More than a century after his death, Raja Ravi Varmas art commands prices that rival global masters.
A recent auction of his painting, Yashoda and Krishna, for a record-breaking Rs 167 crore raises a fundamental question: is an artwork worth all that money? Imran Khan, painter Its a query that gives rise to more questions than answers: Who decides value in the art world? Who can afford these steep prices, and who actually benefits? In the past year, India has seen several such multi-crore deals a marker of a boom in the desi art market.
And whats good for the art world must be good for artists, right? Not necessarily.
In most such mega-auctions, the cheque doesnt go to the artist or their kin, but to the seller, often a private collector or an institution.
And, the biggest deals are usually struck over the work of deceased artists.
Just like the Rs 118-crore auction in 2025 of a painting by the late MF Husain, which was the record-holder until now.
Yashoda and Krishna is open to public viewing, for free, today at an AstaGuru exhibition at Nehru Centre, Worli; (right) Raja Ravi Varma In comparison, the Hurun India Art List 2025 (an annual round-up of the most successful living Indian artists based on auction sales) shows that the current top artists dont even come close.
At the very top is Mumbai-born Anish Kapoor, with total art sales worth Rs 43.5 in 2025, while Husains friend and the last surviving member of his art circle, Krishen Khanna (now 100) comes second with total sales worth R43 crore.
His highest-ever-valued painting sold for Rs 9.26 crore last year.
It seems then, that what the biggest buyers are really paying for is not just technique, but also exclusivity.
There are only a limited number of Raja Ravi Varmas and MF Husains available for sale, so the value surges.
Valay Shende For contemporary artists like Valay Shende, that reality hits home.
It has taken me about 20 years to reach where I am, he says, pointing to the slow build of recognition that precedes any big sale.
His own highest-bid artwork (Watchman, Rs 1.1 crore) though significant, is worlds apart from 10-figure headlines underscoring the vast gap between living artists and posthumous markets.
The Indian art market seems to be rising globally when the world is slowing down.
In 2024, the Indian art market valuation stood at Rs 1450 crore, compared to a global public sales of 1.58 lakh crore.
However, Shende disagrees.
If we consider the other countries like China, they are ahead of us.
Where a painting is sold for crores, numerous artists spend decades selling their art and talent on the roads for mere pennies.
Pic/Ananya Tomcy He sees the auction sale through a hopeful lens.
The Raja Ravi Varma painting was priced very well, Shende says, It inspires others to buy not just antique but also contemporary art, where artists really need the support.
Unfortunately, India lacks even a functional institution here to support artists.
Yet, he is clear-eyed about the motivations driving such record-breaking purchases.
For some, its an investment.
For some, its about stature.
Butart is not created with that in mind, he says.
The danger, he suggests, is when art is appreciated too late for the artist.
Artists should not starve.
Their lives should cultivate financial success.
Jab hum zinda hai tabhi uski value honi chahiye na? Valay Shendes highest bid for his artwork Watchman went for 131,000 USD (approximately Rs 1.1 crore) As Indias art market bucks a global slowdown, they also raise questions about who gets access to high art, who profits, and whether 167 crore is the price one pays to cherish a masterpiece from close quarters, or merely for the prestige of owning one.
‘Art is worth what were willing to pay for it Joe Cyril, founder and gallery director of Muziris Contemporary, says that auctions in particular are good yardsticks for market value Buyers in todays art market are a diverse mix with retail buyers, business people, first-time collectors, and institutions, says Joe Cyril of Muziris Contemporary, a gallery in Colaba.
Galleries operate in the primary market, directly supporting artists, while auctions deal in resales, he goes on to explain.
Hence, artists dont get proceeds from auctions.
Cyril notes that collecting often blends personal interest with awareness of market value.
One needs to have a passion for buying art.
I dont think people buy for purely financial and investment purposes.
Having said that, he does not deny that investment is also a common possibility, Especially when you collect art that comes into auctions.
You can see if it has appreciated in value.
One usually buys from auctions or galleries for owning a piece of cultural history or if they expect it to grow in market value.
But when it comes to Indian Masters, is there an ethical responsibility to filter who gets to buy a priceless work of art, only to lock it out of the publics reach? Cyril takes a pragmatic stance.
While galleries may encourage institutional placements, if they pay the market price, they are the most deserving owner.
As for whether paying 167....
