Two record-breaking auctions closed a blockbuster year for the South Asian Modern art market. On 27 September, Saffronart in New Delhi sold 85 lots for $40.2 million—the largest single sale ever in South Asia—while on 29 September, Sotheby’s in New York sold 54 lots for $25.5 million, a record total for South Asian art in the West. These followed Christie’s March sale of M.F. Husain’s mural *Gram Yatra* (1954) for $13.7 million, the highest price ever for an Indian painting. India also enacted a major tax reform, cutting the Goods and Service Tax (GST) on art from 12% to 5%, further stimulating the market.
The surge reflects a sustained rise in demand fueled by Indian capital entering the global art market, driven by a strong domestic economy. A small group of elite collectors—estimated at five to six—are systematically acquiring top mid-20th century works, often for private foundations and museums, removing historically important pieces from the market and intensifying competition. Works by the first-generation Modernist Progressives, including Husain, S.H. Raza, and F.N. Souza, are most prized. The market is also broadening, with 15–20% of buyers being new collectors, and Indian auction houses like Saffronart and Pundole’s seeing strong local attendance, signaling a more stable and sustainable expansion than in previous cycles.