The 2024 Hurun India Art List claims that there is a growth in the Indian art sector. A record-breaking Rs 301 crore was sold by the top 50 singers, up 19% from 2023. There is a lot of demand; the sales worth of 92% of the highlighted artists has increased. India's robust economy and rising disposable income are the main drivers of this expansion. More and more purchasers are drawn to art because it is perceived as a wise investment. For example, the entrance point for the top 10 performers increased by roughly 287% from Rs 1.99 crore in 2021 to Rs 7.70 crore in 2024.
The total value of the top 50 pieces of art in the 2024 list increased thrice to Rs 252.61 crore from Rs 82.57 crore in the 2021 list. The Hurun India Art List has raised the bar for artists to make it into the Top 25 from Rs 35 lakh in 2021 to Rs 1.9 crore in 2024—a 443% increase. A 59% rise in total lots sold from 495 in 2021 to 789 in 2024 suggests that interest in art as a reliable financial item is expanding.
Artist Highlights: With sales of Rs 79.9 crore, London-based artist Anish Kapoor maintained his number one position for a record-breaking sixth year. Of his most well-known pieces, "Cloud Gate" continues to be a major factor in his success, garnering praise time and time again and solidifying Kapoor's position as a leading modern artist.
With Rs 24.1 crore, Gulam Mohammed Sheikh took second place, while Arpita Singh came in third with Rs 22.9 crore. The energy of the art landscape was demonstrated by Thota Vaikuntam and Paresh Maity, who made their maiden appearances in the top 10.
As for the most lots sold, Laxma Goud holds the record with 81 pieces finding new homes. Age is also no barrier: 27-year-old Raghav Babbar placed eighth with Rs 12 crore in sales, while Krishen Khanna, the oldest artist on the list at 99, is still a force to be reckoned with, placing fifth with Rs 18 crore.
Having sold the most number of the artworks on the list (28), AstaGuru Mumbai emerged as the leading auction house. According to the survey, 18 musicians made more than Rs 1 crore in high-value sales this year, setting a record. A noteworthy 14% of the overall value was provided by ten female artists, demonstrating their increasing impact.
Largest Gainers
The combined sales of the top 10 artists, totaling 789 artworks, accounted for 42% of the total art lots sold.
The entrance requirements have also been significantly increased. In only a single year, the minimum required to break into the coveted top 10 has increased from Rs 3.7 crore to Rs 7.7 crore, a 100% increase.
