Francis Newton Souza’s iconic painting The Lovers has made waves in the global art scene, ranking as one of the top 10 most expensive artworks sold at Christie’s in 2024. The painting, which captures a tender moment between two lovers, was sold for an astounding $4.89 million (over ₹40 crore, including buyer’s premium) during the South Asian Modern and Contemporary Art auction in New York. This marks a record-breaking achievement for the artist and a fitting tribute to Souza, who would have celebrated his 100th birth anniversary this year.
Guillaume Cerutti, CEO of Christie’s, highlighted the significance of this milestone sale. “Sales of these Indian art pieces in New York provide a fantastic opportunity for collectors from around the world to engage with the works. This year, we saw particularly robust performance in Indian art, with $30 million in sales for modern and contemporary South Asian art,” he said.
Cerutti praised the Indian art market as one of the most exciting in recent years, with tremendous growth and interest from both domestic and international collectors. “We are at the beginning of remarkable growth here. In 2024 alone, the total auction and private sales for Indian art have grown by 23%, which is worth noting. Souza’s The Lovers, selling for almost $5 million, reflects this growing momentum,” Cerutti added.
Indian Art Market on the Rise
Indian masters such as Francis Newton Souza, M.F. Husain, and S.H. Raza remain in high demand, with their works appreciating significantly in value. Souza’s average lot value has surged by 65% between 2019 and 2023, with the number of bidders per lot nearly doubling.
Christie’s has observed a sharp increase in new buyers from India, with the number of bidders rising by 64% from 2019 to 2023. Many of these collectors are younger, including millennials, who are showing a growing appreciation for Indian modern and contemporary art. Cerutti revealed that new Indian buyers have increased by 25% in 2024, with collectors focusing on historical objects, as well as classic and modern art.
International interest is also expanding. Participation from American buyers has risen by 37%, while collectors from China and other parts of Asia are beginning to recognize the value of Indian art. The Indian, Himalayan, and Southeast Asian art markets have become Christie’s second most important region in Asia, following mainland China. Total sales of South-East Asian art in 2024 reached $5.7 billion, underscoring the region’s growing significance.
Challenges in the Global Art Market
While Indian art is thriving, the global art market has faced challenges over the past year. Cerutti explained that the broader market’s performance is influenced by the “macro, money, and mood”—a combination of political, economic, and financial factors. “The macro environment plays a major role, and the slowdown we’ve seen over the last two years is largely due to global economic uncertainty,” he said during the Fortune interview
Restrictions on credit and currencies, particularly in Asia, have also impacted demand. There are indications of healing in spite of these obstacles. "The mood has improved over the past month, even though the macroenvironment is still difficult," Cerutti said.
Looking Ahead to a Promising Future
Christie’s CEO expressed optimism for the art market’s future. “In our opinion, the market's bottom is behind us, and the recent rebound indicates that 2025 will be a better year.” he said.
The record-breaking sale of The Lovers and the growing interest in Indian art reflect the remarkable evolution of this market. With increasing participation from collectors around the world and a steady rise in demand, Indian art is carving a prominent place on the global stage, offering exciting opportunities for artists, collectors, and enthusiasts alike.
