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Indian Art Market Continues Remarkable Growth in FY23: Turnover Reaches 1,145.5 Crores ($144.3 Million) with 9% Increase

Iftikar Ahmed

The Indian art market witnessed another year of remarkable performance in FY23, building upon the previous year’s success. With a substantial turnover of 1,145.5 crores ($144.3 million) generated from the sale of 3,833 artworks, the market experienced a 9% rise in turnover and a 6% increase in the number of works sold compared to the previous year. This report provides a detailed analysis of the Indian art market, exploring various sub-sectors and highlighting key trends and developments.

Overall Market Performance:

The Indian art market continued its position of strength, displaying sustained growth and increased traction. Key highlights include:

Turnover: The market achieved a staggering turnover of 1,145.5 crores ($144.3 million), marking a significant 9% increase from the previous year.

Works Sold: A total of 3,833 artworks were sold, representing a 6% rise in the number of works sold.

Sell-Through Rate: The market boasted an impressive sell-through rate of 90.4%, indicating strong demand and successful transactions.

Average Price: The average price of artworks sold in FY23 stood at 29.9 lakhs ($37.7 thousand), reflecting a modest 3% increase from the previous year.

Increased Auction Activity:

The Indian art market witnessed a surge in auction activity, showcasing a broader range of artworks and opportunities for buyers and collectors. Key findings include:


Graph 1: Annual Auctions Comparison: FY22 vs. FY23″
Graph 2: “Artwork Availability Growth: Works Offered in FY22 vs. FY23
  • Total Auctions: A total of 132 auctions were held in FY23, indicating an 11% increase compared to the previous year.
  • Works Offered: The number of works offered for sale rose to 4,240, demonstrating an 11% growth in available artwork.
  • Diverse Range: The increased traction in the market provided a diverse range of artworks, catering to various tastes and preferences.

For the full report refer to India Art Investment Annual report. Click Here

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