For the sixth consecutive year, Anish Kapoor, a London-based visual artist, has topped the Hurun India Art List. This prestigious annual list, compiled by the Hurun Research Institute, honors the 50 most successful Indian artists based on their performance at public auctions in the past year.
The Hurun report indicates that total art auction revenues for Indian artists grew significantly, reaching Rs 301 crore in 2023, up from Rs 252 crore the previous year. The number of art lots sold also increased by 46%, from 535 works in 2022 to 789 transactions in 2023. These encouraging numbers highlight the growing international interest in Indian artistic creations.
Indian Art Market Thrives
A Hurun spokesperson expressed satisfaction with the results, noting that the Indian art market continues to flourish, achieving record-breaking prices for numerous art pieces. The Hurun India Art entry point for the top 25 spots on the list has nearly tripled compared to two years ago, highlighting the increasing importance of art as a long-term financial commitment in the country.
Gulammohammed Sheikh, whose landscape work ‘Ark Kashmir’ sold for a substantial Rs 21 crore last year, secured the second position. Meanwhile, New Delhi artist Arpita Singh retained her place as the highest-ranking female creative, coming in at number three. Raghav Babbar, 27, emerged as the youngest artist on the list with cumulative auction sales of Rs 12 crore.
The article offers a glimpse into the leading figures in India’s flourishing art scene, with many of their works fetching astronomical sums at international auctions. The country is steadily gaining global renown as a hotspot for art collectors and connoisseurs.
Domination Of Paintings
The number of painting lots sold increased from 34 in 2021 to 37 in 2024, indicating that paintings continue to dominate the market. Rising thresholds have been contributed to by this slight increase in quantity and higher valuations. Market growth is ensured by the consistent demand for paintings.
Art Investment Surges
Investors are increasingly turning to art as a way to protect against inflation and market swings, seeing it as a stable financial commitment. In 2024, the number of art pieces sold surged by 59%, rising to 789 from 495 the previous year. This growth reflects the growing appeal of art as a viable investment option. Art collectors and investors alike are recognizing the potential of art to offer financial security and portfolio diversification, leading to a significant increase in transactions within the art market.
