12 April,2026 02:59 PM IST | Mumbai | Tanisha Banerjee
An artist with his artwork outside Jehangir Art Gallery. The artists we spoke to said, “Talent toh sabke paas hai, naam nahi hai”. Pic/Nimesh Dave
More than a century after his death, Raja Ravi Varma's art commands prices that rival global masters. A recent Saffronart auction of his painting, Yashoda and Krishna, for a record-breaking Rs 167 crore raises a fundamental question: is an artwork worth all that money?
It's a query that gives rise to more questions than answers: Who decides value in the art world? Who can afford these steep prices, and who actually benefits?
In the past year, India has seen several such multi-crore deals - a marker of a boom in the desi art market. And what's good for the art world must be good for artists, right? Not necessarily. In most such mega-auctions, the cheque doesn't go to the artist or their kin, but to the seller, often a private collector or an institution. And, the biggest deals are usually struck over the work of deceased artists. Just like the Rs 118-crore auction in 2025 of a painting by the late MF Husain, which was the record-holder until now.
In comparison, the Hurun India Art List 2025 (an annual round-up of the most successful living Indian artists based on auction sales) shows that the current top artists don't even come close. At the very top is Mumbai-born Anish Kapoor, with total art sales worth Rs 43.5 in 2025, while Husain's friend and the last surviving member of his art circle, Krishen Khanna (now 100) comes second with total sales worth R43 crore. His highest-ever-valued painting sold for Rs 9.26 crore last year.
It seems then, that what the biggest buyers are really paying for is not just technique, but also exclusivity. There are only a limited number of Raja Ravi Varmas and MF Husains available for sale, so the value surges.
For contemporary artists like Valay Shende, that reality hits home. "It has taken me about 20 years to reach where I am," he says, pointing to the slow build of recognition that precedes any big sale. His own highest-bid artwork (Watchman, Rs 1.1 crore) though significant, is worlds apart from 10-figure headlines underscoring the vast gap between living artists and posthumous markets.
The Indian art market seems to be rising globally when the world is slowing down. In 2024, the Indian art market valuation stood at Rs 1450 crore, compared to a global public sales of '1.58 lakh crore. However, Shende disagrees. "If we consider the other countries like China, they are ahead of us."
He sees the auction sale through a hopeful lens. "The Raja Ravi Varma painting was priced very well," Shende says, "It inspires others to buy not just antique but also contemporary art, where artists really need the support. Unfortunately, India lacks even a functional institution here to support artists."
Yet, he is clear-eyed about the motivations driving such record-breaking purchases. "For some, it's an investment. For some, it's about stature. But
art is not created with that in mind," he says. The danger, he suggests, is when art is appreciated too late for the artist. "Artists should not starve. Their lives should cultivate financial success. Jab hum zinda hai tabhi uski value honi chahiye na?"
As India's art market bucks a global slowdown, they also raise questions about who gets access to high art, who profits, and whether '167 crore is the price one pays to cherish a masterpiece from close quarters, or merely for the prestige of owning one.
Joe Cyril, founder and gallery director of Muziris Contemporary, says that auctions in particular are good yardsticks for market value
Buyers in today's art market are a diverse mix with "retail buyers, business people, first-time collectors, and institutions," says Joe Cyril of Muziris Contemporary, a gallery in Colaba. "Galleries operate in the primary market, directly supporting artists, while auctions deal in resales," he goes on to explain.
Hence, artists don't get proceeds from auctions.
Cyril notes that collecting often blends personal interest with awareness of market value. "One needs to have a passion for buying art. I don't think people buy for purely financial and investment purposes." Having said that, he does not deny that investment is also a common possibility, "Especially when you collect art that comes into auctions. You can see if it has appreciated in value. One usually buys from auctions or galleries for owning a piece of cultural history or if they expect it to grow in market value."
But when it comes to Indian Masters, is there an ethical responsibility to filter who gets to buy a priceless work of art, only to lock it out of the public's reach? Cyril takes a pragmatic stance. While galleries may encourage institutional placements, "if they pay the market price, they are the most deserving owner." As for whether paying '167 crore Raja Ravi Varma is "worth it", his answer is simple: "It is worth exactly what the market is willing to pay for it."
Ganesh Shivaswamy, founder of the Ganesh Shivaswamy Foundation, says that intent of the buyer does not matter as long as they can shell out the big bucks
Ganesh Shivaswamy, advocate, author, and academician, is clear on who gets to buy art. Auctions are inherently democratic but impersonal. "All auctions are the result of competitive bidding." In other words, the highest bidder wins. In this case, the Rs 167-crore bid was secured by vaccine billionaire Cyrus Poonawalla.
When it comes to where the money goes, Shivaswamy maintain, "I know who the seller is but I don't wish to reveal it." The proceeds, therefore, remain outside public scrutiny.
