Redefining Success: Inside the Giftex Modern & Contemporary Art Auction

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Art auctions are a fascinating blend of excitement, strategy, and emotion. Imagine this: a radiant canvas with subtle texture and colour is up for grabs at a famous art auction. The room is filled with eager bidders, each hoping to win the art treasure. Energy is high, and paddles rise as the bidding war escalates. This is the atmosphere at every art auction, including the world of online art auctions. 

At its core, an art auction is a public event where artworks are sold to the highest bidder. Anyone can attend—whether you’re a first-time seasoned collector or a simply curious observer.

The world of art has never been so accessible as it is today, in an age rife with technology! This is especially true in the case of the Indian art market. In the past few years, Indian art has been making international headlines. Record-breaking auction prices, museum interest, and rising demand from global collectors have created the narrative of an “Indian art boom.”

Top prices have been achieved for a variety of artists, including members of the Bombay-based Progressives Group, with names such as F.N. Souza, M.F. Husain and V.S. Gaitonde.

The rising trend of online auctions has only strengthened this boom. Online auction houses like Giftex, with its curated collection of modern and contemporary Indian art, are at the forefront of this rising trend.

The recently concluded Giftex Modern and Contemporary Art Auction by Giftex, on the 19 – 20 of January, 2026, stands as a testament to this fact.

In this guide, we explore the highlights of the Giftex auction, take a closer look at the top lots sold, and unpack the reasons behind its success, from pricing and curation to market timing and buyer sentiment.

Also Read: The Modern & Contemporary Art Auction: Giftex, December Edition

A Landmark Sale by the Numbers

The recently concluded Giftex Modern and Contemporary Art Auction was a huge success, and numbers don’t lie. Here’s a breakdown of the numbers. The January 2026 auction achieved total sales of ₹ 9,06,92,939, a clear indicator of sustained demand across price brackets. The highest bid of the auction reached ₹ 28,62,852, for Lot No.40, a rare still life masterpiece by K H Ara, that sparked intense competition among bidders.

Participation came from seasoned collectors, first-time bidders, corporate buyers, and many more. The numbers alone tell a story of confidence, but the real success lay in the depth and consistency of demand.

Highlights from the Auction

Giftex’s curatorial approach stood out. The catalogue balanced blue-chip modern masters with carefully chosen contemporary voices, ensuring both stability and discovery. Works with strong provenance, clean condition reports, and clear art-historical relevance performed especially well.

Top 5 Lots and Why They Performed So Well

1. Lot No. 40, K H Ara

Title: Untitled (Still Life)

This work by K H Ara, titled Untitled (Still Life), is a quiet but powerful example of his mature still-life practice.

The composition is simple at first glance. A metal jug with a curved handle stands beside a shallow plate and a dish of fruit. Behind them, a rounded vessel and a cluster of flowers fill the background. There is a sense of lived time in the painting, as if these things have been sitting together for years. At the recent Giftex auction, this work drew strong attention and achieved a high price, reflecting the growing appreciation for Ara’s contribution to modern Indian art.

Winning Bid: ₹ 28,62,852

2. Lot No. 226, Paramjit Singh

Title: Untitled 

Lot 226 by Paramjit Singh, offered at the recent Giftex auction, is a strong example of the artist’s abstracted landscape language.

The painting is dominated by a dense band of green forms that read as trees or foliage, pressed tightly together across the canvas. The red sky is bold and uncompromising, heightening the emotional charge of the scene. At the Giftex auction, this artwork attracted attention for its intensity and confidence of execution.

Winning Bid: ₹24,48,493

3. Lot No. 154, Manu Parekh

Title: Man & Woman In The Landscape

Manu Parekh’s Man & Woman in the Landscape, sold at the recent Giftex auction, is a striking, emotionally charged work that brings together figure and environment in a single, compressed space.

The painting centres on two elongated faces, a man and a woman. The surrounding landscape is not descriptive but symbolic. This painting reflects Parekh’s long-standing engagement with themes of human relationships, alienation, and inner conflict.

Winning Bid: ₹20,23,548

4. Lot No. 52, Himmat Shah

Title: Untitled (Edition Of 5)

This bronze sculpture by Himmat Shah, sold at the recent Giftex art auction, is a powerful example of his stark, elemental sculptural language.

The form is vertical and compact, tapering slightly as it rises. A strong vertical band of polished metal runs down the centre, dividing the darker bronze body into two halves. At the Giftex auction, this sculpture stood out for its quiet authority and sculptural integrity. Collectors responded to its distilled form and strong material character.

Winning Bid: ₹18,39,589

5. Lot No. 95, K M Adimoolam

Title: Visibility Of The Rock Temple

K M Adimoolam’s Visibility of the Rock Temple, sold at the recent Giftex auction, is a contemplative, atmospheric work that sits between abstraction and memory.

The painting is built from broad, block-like brushstrokes layered across the surface.

Adimoolam’s approach here is less about depicting a specific site and more about capturing the act of seeing itself. The “rock temple” seems to surface gradually from layers of paint, as if revealed through time, dust, and distance.

Winning Bid: ₹ 18,24,386

Why This Auction Succeeded

Several factors contributed to the auction’s success:

• Thoughtful curation

The catalogue avoided filler. Each section had a clear logic, allowing collectors to trust the overall quality of the sale.

• Realistic estimates

Competitive pricing encouraged bidding rather than deterring it. Many buyers felt confident entering the auction, which naturally drove prices upward.

• Market timing

With renewed interest following a strong year of art fairs and exhibitions, the auction tapped into positive market sentiment.

Indian Art Auction Market: A Rising Trend

Auctioneers and curators agree that India’s art market is witnessing an unprecedented boom. Art fairs, private galleries, pop-up exhibitions, and institutional shows are now visible not only in metropolitan areas but also in smaller cities. This growing ecosystem has created informed collectors who are more comfortable engaging with auctions.

The rise of online auctions has further accelerated this shift. Collectors can now access catalogues, condition reports, and expert advice remotely, making the market more transparent and inclusive than ever before.

Demystifying Online Art Auctions

Before diving in headfirst, it’s wise to do your homework:

• Study catalogues carefully

Auction houses release detailed catalogues with essays, estimates, and condition reports. Read them closely.

• Ask questions

Do not hesitate to contact specialists for additional images, reports, or context.

• View works in person when possible

Seeing art physically can change your perception entirely, even if you plan to bid online.

• Understand the thrill of bidding

Auctions can be emotional. The excitement is real, but discipline matters.

• Set a clear limit

Decide your maximum bid in advance and stick to it.

Looking Ahead: What’s Next for Giftex

Building on this success, Giftex is set to present “A World of Collectibles”, an upcoming auction featuring curated antiques and vintage collectibles. The sale promises a diverse offering for collectors interested in history, design, and craftsmanship beyond fine art.

Beyond The Numbers: A Defining Moment for Indian Art Auction

The Giftex Modern and Contemporary Art Auction held in January 2026 achieved more than just strong sales. It reflected a maturing market where knowledge, curation, and confidence intersect. Ultimately, acquiring art is not merely about investment returns. It connects deeply with emotion, memory, and personal narrative.