In a historic moment for India’s art market and the global auction scene, Saffronart, the country’s leading auction house, achieved a record-breaking Rs 355.77 crore ($40.2 million) in sales at its 25th anniversary evening sale held in New Delhi on Saturday.
This marks the highest-ever total for a South Asian art auction globally, signalling a decisive shift in the perception of Indian modern art as a serious and valuable asset class. The white glove sale, where all 85 lots were sold, attracted unprecedented interest from collectors globally. The result surpassed Saffronart’s previous record by more than 60%, set in April this year, and is being hailed as a watershed moment for the Indian and South Asian art ecosystem. The April 2025 sale achieved Rs 245 crore ($28.85 million).
Modern masters command record prices
The highlight of the evening was an untitled 1970 oil on canvas by VS Gaitonde, which fetched Rs 67.08 crore ($7.57 million) — nearly three times its high estimate.
The sale smashed the artist’s previous record of Rs 42 crore, set at a Pundole’s auction in 2022. Gaitonde’s work now ranks as the second-most expensive Indian artwork ever sold, trailing only MF Husain’s 1954 masterpiece Gram Yatra, which commanded Rs 118 crore at a Christie’s auction earlier this year.
Other standout lots included FN Souza’s 1955 Six Gentlemen of Our Times, which sold for Rs 20.40 crore ($2.3 million), setting a global record for the highest price paid for a work on paper by a South Asian artist. Tyeb Mehta’s 1956 painting Trussed Bull fetched Rs 56.40 crore ($6.37 million), eight times its high estimate.
The auction also featured five rare works from the Krishna and Jean Riboud collection, highlighting the sale’s historical and cultural significance. These pieces by Indian modernists drew strong interest from seasoned collectors and institutions.
Watershed moment for the global South Asian Art ecosystem
Speaking after the event, Minal Vazirani, co-founder and president of Saffronart, said, “Our 25th anniversary evening sale set a historic milestone, achieving the highest value sale of South Asian art at an auction globally. From an idea to an institution, Saffronart remains committed to transparency, accessibility, and innovation.”
The record reflects robust collector demand and growing international recognition of Indian modernist masters. Dinesh Vazirani, co-founder and CEO of Saffronart, added, “The auction’s success underscores growing global interest in South Asian art and the rising valuation of works by Indian modernists such as Gaitonde, Raza, Souza, and Tyeb Mehta. It also signals a maturing Indian art ecosystem, where collectors view art as both cultural capital and a viable investment.”
This surge mirrors a broader cultural and economic renaissance in India, where art and heritage are celebrated not just for aesthetic value but also for long-term investment potential. “The South Asian art region is fast emerging as a significant player on the international art stage. Participation from younger collectors and institutional buyers points to a more informed, diversified collector base, positioning Indian art firmly in the global spotlight,” Vazirani told FE.
