The third edition of Art Mumbai (13-16 November) saw strong sales and record auction prices for Indian Modernists, including MF Husain's *Gram Yatra* (1953) becoming the first Indian painting to sell for over $10 million. The fair, held amid surging private wealth in India, featured leading contemporary galleries reporting up to 90% sales on opening day, with works priced from $1,000 to $300,000. A recent reduction in India's goods and service tax on art from 12% to 5% has further boosted the market.
Despite the boom, concerns persist about whether the market is truly maturing. Many new buyers are seen as decorative shoppers rather than serious collectors, and institutional support remains limited. Dealers describe the current surge as a "real estate phenomenon" tied to luxury skyscrapers, while the number of institutionally minded collectors—such as Kiran Nadar and Anu Menda—remains small. The article questions whether the ecosystem can sustain itself when the boom inevitably ends.