The week, in brief
This is shaping up to be a moment of consolidation rather than speculation. Institutions are revisiting Modern masters, auctions are rewarding familiarity over novelty, and galleries are leaning into scholarship instead of spectacle. For collectors, this is a useful phase. It rewards looking closely and punishes rushing.
Below are the signals worth paying attention to.
One exhibition worth your time
Satish Gujral at 100, NGMA Delhi
If you see one museum exhibition this season, make it this one.
The Gujral centenary at the National Gallery of Modern Art is not a celebratory hang. It is a structured survey that places the artist within the political and cultural realities of post-Independence India. The inclusion of archival material alongside painting and sculpture makes the case for Gujral as a serious public intellectual, not just a Modern stylist.
Why this matters to collectors:
Gujral’s market has always been measured rather than volatile. Institutional attention of this depth often precedes a re-evaluation, especially of sculptural works and late-period pieces that remain thinly traded.
If you already own Gujral, this show sharpens context. If you do not, it clarifies what quality and ambition look like within his oeuvre.
What the auctions are really telling us
Saffronart’s anniversary sale was about discipline, not records
Yes, the headline number was strong. INR 355 crore with full sell-through looks impressive. But the more important signal was consistency.
Works by Vasudeo S Gaitonde and other Modern masters performed because the estimates were realistic, the works were well-documented, and bidders knew exactly what they were buying. Lesser names and thin categories continue to see muted interest.
This is a mature market behaviour. It suggests that the collector base is no longer chasing novelty. It is reinforcing a hierarchy.
If you are buying at auction this year, the lesson is simple: buy within established bodies of work and resist optimism that is not supported by depth.
What to expect next from auctions
Saffronart has opened consignments for its Spring auctions. Expect more of the same: Modern Indian masters, selective Contemporary inclusions, and cautious estimates.
Christies South Asian Modern + Contemporary Art Online (Online)
Christie’s annual South Asian Modern + Contemporary Art Online auction will take place from 18 March to 1 April, complementing our live sale in New York on 25 March. The catalogue brings together varied artistic traditions and innovative styles developed in South Asia and its diaspora, and includes several works by emerging and established artists, with accessible estimates for both new and seasoned collectors.
This spring, our catalogue features a strong selection of works by three founders of the Progressive Artists’ Group – Maqbool Fida Husain, Francis Newton Souza and Sayed Haider Raza. Other highlights include paintings by Mohan Samant, Avinash Chandra, Sohan Qadri, Homi Patel, B. Prabha and Shanti Dave, as well as notable works on paper and prints by Zainul Abedin, Ivan Peries, Ganesh Haloi and Jogen Chowdhury, among others. These works are complemented by a selection of lots by significant contemporary artists including Jitish Kallat, Nataraj Sharma, Sheila Makhijani, Paresh Maity and Reena Saini Kallat.
Auction times: 18 Mar 10:00 AM (EDT)
Christies South Asian Modern + Contemporary Art (New York)
This spring, Christie’s auction of South Asian Modern + Contemporary Art will take place on 25 March during Asian Art Week in New York. This season’s catalogue brings to the market several important works that have not been seen in public for several decades, celebrating the rich diversity of artistic approaches that have emerged from South Asia and its global diaspora across the 20th and 21st centuries.
Led by Tyeb Mehta’s 1977 masterpiece Gesture, the auction brings together an exceptional group of modern works, including an impressive set of paintings from the 1950s by Sayed Haider Raza, an important early painting by Maqbool Fida Husain titled Puppet Dancers, and Jehangir Sabavala’s 1959 Butterflies over Pink Blossoms and 1970 Green Thoughts in a Green Shade. These works are complemented by an extremely rare, large-format canvas by K. Ramanujam, alongside a seminal collection of early works by Ganesh Pyne, including Crossing the Fountain (1974), and striking paintings by Francis Newton Souza, Ram Kumar, K. K. Hebbar, Jagdish Swaminathan, Prabhakar Barwe, Manjit Bawaand Avinash Chandra among others.
The catalogue also features works by significant forerunners of this group, including Edwin Lord Weeks, Pestonji Bomanji, J. P. Gangooly, Jamini Roy, George Keyt and Richard Gabriel, and is rounded out by notable contemporary works by Sheila Makhijani, Jitish Kallat and Senaka Senanayake.
The live auction will be accompanied by an online sale running from 18 March – 1 April 2025.
Auction times: 25 Mar 10:00 AM (EDT)
Gallery programming that actually adds value
DAG continues to set the tone
DAG’s exhibitions this season reinforce why the gallery still anchors the Indian Modern market. The emphasis is on scholarship, catalogues, and historical positioning rather than novelty.
For collectors, this matters because DAG exhibitions often become reference points for future valuations. Even if you do not buy, you should see these shows. They train the eye.
FACE TO FACE: A PORTRAIT OF A CITY
Mumbai: 8th January 2026 – 14th February 2026
Venue: DAG Gallery 1, The Taj Mahal Palace, Apollo Bunder, Mumbai
Monday – Saturday, 11:00 am to 7:00 pm
Current programming: https://dagworld.com/exhibitions.html
Vadehra’s Manjit Bawa exhibition deserves attention
Manjit Bawa occupies a careful middle ground between formal Modernism and narrative tradition. Vadehra’s presentation frames Bawa as a painter of myth and storytelling, rather than as a decorative Modern.
Collectors who have overlooked Bawa because of uneven auction results should reassess him through this lens. Gallery context often clarifies what auctions obscure.
KNMA presents of worlds within worlds
Showing until 13 Dec 2025 - 31 Mar 2026
The Kiran Nadar Museum of Art (KNMA) presents, in Kochi for the first time, a major solo exhibition of works by Gulammohammed Sheikh, a leading figure in modern Indian art. Presented as part of the 6th Kochi-Muziris Biennale 2025, the exhibition offers a concise overview of Sheikh’s practice spanning more than six decades.
When: 13 Dec 2025 - 31 Mar 2026, 10:00 am - 7:00 pm
Where: Durbar Hall, Opp TDM Hall, Ernakulam South, Ernakulam, Kerala 682016
Participating Artists: Gulammohammed Sheikh
Curated By: Roobina Karode
A note on fairs
India Art Fair is approaching, and it remains important. But the value is no longer in seeing everything. It is in reading the exhibitor list carefully.
Who returns year after year tells you where the market has confidence. Who debuts tells you where galleries are testing appetite. Walk fewer booths. Spend more time with those that have something to say historically.
Details: https://indiaartfair.in
