Eastern Promise - October 21, 2010 - Indian Art Sales Strongly

Aug 27, 2026

Eastern Promise tracks how modern and contemporary Indian art has surged in global auction houses, highlighting record-breaking sales such as Syed Haider Raza’s Saurashtra and major consignments tied to Francis Newton Souza. It explains why strong demand returned quickly after the recession, profiles leading artists and galleries, and discusses drivers including NRI collectors and the later shift toward buyers inside India. The article also emphasizes provenance and condition as key determinants.

LanguageEnglish

CategoryResearch & Report

FormatPDF

Pages4

Reading Time10 min

AccessFree to download

Eastern Promise

Key auction results and record prices

Market dynamics after the recession

Prominent artists and artistic movements

Collector base: NRIs and buyers in India

Indian Art Sells Strongly-WSJ. Magazine-WSJ Page 1 of 4 OCTOBER 21, 2010 ET Eastern Promise By Ted Loos Tom Powel, courtesy of Victoria Miro Gallery “Garden of Earthly Delights III’(2003) by Raqib Shaw Last June, when Syed Haider Raza’s “Saurashtra” sold atthe Christie’s London sale of South Asian modern and contemporary art for $3.5 million, itseta world record for a modern Indian artist.It went to a buyer from one of the private Indian museums that are springing up allover that country. The sale of the 88-year-old’s painting was big news, but even more startling was that“Saurashtra,” a geometric abstraction in a flame-colored palette of oranges and reds, was tucked atthe back of the catalog. A second auction occurring simultaneously at Christie’s offered a consignment of 152 works from the estate of artist Francis Newton Souza (1924–2002),147 of which sold.(The top Souza lot was“Red Curse,” featuring an expressionistic red demon,which brought $1.2 million.)“To stage a [http://magazine.wsj.com/gatherer/eastern-promise/tab/print/ 2/23/2011](http://magazine.wsj.com/gatherer/eastern-promise/tab/print/ 2/23/2011) Indian Art Sells Strongly-WSJ. Magazine-WSJ Page 2 of 4 solo sale of an Indian artist and pull it off?” says Hugo Weihe, Christie’s Indian art expert.“This is Damien Hirst territory.”Even five years ago, the big houses wouldn’t have dreamed of such a thing; needless to say, both Christie’s and Sotheby’s had South Asian sales slated for their New York headquarters this September. “The top eight to ten artists came back very quickly after the recession—to levels equal to or exceeding 2007 levels,” says Prajit Dutta, co-owner of the London-and New York–based Aicon Gallery, referring to the year thatthe Indian market peaked.“Frankly, that has been a surprise to me. It’s almost too quick.” Courtesy of Grosvenor Vadehra“Mahishasura” (1997) by Tyeb Mehta Dutta’s gallery, founded in 2002, represents some of the best-known Indian masters, including Raza and the 95-year-old M.F.Husain, in the United States.Husain is famed for his bold-colored canvases—along with depictions of nude goddesses that got him charged with obscenity in his home country and led him to accept Qatari citizenship—and achieved his highest price at Christie’s London in 2008: $1.6 million for the large diptych “Battle of Ganga and Jamuna: Mahabharata 12.” Husain, Souza and Raza are partofan elite group of artists, including the late Tyeb Mehta and the late Vasudeo S.Gaitonde, whose work drives the modern Indian market forward.All were members of the Progressive Artists Group, founded after India’s independence in 1947.Painting was the dominant medium, and though they embraced modernism, they also chose to give their arta distinctly Indian feeling, in some cases building on the ancient tantric tradition of abstraction. Among contemporary artists, or those working primarily after 1990, the stars include multimedia master Subodh Gupta, whose work has hita high of $1.2 million (for an untitled installation of steel pots), and the all-time Indian record holder of any era, painter Raqib Shaw, whose Hieronymus Bosch–inspired “Garden of Earthly Delights III” went for $5.5 million at Sotheby’s London in 2007. Shaw’s kaleidoscopic painting, which skates on the edge of kitsch as it riffs on far-flung Asian motifs, was partofa general contemporary art sale,reflecting the increasing postnational ethos ofthe art world.Works by London-based Indian sculptor Anish Kapoor, which routinely bring in millions, always appear in those auctions. © Christie’s Images Ltd. 2010 Syed Haider Raza’s “Saurashtra”(1983) [http://magazine.wsj.com/gatherer/eastern-promise/tab/print/ 2/23/2011](http://magazine.wsj.com/gatherer/eastern-promise/tab/print/ 2/23/2011) Indian Art Sells Strongly-WSJ. Magazine-WSJ Page 3 of 4 © Christie’s Images Ltd. 2010 M. F. Husain’s “Battle of Ganga and Jamuna”(1971–72) Insiders say there was nowhere to go bu

FAQs

What record-breaking sale is highlighted in Eastern Promise?

Syed Haider Raza’s Saurashtra sold for $3.5 million at Christie’s London and set a record for a modern Indian artist.

What changes helped the Indian art market recover after the recession?

Major houses saw the top artists return quickly, reaching levels equal to or exceeding 2007, supported by strong demand and a base that had been comparatively low.

Who are described as major drivers of the market, and what shifted over time?

The market was initially driven by NRIs, and around 2005 momentum shifted toward buyers inside India, helping it withstand the 2009 downturn.

Aug 27, 2026

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