NEW YORK
Global confidence in Indian art reached new heights in March as Sotheby’s New York achieved its highest South Asian sale of $22.1 million (Rs212.45 crore). Across the Atlantic, its London auctions collected an unprecedented $25.4 million (Rs244.86 crore) last September. Even more significant than the sales was the diversity of artists establishing new auction benchmarks.
Sotheby’s New York moved to the iconic Breuer Building on Madison Avenue in late 2025. Following a renovation by the Swiss architecture firm Herzog & de Meuron, the 1966 Brutalist masterpiece—which previously housed the Whitney Museum, the Met Breuer and the Frick Collection—is now the auction house’s global headquarters. On an early March evening, I got an opportunity to visit it. As I wandered through the galleries, I found myself reflecting on my first visit to Sotheby’s in the early 1970s. Then, Indian art occupied only a modest corner of the international market. Today, it commands the attention of leading collectors, museums and institutions across the world.
The following afternoon, I met Manjari Sihare-Sutin, senior vice president and worldwide head of modern and contemporary South Asian art at Sotheby’s, at Marcel 945 Madison, the elegant restaurant named after Breuer himself. French cuisine is served beneath paintings that are also available for auction. Sihare-Sutin walked in, chicly dressed, with a scarf from The Row draped across her shoulders. She was a picture of understated elegance embodying the quiet confidence of today’s global art world.
Over chilled Burgundy, our conversation revolved around a single question: how did Indian art arrive at this remarkable moment? “The transformation has been extraordinary,” she said. Over the past 15 years, Indian art has evolved from a relatively small collecting category into one of the fastest-growing segments of the global auction market.
Several forces have converged. Landmark museum exhibitions, expanding scholarship and increased institutional acquisitions have reshaped international perceptions of South Asian modernism. At the same time, unprecedented wealth creation across India and the global South Asian diaspora has produced a sophisticated generation of collectors willing to compete on the global stage.
For decades, the market revolved around a handful of legends—M.F. Husain, S.H. Raza, F.N. Souza, and V.S. Gaitonde. While they remain the market’s foundation, one of the most significant developments has been the steady expansion of the blue-chip category itself. Collectors now pursue artists like Bhupen Khakhar, Jehangir Sabavala, Jagdish Swaminathan, Nasreen Mohamedi and Ram Kumar with equal conviction. Since 2022, Sotheby’s has established 99 world auction records in South Asian art.
As the lobster salad arrived, our conversation turned to landmark sales that have captured international attention: Raja Ravi Varma’s Yashoda and Krishna, Amrita Sher-Gil’s The Story Teller, Souza’s Houses in Hampstead, Husain’s Untitled (Gram Yatra), Ganesh Pyne’s The Fisherman and Gaitonde’s Untitled.
Bangladeshi artists were among the strongest performers in the March sales, accounting for several new records including a benchmark result for a large tapestry by Rashid Choudhury that sold for $1,53,600 (Rs1.47 crore). Pakistani artists like Rashid Rana and Imran Qureshi continue to attract international attention, reinforcing the increasingly regional breadth of South Asian art.
Sotheby’s has significantly expanded its South Asian focus. Dedicated modern and contemporary sales in New York and London are now complemented by integrated sourcing networks across Mumbai, London and New York, alongside biannual exhibitions in India. Selling exhibitions such as the one on Indian artist Zarina’s work in March, organised to mark the opening of the auction house’s Breuer headquarters, reportedly sold out within hours of the preview.
Yet, as the market matures, practical considerations have become increasingly important. Provenance and condition now play a central role in determining value. A work’s ownership history, exhibition record and documentation can significantly enhance both buyer confidence and price realisation.
Price geography remains another nuanced factor. While blue-chip modernists often trade at near-global parity, certain works can still be more accessible in India because of supply concentration and local market dynamics. The gap, however, is narrowing as international demand deepens and liquidity increases.
Contemporary South Asian art is also reshaping the conversation. Collectors are increasingly drawn to practices that engage with identity, migration, memory, and postcolonial histories. Artists like Nilima Sheikh, Nalini Malani, Madhvi Parekh and Rina Banerjee have built strong international profiles through museum exhibitions, biennales and sustained critical engagement. There is also renewed attention on those like Biren De, Atul Dodiya, Jitish Kallat and Sudhir Patwardhan—artists whose importance is being reassessed within a broader global art-historical framework. Younger collectors, while they remain deeply engaged with the canonical modernists, are also more open to rediscovery.
Even colonial-era paintings continue to attract interest, like the work of artists like Edwin Lord Weeks, whose romantic depictions of India captivated western audiences. Sihare-Sutin also pointed to a smaller but significant category: India’s officially designated “nine national treasures”: Raja Ravi Varma, Sher-Gil, Jamini Roy, Rabindranath Tagore, Gaganendranath Tagore, Abanindranath Tagore, Nandalal Bose, Nicholas Roerich and Sailoz Mookherjea. Works by these artists held in India often require additional permissions for export, shaping both circulation and long-term collecting patterns.
Over chilled oysters, the conversation turned to the long-term outlook. Sihare-Sutin remains positive. Indian and South Asian art still represents a relatively small share of the global auction turnover, yet their trajectory has been among the strongest of any collecting category. India’s broader cultural influence—through film, fashion, design and luxury collaborations—has further contributed to this momentum.
As coffee was served alongside the signature madeleines, they brought to mind Proust’s meditation on memory. They also triggered a more personal recollection: walking through Sotheby’s as a young visitor when Indian art occupied only the periphery of the international market.
Leaving the Breuer that afternoon, it felt fitting that one of New York’s great architectural landmarks had become the stage upon which Indian art now tells its story with confidence and clarity. It has taken decades of scholarship, collecting and institutional commitment to reach this moment. Yet, judging from my conversation with Sihare-Sutin, the journey is only beginning.
Lalwani is a global real estate adviser and lifestyle consultant in New York
