The Indian art market is setting global records

The year 2005 was a watershed moment in the Indian art market. From rarely any activity in the early years of the new millennium to the sudden surge in art trading, the market became vibrant, only to be hit hard by the global recession in 2008. But the Indian art community had tasted blood. A resurgence was soon on its way, and by 2015, it was well and truly established.

A decade on, art auctions and record-breaking sales at almost every event have become the norm, the recent examples being SaffronArt’s Delhi auction to mark its 25th anniversary, Sotheby’s Modern and Contemporary South Asian Art sale in London, and Pundole’s sale in Mumbai — all within the last two weeks.

At SaffronArt’s white glove sale — implying that every item on offer was sold — VS Gaitonde’s ‘Untitled’ (1970) sold