As India moves towards high-income status, the number of art buyers is skyrocketing and the market is taking off. This happened two decades ago in China and is now starting in India
A painting by MF Husain, Gram Yatra, was sold last week by Christie’s for $13.75 million, the highest price ever fetched by an Indian painter. Christie’s had estimated a fair price at $2.5-3.5 million, but aggressive bidders brushed that aside as grossly insufficient.
The second priciest painting ever sold by an Indian was The Story Teller by Amrita Sher-Gil for $7.4 million. The third priciest was Kalliste by Sayed Haider Raza which sold for $5.6 million.