The Nine National Treasure Artists of India: Is Investing in Their Artworks Worth It?

If the thought of holding a national treasure in your possession excites you, then this article is for you. Wondering how you could own one? Let us first tell you about the Navaratnas or the nine gems of India. It is a popular term used for the nine Indian artists whose works have been declared as national treasures. In 1972, the Government of India, led by Indira Gandhi, passed The Antiquities and Art Treasures Act. It restricted the export of certain antiquities and art treasures outside the country’s borders. In the late 1970s, under this act, the works by nine Indian artists viz. Raja Ravi Varma, Amrita Sher-Gil, Rabindranath Tagore, Jamini Roy, Abanindranath Tagore, Nandalal Bose, Gaganendranath Tagore, Sailoz Mookherjea and Nicholas Roerich were proclaimed as National Art Treasures of India, prohibiting their export outside the country. Artworks by these artists that were already outside India by that time, remained unaffected by the law.

One unpopular opinion argues that while the act came into force to celebrate the contributions of these masters and the artistic significance of their works, it rather ended up decreasing their market value due to the restrictions imposed on the movement of works. However, this view may not be completely true and we can contradict it with the support of data. In February 2023, Raja Ravi Varma’s painting titled ‘Yashoda Krishna’ was sold for a massive ?43.7 Cr (US$5.3 M), becoming the third most expensive painting by an Indian artist ever sold at auction. Till the end of FY22, this rank was held by Amrita Sher-Gil’s untitled work which clocked a price of ?37.8 Cr (US$5.1 M). Indian Art Investor’s Top 500 Artworks list features a total of 37 works by Raja Ravi Varma, Amrita Sher-Gil, Jamini Roy, Rabindranath Tagore and Nandalal Bose. With the rapidly growing Indian art market, these nine artists are also witnessing a steady rise in demand for their works and their value. Let us give you a quick overview of the market performance (data as of FY23) of the Navaratnas to understand their positioning better.

Raja Ravi Varma (1848–1906)

The legendary artist Raja Ravi Varma is celebrated for his illustrious paintings of royals, gods, goddesses and mythological figures. He is also known to have made art more accessible to people by setting up the Raja Ravi Varma Press which enabled the mass printing of his works. Varma has been witnessing an ever-increasing popularity in the Indian art auction market. He has generated ?221.6 Cr (US$31.9 M) at auction through the sale of 74 works. The average price of his works is as high as ?3 Cr (US$430.9 K). Varma ranks #9 on Indian Art Investor’s Top 50 Artists list.?

Amrita Sher-Gil (1913–1941)

Lauded for her self-portrait works, Amrita Sher-Gil is the top-performing female artist in India. She once quoted, “Europe belongs to Picasso, Matisse, Braque and many others. India belongs only to me.” The line itself is enough to showcase her confidence and passion for art. With a massive turnover of ?206.2 Cr (US$30.8 M) generated in her name, she ranks #11 on Indian Art Investor’s Top 50 Artists list. Her artworks have recorded an average price of ?2.4 Cr (US$362.1 K) per artwork.?

Jamini Roy (1887–1972)

While he began his career by painting post-impressionist landscapes and portraits, Jamini Roy’s self-developed art style inspired by Bengal’s indigenous art forms gave a new direction to modern Indian art. Simplified figures, painted in earthy colors and placed against a flat-coloured background reminisce his art. Ranking #16 on Indian Art Investor’s Top 50 Artists list, Roy has amassed ?114 Cr (US$19.4 M) at auction through the sale of 1,195 works. Despite the artist’s popularity, his works can be acquired at a more affordable average price of ?9.5 L (US$16.2 K).

The Tagore Trio?

Rabindranath Tagore (1861–1941) along with his nephews Gaganendranath Tagore (1867–1938) and Abanindranath Tagore (1871–1951) have also been identified as national treasure artists. While Rabindranath Tagore is widely acclaimed for his contributions to Bengali literature, he holds an equally significant stake when it comes to Indian art. Interestingly, he started painting at the age of 63 but created some classic works that speak of his legacy to date. Featuring #26 on Indian Art Investor’s Top 50 Artists list, Rabindranath Tagore has generated ?52 Cr (US$8.9 M) at auction so far. His works have recorded an average price of ?53.1 L (US$91.1 K).

A watercolorist and cartoonist, Gaganendranath Tagore embraced Western art movements including Cubism, Futurism and German Expressionism into his art. Later in his career, he turned towards caricatures which soon became his new identity. Gaganendranath Tagore’s 86 works have been sold at auction so far, amounting to a turnover of ?12.5 Cr (US$2 M). The average price of his works stands at ?14.5 L (US$23.2 K) per artwork. ?

