Collecting art should be approached with a sense of practicality: Dinesh Vazirani

In an email interview, Dinesh Vazirani, founder-CEO of Saffronart, discussed how the art market has radically changed in these 25 years and how building a sustainable art ecosystem requires significant government support and increased private patronage. Edited excerpts:

Analysing 25 years of Saffronart, what, in your opinion, has been its biggest achievement?

My wife Minal and I co-founded Saffronart in 2000, based on a business plan that Minal had written in business school. The premise was to address some of the challenges that we faced as young buyers in the then somewhat informationally opaque market. Accurate and transparent pricing information and access to high-quality works were limited. As first-time buyers, we often struggled to understand prices and acquire important works from shows, especially as auctions did not exist in India.

Dinesh Vazirani, founder-CEO of Saffronart, discussed how the art market has radically changed in 25 years. (Express photo)

With Saffronart, our aim was to address these gaps. We were among the first, globally, to publish prices online and offer a level playing field, either through auctions or fixed-price online sales, for acquiring important modern and contemporary Indian art. We also introduced innovative features such as comparable auction results, online condition reports, visual tools to help buyers gauge artwork dimensions, personalised dashboards to track lots of interest, and real-time updates on bids and top lots.

The art market has drastically changed in these years. Going forward, what are the aspects that the art market in India should specifically work on to strengthen its position on the global art map?

While India’s position in the global art world is stronger than ever, there is always room for improvement. KNMA (Kiran Nadar Museum of Art) is a great example of an institution that supports the development of Indian art domestically and across the globe. However, besides private institutions that support the arts, there is also a need for increased and consistent government funding for similar initiatives to conserve, support and elevate our vast cultural heritage.

If you could talk about your observations in these years on the preferences of Indian collectors. Also, how well have they adapted to buying art online — which format is more popular in India?

While seasoned collectors continue to lead the top end of the auction market, there is a growing number of younger buyers who are emerging as serious collectors. Since Saffronart was founded in 2000, the Indian art market has matured significantly, becoming more tech-savvy, transparent and accessible — qualities that define our auctions. Younger and first-time buyers are now better equipped to make informed decisions, thanks to the ability to research artists and prices online and attend international fairs showcasing South Asian art.

While India’s position in the global art world is stronger than ever, there is always room for improvement, says Dinesh Vazirani. (Express photos)

Today, art transactions occur through multiple channels, with a strong emphasis on online platforms — a shift that Indian buyers have readily embraced. Even traditional in-person auctions have evolved into hybrid experiences, incorporating live video streaming and options for online and mobile app bidding, making auctions accessible to those who may not have been able to attend physically.

If you could comment on the Husain record and what it means for the Indian art market?

Husain’s Gram Yatra is a seminal work for several reasons. Its monumental scale is unmatched by most other pieces, but more importantly, its content reflects the Indian village life — a theme closely aligned with MK Gandhi’s philosophy, emphasising the significance of rural India in the nation’s growth. The painting has not been seen in India since it was acquired by Oslo University Hospital in Norway in 1964.

Over the last few years, the Indian art market has become very vibrant, with both Indian and non-Indian buyers showing serious interest. Art is now ingrained in people’s minds where they are curious, keen on acquiring the best and acknowledging value based on the importance of a painting.

Strong capital markets, rising incomes, and easier access to art and information have driven demand. The collector base is now more diverse, with younger, first-time buyers and seasoned collectors deepening their acquisitions.

Notably, this is the first time a work by Husain has led the Indian art market with a world record, something previously achieved by artists like SH Raza, Tyeb Mehta, Amrita Sher-Gil and VS Gaitonde. This breakthrough is likely to influence the prices of these artists too, driving upward movement for key pieces that hold both historical significance and importance in the broader context of Indian art.

If you could list some of the sales that excited you most and why?

Over the years, we have had the privilege of handling many remarkable sales, but a few stand out as truly exceptional. One of the most significant was the 2023 sale of The Story Teller (1937) by Amrita Sher-Gil, which achieved Rs 61.8 crore, setting a record for the highest value work of Indian art sold at auction worldwide. With this sale, India has become one of the few countries where a woman artist is leading the market, a rare achievement at a time when works by many women artists remain undervalued compared to their male counterparts.

Are there any specific regions in India or the world where the highest bids come from? If you could elaborate.

India remains one of the strongest markets for Indian art, driven by a robust economy and the growing institutionalisation of collections. Additionally, there has been sustained interest from collectors in the United States and the Middle East, regions with significant South Asian diasporas eager to reconnect with their heritage through art.

A key factor fuelling the growth of India’s art market is the increasing availability of rare and high-quality works in recent years. Many consignors (sellers) now feel that the timing is right to bring their pieces to market. The steady appreciation in prices for top-tier artworks has encouraged collectors to consider selling significant pieces.

Over the last few years, the Indian art market has become very vibrant, with both Indian and non-Indian buyers showing serious interest, says Dinesh Vazirani. (Express photo)

At the same time, the global perception of Indian art has expanded, creating greater opportunities for South Asian works to reach a wider collector base. In recent years, Indian modern and contemporary art has finally begun receiving the recognition it has long deserved. Major international exhibitions, such as Bhupen Khakhar’s retrospective at the Tate in London, Nasreen Mohamedi’s showcase at the Met Breuer, and VS Gaitonde’s retrospective exhibition at the Guggenheim, have played a pivotal role in shaping tastes and generating global interest in Indian modern art.

What would be your advice to beginners wanting to start building a collection? While they probably should buy art that speaks to them, would you recommend buying a smaller work of a modernist/well-known artist or a larger work of a contemporary/lesser-known artist, if the price point is similar?

New collectors need to take time to research and learn as they make a purchase. Young collectors today study, build knowledge, and approach art buying with greater awareness than ever before, because they now have access to so much information online.

When it comes to choosing between a smaller work by a well-known modernist or a larger piece by a contemporary artist at a similar price point, there’s no single right answer —i t depends on what resonates with the buyer. Art should be looked at both as an aesthetic choice and a long-term investment. The key is to strike a balance between personal connection and value. If a work speaks to you and has significance within the broader art landscape, it’s a meaningful addition to any collection, regardless of its size or the artist’s market position.

At the same time, collecting art should be approached with a sense of practicality. Setting a clear budget helps ensure prudent decision-making. Also consider how a new piece will fit within your existing collection before making a purchase. This thoughtful curation will not only create a dialogue between individual works, but also weave your collection into a cohesive cultural narrative, enriching its overall impact.

Do you think the government needs to take specific steps to promote art and art-buying in India? If you could please elaborate.

There is a paucity of resources allocated to fostering awareness and appreciation of art in India and about India, which seems counterintuitive for a country with over 5,000 years of artistic and aesthetic heritage. To build a strong and sustainable art ecosystem, we need to invest in education, museums, cultural exchanges with international institutions, and initiatives that create opportunities for artists, historians, gallerists, and others in this space.

This requires both significant government support and increased private patronage. From a market perspective, streamlining taxes, duties, and documentation would ease the bureaucratic hurdles that have kept the Indian art market relatively small compared to other Asian markets, particularly China. Incentivising philanthropy through tax benefits and encouraging public-private partnerships in the arts can also play a crucial role.