₹100 crore for MF Husain’s Gram Yatra? The wealth-building asset class no one told you about

M.F. Husain’s Untitled (Gram Yatra) (1954) has become the first Indian artwork to cross the ₹100 crore mark, selling for $13.8 million (₹119 crore) at a Christie’s auction. The buyer wasn’t officially named, but RPG Group chairman Harsh Goenka hinted at the likely identity.

“MF Husain's Gram Yatra (1954) breaks the ₹100cr barrier, selling for $13.8M to Kiran Nadar,” Goenka posted on X, revealing what appears to be a major acquisition by a leading private institution.

Originally gifted to Oslo University Hospital by Dr. Volodarsky, the proceeds from the sale will go toward building a new medical training centre.

The painting had been in Norway for decades before it was put on the block by Christie’s. The auction house described the buyer only as an “unnamed institution.” Hours later, Goenka’s tweet pointed to a familiar name in the Indian art world.

The sale marks a turning point for modern Indian art, affirming its place in the global collectible market and drawing investor attention back to the asset class.

Art, a market in motion 

India’s art market continues to grow rapidly. In 2024, sales by the top 50 artists reached ₹301 crore, up 19% from the previous year. The market is on track to touch $2 billion by 2025, driven by interest from ultra-HNIs, millennials, and newer collectors.

Art is increasingly being seen as a hedge against inflation and a diversification tool. Examples from ArtZolo.com highlight how artworks from established names have appreciated over time:

• A Tyeb Mehta piece bought for ₹2 crore in 2018 is now worth approximately ₹3.22 crore—up 61%.
• An Anish Kapoor work purchased for ₹50 lakh in 2018 is now valued at over ₹1 crore—more than doubling in five years.
• An S.H. Raza painting acquired for ₹70 lakh in 2018 has appreciated to around ₹1.17 crore.

What drives value?

Artist reputation, rarity, provenance, and documentation are critical to long-term returns. Paintings continue to dominate demand, but interest is growing in sculptures, digital art, and NFTs—especially among younger buyers.

Despite challenges like limited liquidity and high transaction costs, the Indian art market is maturing. With Gram Yatra now setting a new high-water mark, investors are beginning to treat Indian art not just as cultural capital—but as serious financial capital too.