and Beijing.
Plummer mentioned that this year, they felt it was “the right time to return” to New Delhi, given the increasing attention the art sector is receiving in India.
Paris-based Galleria Continua, which has been part of the fair for three years, has also observed rising interest among Indian buyers.
โWeโve recently seen a growing interest from the region, and decided to come back. Weโve noticed much more interest in international art in the past five years,โ said sales director Salomรฉ Zelic.
Zelic, sitting in front of a transparent folder holding data on a potential buyer, highlighted the increasing involvement of young, new collectors eager to build serious collections.
The New Wealth Factory
Interest in Indian artists is also at historic highs. According to Hurunโs latest art ranking, often compared to Forbes in China, sales of the top fifty Indian artists reached $36.2 million in 2024, a 19% increase from the previous year. The strong economy and rising income levels were credited as key factors in this surge.
The same magazine described India in August as “emerging as Asia’s wealth creation engine,” surpassing China, and reported that the country now has 334 individuals with fortunes over $1 billion, 75 more than the previous year.
Despite the growth in Indiaโs art market, its figures still remain modest compared to the global market.
Global sales reached $65 billion in 2023, according to UBSโs latest report on the art market, published in 2024. This figure represents a 4% contraction compared to the previous year.
The art sector saw rapid growth post-COVID-19, but this trend has recently shifted, with the report citing an uncertain global outlook marked by geopolitical tensions, trade fragmentation, and rising interest rates as contributing factors.