On public access, the answer lies in law. A cluster of Kerala High Court interventions around Ravi Varma paintings, from 2010 to 2015, together established a key principle - the state cannot arbitrarily take over or control privately owned Ravi Varma works unless backed by specific legal authority. The government intervened in one more aspect - labelling Ravi Varma paintings national treasures, the Centre has banned their sale to international buyers. In the same spirit, Poonawalla has also pledged to loan the painting for public viewing.
The staggering price isn't about rarity or history, Shivaswamy argues, "It is the appeal of the subject, the technical skill, the brand, the scarcity." And the idea that artists only gain value after death? He dismisses it, "It is not death. It is the creation of the brand."
Aayush Maheshwari, chartered accountant with a PhD in Impact of Taxation on Indian Economy, explains why the biggest art sales in the past year have mostly been to high net worth individuals (HNIs) and ultra HNIs (UHNIs) such as vaccine baron Cyrus Poonawalla, investor Rakesh Jhunjhunwala, and philanthropist Kiran Nadar. "Art is a capital asset under Indian law. The income tax identifies artworks as depreciable assets when used in business and can be used for tax benefits." So lower taxes in long run, and tax-free gifting to heirs.
Teesta Bhandare, art collector-advisor and founder of The Knowledge Convergence Foundation, explains that India does not yet have a robust framework for royalties
Teesta Bhandare, who is the collector, art advisor and founder of The Knowledge Convergence Foundation, explains the surge in high-value Indian art reflects a deeper shift in how art is perceived and consumed. "Art is increasingly seen as a multidimensional asset," she elaborates. "Increased visibility through widely publicised auctions has also played a key role. These events set benchmarks and create momentum, encouraging new collectors to enter the market." Importantly, she pushes back against the idea that money undermines meaning. While art may be treated as an investment, "it does not necessarily diminish its cultural or emotional significance. The two factors can coexist."
On the question of who actually benefits, Bhandare is direct. "In most cases, it is the seller who benefits because India doesn't have a robust royalties framework." The auction house, too, gets a commission. This means that estates and families rarely gain from soaring posthumous prices.
Streetside artists Imran Khan and Rajendra Ramdas Karpe could not be farther from the rarified world of multi-crore art deals
On the footpaths outside Jehangir Art Gallery, where tourists pause and traffic hums past, the art market looks very different from the multi-crore headlines.
Imran Khan has been sketching Mumbai's heritage buildings in charcoal here for over two decades. "Our paintings sell for Rs 10,000-Rs 20,000," he says, adding that earnings are unpredictable, especially during the monsoon, when business comes to a halt. "We don't get any sponsors or commissions. It's nothing like the life of artists being displayed inside [Jehangir]."
The contrast with artists like Raja Ravi Varma isn't lost on him. "They must have struggled too," Khan says, "but some things are destiny, some are environment. The industry and government should also support artists like us." For many, he adds, the lack of a platform forces talent into obscurity. "Unka art dabb hi jata hai."
A few feet away, Rajendra Karpe, who travels daily from Panvel, sells intricate penwork for Rs 2,000-Rs 3,000. His highest sale of Rs 20,000 still fills him with pride, bringing a smile to his face as he narrates his tale. He shines light on the lack of support or visibility. "Naam hona bohot zaroori hai," he says. "Everyone has talent, but not everyone gets that attention."
Karpe points to structural inequality. "Artists in museums often come from big houses. We've been here 25-30 years, but no one from inside has given us a chance. In fact Jehangir's madam has complained numerous times to the BMC for us to move. We are not on their property but they still feel threatened with our presence." His expectations, like many others here, are modest. "If we can support our families, that's enough."
Dinesh Vazirani, CEO of Saffronart, says that when global politics get tense, investors look for safer assets like gold, silver, and art
For Dinesh Vazirani of Saffronart - which hosted the record-breaking Spring Live Auction of the Raja Ravi Varma canvas in Mumbai on April 1 - the surge in India's art market is rooted in both history and economics. In times of global uncertainty, he notes, investors gravitate toward "safer, transportable assets like gold, silver, and art." Add to that India's growing wealth, aspirational homeownership, and a "social pressure" to own the best, and demand for high-value art intensifies. Bidding Rs 167 crore for a Raja Ravi Varma painting, he explains, is "buying a piece of history". Pricing, therefore, is driven by a mix of rarity, provenance, visibility, and cultural significance.
Buyers are largely wealthy individuals and institutions, and once sold, control lies entirely with them. "It's a collector's painting. He can decide what he wants to do with it."
Rs 118 cr
Untitled (Gram Yatra) (1954) by MF Husain
Rs 67.08 cr
Untitled painting (1970) by VS Gaitonde
Rs 66.9 cr
Houses in Hampstead by Francis Newton Souza
Rs 61.8 cr
Trussed Bull (1999) by Tyeb Mehta
