The article examines the evolution of the Indian Modern and Contemporary Art market over the past three decades, noting a shift in financial power from New York and London to Mumbai and New Delhi. It highlights the pivotal 1997 auction 'The Intuitive-Logic II' organized by HEART (Tuli Foundation for Holistic Education and Art) as a catalyst, and traces the market's trajectory through a boom period (2000-2007), a stagnation and decline (2010-2018), and a current sustained rise.
This analysis matters because it underscores the growing global significance of Indian art and the need for infrastructure and strategies to sustain its momentum. Understanding these market dynamics is crucial for collectors, investors, and institutions looking to engage with India's art scene, which remains an underexplored but increasingly influential segment of the international art market.