Unlike his older brother, Abanindranath Tagore’s art celebrates the indigenous art traditions of India. He was a strong opponent of the Western academic art schools which led him to start a pan-India art movement, best known as the Bengal School of Art, which revolutionized modern Indian art. At auction he has garnered ?10.7 Cr (US$1.7 M) so far with the sale of 63 works, recording an average price of ?17 L (US$27.6 K).?

Nandalal Bose (1882–1966)

Have you ever wondered who illustrated the manuscript of the Constitution of India and emblems of the Government of India awards such as Bharat Ratna and Padma Shri? The artist was Nandalal Bose – a pupil of Abanindranath Tagore and a strong propagator of the Bengal School of Art. Ranking #28 on Indian Art Investor’s Top 50 Artists list, Bose has amassed a turnover of ?51.6 Cr (US$7.8 M) at auction. His 223 works that have sold to date have witnessed an average price of ?23.1 L (US$35 K) per artwork.?

Sailoz Mookherjea (1907–1960)

Despite the artist’s huge contribution to modern Indian art history, Sailoz Mookherjea mostly remained unrecognized during his lifetime. He was one of the first artists in India to paint expressionist landscapes when academic realism was the educational norm. His painting style was largely inspired by the West, but his subject matter stayed rooted in rural India. As of FY23, Mookherjea has clocked a turnover of ?6.6 Cr (US$1 M) at auction with the sale of 68 works. At? ?9.7 L (US$14.2 K), his works are available in the market at a more affordable average price.

Nicholas Roerich (1874–1947)

An artist, writer, archaeologist and philosopher, Nicholas Roerich wore many hats! You may wonder from his name how the works of a Russian-origin artist become national treasures. Long story short, Roerich moved to Himachal Pradesh in India in the 1950s and created copious paintings featuring the Himalayas and Indian culture which left his name associated with Indian art forever. Through the sale of just 13 works at auction so far, Roerich has generated ?17.6 Cr (US$2.5 M), giving an impressive average price of ?1.4 Cr (US$188.6 K) per artwork.

Is Investing in Their Artworks Worth It?

The answer is an unequivocal YES! Navaratnas’ market trajectory stands as a testament to the fact that the investment in the works by these artists holds ample potential to generate fine returns. Additionally, the pride of owning a national treasure adds an intangible merit to your investment. Among these nine artists, Raja Ravi Varma, Amrita Sher-Gil, Nicholas Roerich, Nandalal Bose and Sailoz Mookherjea are witnessing a strong hike in the demand and value of their works in the past five financial years i.e. FY19-23. This period has contributed to more than 50% of the lifetime turnover of the artists. The remaining artists are however witnessing a more or less steady market demand. While all these factors are in support of the fact that the works by Navaratnas are indeed worth investing in, there are certain factors you need to keep in mind before making any buying decision.?

• First is of course the act itself which doesn’t allow the export of the artworks by these nine artists. So, if you are an art connoisseur located outside India, then your options automatically limit to the artworks that were already outside the country when the law was enacted. On the other hand, if you are a resident of India then your customer base gets confined to the country when you are selling the artwork.?
• Secondly, while all artworks by Navaratnas are national treasures, all of them may not be investment worthy. It is crucial to pinpoint their investment-grade artworks by detailed analysis of the artist’s market movement and by identifying their best-performing assets and subjects at auction.?
• Lastly, all nine artists have been witnessing different market values, availability of works and sell-through rates, and thus different capacities to generate returns. To explain further, one needs to have a good budget to invest in the best-performing assets of Raja Ravi Varma, Amrita Sher-Gil and Nicholas Roerich. The same amount, on the other hand, can allow you to buy more than one work by the other artists. In terms of the availability of works, it is quite enormous for artists like Jamini Roy and Nandalal Bose but for the rest, it is very infrequent. When it comes to sell-through rates, artists like Raja Ravi Varma and Jamini Roy have recorded a sell-through rate of 91% and 90%, respectively, reflecting the high liquidity of their works. However, the other artists have witnessed comparatively lower sell-through rates, ranging between 81% to 86%.?

To summarize, if you are buying artwork just for the sake of owning a national treasure then your options are numerous. However, if you wish to avail returns through the investment in these works then it is prudent to first identify your budget, holding period and risk appetite and seek expert advice while incorporating any artwork into your portfolio.

By Sayali Pendse | Research Analyst | Indian Art Investor