Name – Aaloka Dhanyamraju College - Jindal Global Law School Introduction Post liberalisation and globalisation, there has been a sustained increase in the high-net-worth individuals with immense purchasing power. Art has emerged as an asset class similar to stocks and other investments. A surge in online auctions has also contributed to the growth and expansion of the art market in India. The global art market was estimated to reach a turnover of USD 195-260 million in the 2020s and the Indian art market is also expected to grow significantly. Works by Indian artists are now fetching soaring prices at auctions. Recent instances are paintings by Amrita Sher Gill and V S Gaitonde selling for sums as high as 27.8 crore and 39.9 crore. Auction houses such as Saffron Art, Bid and Hammer and many others have started making their presence felt in the Indian market. However, as per a 2018 report by FICCI & KPMG the Indian Art Industry is afflicted by many legal ambiguities, forgery, an