The radiant golden canvas, layered with subtle textures and subtle shapes, exudes energy and serenity.

This untitled painting by Vasudeo Santu Gaitonde from 1971 was the centerpiece of the recent Saffronart auction in Delhi, where it sold for $40.2 million (£29.9 million), the highest total price ever paid for South Asian art. Gaitonde’s work alone sold for $7.57 million, nearly three times its estimate, making it the second most expensive painting in India.

The bidding adds momentum to an already strong Indian art auction season.

A few days later, Sotheby’s sold a landscape painting by artist Francis Newton Souza, Hampstead houseswhich is priced slightly lower than Gaitonde’s work, making it the third highest-grossing painting in India. Earlier this year, MF Husain’s “Untitled” (Gram Yatra) sold for a staggering $13.8 million, setting a new record as India’s most expensive painting.

India’s art market is experiencing an unprecedented boom, driven by a proliferation of art fairs, galleries and exhibition spaces in towns and cities, auctioneers and curators say.

Industry insiders estimate The market is worth $338 million, growing exponentially from $2 million at the turn of the century to $1.1 billion by 2030.

Saffronart founder Dinesh Vazirani believes this is a “huge turning point.”

Celebrating its 25th anniversary, Saffronart’s recent auction was a packed house with fierce bidding and a rare “white glove” result – every lot sold, with some attendees even “fighting” over the artwork, according to one attendee.

“When we started in 2000, people said we were crazy. Who would buy art online?” Mr. Vazilani said.

“Seeing the art market be so strong almost confirms what we may have started out as foolish young people has become a very mature industry.”

While global art sales are down, Indian art, which dominates the South Asian market, is booming. Art Basel 2024 and UBS Report Globally, it fell 12%, marking the second year of decline.

Mr Vazirani predicted that revenue from the auction market could double from last year, driven by growing wealth in India and the diaspora.

Millionaire households nearly doubled in four years. As the wealthy invest their money into lavish lifestyles, art has become a status symbol and an investment.

Mr Wazirani believes that for these groups, art is an intergenerational asset that can be enjoyed.

“They understand you can’t buy it and trade it. But if you hold it for a long time, the appreciation is pretty staggering.”

Recent tax cuts, slashing the goods and services tax (GST) on art from 12% to 5%, have also helped boost the market.

Manjari Sihare-Sutin, co-head of Sotheby’s Indian and South Asian art department, said that while global buyers dominate, much of the demand abroad comes from overseas collectors seeking “a piece of their heritage”. The most recent sale of Souza’s paintings, another “white glove” sale, brought in $25.5 million, the department’s highest total in 30 years.

“I think art has become an important channel for local collectors and the Indian diaspora outside India to reconnect with their roots,” Ms. Sihale-Suddin said.

These trends are attracting new buyers: a third of Sotheby’s bidders last month were first-time bidders, while Saffronart reported that 25-30% of its buyers were recent buyers.

While top auction prices are typically achieved by well-known modernist artists like Hussain, Souza, Gaitonde and Raza, auctioneers say rising top prices have also boosted demand and value for previously overlooked artists.

and a brief speculative boom The art market of the early 2000s collapsed in 2008, and industry insiders say the current surge in India’s art market feels more sustainable, moving beyond galleries and auctions.

Curator Ina Puri noted that the Indian art scene is experiencing a resurgence due to growing recognition of Indian artists and increased investment in public engagement spaces.

“I feel like Indian art has made a comeback,” Ms. Puri said.

“There are new institutions, museums and spaces opening up across the country to showcase art.”

Government funding for the arts has long lagged behind other priorities, leaving the private sector in the lead. A notable example is the New Delhi building of the Kiran Nadar Museum of Art, scheduled to open in 2026 and covering 100,000 square meters, showcasing visual and performing arts.

Other examples: Hampi Art Lab in Karnataka offers exhibitions and artist residencies; the third Mumbai Art Fair in November is expected to have 40,000 visitors; Renault plans to fuse technology and art collaborations at the Chennai Design Center.

These events join established events such as the India Art Fair in Delhi and the Kochi-Muziris Biennale in Kerala, which attract record numbers of visitors every year.

Ms Puri said galleries were increasingly showing indigenous and marginalized art, although students and emerging artists needed more support.

Delhi-based non-profit Khoj, founded in 1997, seeks to fill this gap by supporting emerging artists through projects and residencies. Director Pooja Sood noted the growing participation from smaller towns that are often overlooked by the arts community.

“They’re trying to build something of their own,” she said. “marvelous”.

Growing interest in South Asian art has fueled the ecosystem, but record-breaking sales by established artists don’t directly help newcomers—base support remains crucial.

Ms Sood emphasized that Hoy operates outside of the commercial art world, giving young and mid-career artists space to explore, experiment and “even fail when necessary”.

“I feel like crazier, crazier experimental art happens in smaller places, and that’s what we’ve been trying to create.”