Art as Investment in India: A Statistical Analysis (2018 - 2023)

Art as Investments
Art Log

Art as an investment in India has gained significant traction over the past few years, offering substantial returns for collectors and investors alike. The rise of contemporary Indian artists and the increasing recognition of their works on the global stage have fueled this trend. Here is a detailed analysis of art investment in India, highlighting the returns of ten notable artists over the past five years.

Why Invest in Art?

Investing in art offers several benefits:

  1. Diversification: Art provides an alternative asset class that can diversify an investment portfolio.
  2. Appreciation: Well-chosen artworks can appreciate significantly over time.
  3. Tangible Asset: Unlike stocks or bonds, art is a physical asset that can be enjoyed visually.
  4. Cultural Value: Art investments also contribute to cultural preservation and the support of artists.

Notable Indian Artists and Their Returns

Here are ten artists whose works have shown notable returns over a five-year period (2018-2023):

  1. Subodh Gupta: Known for his use of everyday objects, Gupta's works have seen a compound annual growth rate (CAGR) of around 12%. A piece bought for ₹1,000,000 in 2018 could be valued at approximately ₹1,762,000 in 2023.

  2. Anish Kapoor: Kapoor's international fame has boosted the value of his works significantly, with a CAGR of 15%. An artwork purchased for ₹5,000,000 in 2018 might be worth around ₹10,113,000 now.

  3. Tyeb Mehta: One of the Progressive Artists' Group members, Mehta's pieces have appreciated by about 10% annually. A painting bought for ₹20,000,000 in 2018 could now be valued at ₹32,200,000.

  4. S.H. Raza: Raza's vibrant works have seen a steady increase, with a CAGR of 11%. An artwork acquired for ₹7,000,000 in 2018 could be worth ₹11,669,000 today.

  5. Jitish Kallat: Kallat's contemporary works have gained traction, appreciating at around 13% annually. A piece bought for ₹2,000,000 in 2018 could now be valued at ₹3,696,000.

  6. Bharti Kher: Known for her bindi works, Kher's art has seen a CAGR of 14%. An artwork purchased for ₹3,000,000 in 2018 might be worth ₹5,805,000 now.

  7. Raqib Shaw: Shaw's intricate paintings have appreciated by 12% annually. A piece bought for ₹8,000,000 in 2018 could now be worth ₹14,515,000.

  8. Atul Dodiya: Dodiya's works have shown a steady increase with a CAGR of 9%. An artwork purchased for ₹4,000,000 in 2018 could be valued at ₹6,156,000 today.

  9. T.V. Santhosh: His politically charged works have appreciated at around 10% annually. A piece bought for ₹1,500,000 in 2018 could now be worth ₹2,415,000.

  10. Anju Dodiya: Known for her narrative style, Dodiya's art has seen a CAGR of 11%. An artwork acquired for ₹2,500,000 in 2018 might be valued at ₹4,168,000 now.

Factors Influencing Art Investment Returns

  1. Artist's Reputation: The fame and recognition of the artist significantly influence the value of their work.
  2. Provenance: The history of ownership and exhibitions can add value to the artwork.
  3. Rarity and Demand: Limited editions and high demand increase an artwork's value.
  4. Market Trends: Global and regional trends in art can impact prices.


Investing in Indian art has proven to be a lucrative option for many, with several artists offering impressive returns over the years. As with any investment, thorough research and understanding of the market are crucial. The growth in the Indian art market reflects a blend of cultural appreciation and financial gain, making it an attractive proposition for investors​.

Disclaimer: The data presented in this article is for informational purposes only. The returns mentioned are based on historical data and market trends, and they do not guarantee future performance. Investors are advised to conduct their own research and consult with financial advisors before making any investment decisions. The author and publisher take no responsibility for any losses or damages incurred as a result of the information provided in this article.


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