The gavel came down at Christie’s in London, and with it, a new chapter in the story of Indian, Islamic and South Asian art was written. Under the bright lights of the auction room, a delicate miniature, A Family of Cheetahs in a Rocky Landscape painted around 1575–80 by Basawan, one of Emperor Akbar’s most gifted Mughal court artists, was sold for a staggering $11.3 million*, achieving 12 times its pre-sale low estimate and setting a new auction record for a classical Indian or Islamic painting1.
The star lot from the Personal Collection of Prince & Princess Sadruddin Aga Khan sale, reaffirmed the global hunger for Mughal and Rajput works of rare quality. For art historians, these weren’t just numbers. They were vindication - proof that Indian art, long marginalised in Western narratives, can now stand shoulder to shoulder with European masters. The results were nothing short of spectacular: the auction totalled $ 48.9 million, a remarkable 4.76-time its pre-sale low estimate. Every lot found a buyer, with bids coming in from 20 countries spanning four continents, and an impressive 19% of participants were new to Christie’s2.
The triumph of the Aga Khan sale reflects the growing influence of South Asian artworks within the international art market. In recent auctions of Islamic and Indian art, it is Indian works, particularly those of exceptional quality and distinguished provenance, that have consistently taken the spotlight. Earlier this year, M.F. Husain’s Gram Yatra (1954) became the most expensive modern and contemporary Indian painting ever sold at auctions, reaching $11.6 million*. Close behind was V.S. Gaitonde’s 1971 abstract, which headlined a Saffronart sale in New Delhi for $7.57 million^.
According to ArtTactic’s Art Market Outlook Report 2025, the market for Modern and Contemporary South Asian art reached $141.9 million in 2024, reflecting a 9.6% increase from the previous year. While the recent reforms in India including the reduction of GST on art from 12% to 5% have fuelled domestic enthusiasm, the momentum is far from local. A significant portion of international demand comes from the Indian diaspora, seeking “a slice of their heritage,” as Sotheby’s VP, Co-Worldwide Head of Indian and South Asian Art New York Manjari Sihare-Sutin puts it.
The renaissance of Indian and South Asian art extends beyond the auction room. At Frieze London 2025, Tate acquired Lubna Chowdhary’s Assembly 2025 from India-based Jhaveri Contemporary.3 Subsequently, the emergence of biennials in Jeddah and Bukhara, where South Asian artefacts are displayed alongside works from the broader Islamic world, has expanded the dialogue between historical and contemporary Islamic and South Asian art.
In the UK, this momentum is reflected in recent landmark exhibitions such as the Arpita Singh retrospective at the Serpentine Galleries, her first solo institutional show outside India, which traces over six decades of her prolific career. Others includeThe Great Mughals exhibition at the Victoria and Albert Museum, The Imaginary Institution of India show at the Barbican, and the most recent A Story of South Asian Art show at the Royal Academy of Art.
Together, they exemplify how curatorial and acquisition initiatives play a vital role in shaping a more interconnected, globally recognised narrative of art history. As institutions and the market evolve, the Indian and South Asian art landscape stands poised for new and meaningful chapters ahead.
1. Prior to this, Sotheby’s Islamic Art Department held the auction record for any Islamic work on paper, with a folio from the Shahnameh of Shah Tahmasp selling for approximately $9.8 million in October 2022.
3. https://www.tate.org.uk/press/press-releases/frieze-acquisitions-2025
*Excluding hammer prices and converted into USD using the rates on XE.com
^Including buyer's premium (https://www.bbc.co.uk/news/articles/cz69550vgqdo)
Cover image courtesy of Christie's, details of A Family of Cheetahs in a Rocky Landscape, attributed to Basawan, circa 1575-80
