Celebrating 25 years as India’s first online art auction house, Saffronart has redefined the art market, pioneering a model built on trust and accessibility that has transformed the landscape of Indian art.
Co-founded by Dinesh and Minal Vazirani in April 2000, Saffronart set out to transform the Indian art market by addressing the challenges they themselves faced as young collectors. Originally launched as an innovative digital auction platform, Saffronart aimed to bring transparency and accessibility to the art world. It began with a collection of 2,500 works for sale, all accompanied by publicly listed prices, offering a level of openness that was unprecedented at the time. Since then, the platform has evolved into a comprehensive art marketplace, expanding to include live auctions and a wide range of art segments, continually pushing the boundaries of how art is bought and sold in India.
Saffronart founders Minal and Dinesh Vazirani. Image credits: Getty Images
On Building a Transparent and Accessible Art Marketplace
Reflecting on Saffronart’s 25-year journey, co-founder Dinesh Vazirani told The Indian Express, “We were pioneers in publishing prices online and creating a level playing field—whether through auctions or fixed-price sales—allowing collectors to acquire significant modern and contemporary Indian art.”
He highlighted the role of key innovations in Saffronart’s growth, such as comparable auction results, online condition reports, and visual tools that enabled buyers to assess artwork dimensions with precision. Personalized dashboards empowered collectors to track their lots of interest, while real-time updates on bids and top lots enhanced transparency, making the auction process more accessible and engaging for a global audience. These advancements not only shaped a strong foundation for the platform but also revolutionized the way art is bought and sold online.
On the Evolving Art Market Landscape
Over the past two decades, the South Asian art market has grown in parallel with Saffronart’s own trajectory. In those early decades, when the South Asian auction market was a nascent one, the majority of buyers were non-resident Indians. Then there was a “dramatic shift” to India, with strong institutional houses and patrons buying art with the thought of building institutions and museums,” Dinesh Vazirani explained to Vogue in a recent interview. The Kiran Nadar Museum of Art (KNMA) was one of the first of its kind, encouraging Indian industrialists to view art as a legacy.
However, while established collectors continue to dominate the high-end auction scene, Minal Vazirani notes how the digital revolution has significantly changed the landscape for today’s younger buyers. With unprecedented access to resources—allowing them to research artists, compare prices, and attend global art fairs showcasing South Asian talent—this new generation is making more informed and confident choices. As Dinesh observes in the Vogue interview, “Young collectors—some as young as 20 or 25—are shaping the tastes and judgments of the contemporary market.”
Landmark Moments on Their Journey
Saffronart’s influence extends beyond generations, resonating on a global scale. Over the years, the auction house has curated landmark sales that have consistently elevated the global recognition of Indian art, setting new benchmarks in the process. The Vaziranis, when speaking to The Indian Express, recall their iconic 2023 sale of The Story Teller (1973) by Amrita Sher-Gil, which achieved Rs 61.8 crore—setting a record for the highest value work of Indian art sold at an auction worldwide. It made India one of the few countries with a woman artist leading the market, a rare and historic achievement. A year later, Saffronart’s Evening Sale and Francis Newton Souza Day Sale bagged Rs 111.43 crore, with Edwin Lord Weeks’s Hindu Temple, Bombay (1884) selling for Rs 24 crore—setting a world record for the artist at auction.
Dinesh Vazirani and Amrita Sher-Gil’s ‘The Story Teller’. Image credits: Saffronart
Rising Demand and New Records: The Evolution of the Indian Art Market
In recent years, the Indian art market has become increasingly vibrant, with both Indian and international buyers showing growing interest. Strong capital markets, rising incomes, and greater access to art and information have driven demand. As a result, many consignors are bringing works to the market, fueled by the steady appreciation in prices for top-tier pieces.
The collector base has also become more diverse, with younger, first-time buyers joining seasoned collectors in expanding their acquisitions. The recent world record set by M.F. Husain’s Gram Yatra—joining the ranks of artists like S.H. Raza, Tyeb Mehta, Amrita Sher-Gil, and V.S. Gaitonde—is expected to drive prices higher, fostering continued growth in the Indian art market.
M.F Husain’s ‘Gram Yatra’. Image credits: Indian Express
Building a Thoughtful Collection: Dinesh Vazirani’s Guide for New Art Buyers
In a recent interview with The Indian Express, Dinesh Vazirani shared valuable advice for new art buyers, with research being the top priority. He emphasized that art should not only be seen as an aesthetic choice but as a long-term investment. The key, he notes, is striking a balance between personal connection and market value. If a piece resonates with you and holds broader significance, it can be a meaningful addition to any collection, regardless of its size or the artist’s status.
Vazirani also highlighted the importance of a practical approach to collecting. Setting a clear budget is essential for making thoughtful decisions, while considering how a new work complements your existing collection ensures it fits within a cohesive narrative. This intentional curation enriches the overall impact of your collection, weaving individual pieces into a more meaningful cultural story.
Still Life with Green Bottles and Apples, 1932 by Amrita Sher-Gil. Estimate: INR 12–15 crores (USD 1.39–1.74 million). Image courtesy of Saffronart
Beyond Sales: The Vaziranis’ Legacy of Preserving Art History
Regardless of the sales, bids, or prices, what truly matters most to the Vaziranis is the sense of shared ownership and the belief in art history as a living inheritance—an ethos that lies at the heart of Saffronart. As Minal reflects, “It’s not about individual moments; it’s the privilege of spending time with the artists who were part of the Progressive Artists Group and learning from experiences that extend far beyond my own lifetime.” This sentiment encapsulates the legacy they have built and continue to carry forward as they approach their special 25th Anniversary Sale.
Article By:
Sohini Bagchi, Contributor
