New high for South Asian art with ₹356-crore sale at Delhi auction

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 ₹355.77 crore ($40.2 million) in sales at its 25th anniversary evening sale held in New Delhi on Saturday.

- VAISHALI DAR

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.

An untitled 1970 oil on canvas by VS Gaitonde garnered ₹67.08 crore.

Gaitonde's work now ranks as the second-most expensive Indian artwork ever sold, trailing only MF Husain's 1954 Gram Yatra.

Collections at Saffronart's 25th anniversary evening sale surpassed its previous record set in April this year by more than 60%.

April 2025 sale achieved ₹245 crore ($28.85 million).