Islamic & Indian Art

Indian Art Market Trends: The Growing Appeal of Mughal, Pahari and Rajasthani Miniature Paintings

2 November 2026

Neil Graham

The classical Indian art market is booming. Long undervalued compared to Western art, Indian miniature paintings are attracting increasing attention, driven by a buoyant domestic economy, intense cultural repatriation and the security of European provenance.

From Mughal miniature paintings and Company School works of art to the vibrant traditions of Pahari and Rajasthani painting, several key collecting areas are shaping the market.

As Asian Art in London brings these artistic traditions into focus through a programme of exhibitions and events, and ahead of our Islamic & Indian Art sale on 09 December 2026, we explore these important collecting areas and highlight works from our forthcoming auction.

Islamic & Indian Art

Our Islamic & Indian Art auctions celebrates centuries of artistic and cultural achievement, from fine manuscripts and metalwork to textiles, ceramics, and sculpture.

Mughal Miniature Paintings and Works of Art

This sector hit a historic peak when a 16th-century work by court master Basawan sold at Christie's for a record £10.2 million ($13.6 million). Collectors target Golden Age signed works from the reigns of Akbar, Jahangir and Shah Jahan, and look for paintings with microscopic brushwork (pardaz), semi-precious pigments such as lapis lazuli, gold leaf and ornate borders (hashiya).

Our Islamic & Indian Art sale on 09 December brings together several notable examples, including:

MUGHAL INDIA, SIGNED JAMSHID, CIRCA 1590

A WANDERING ASCETIC IN A ROCKY FOREST LANDSCAPE

A soulful painting from the reign of Akbar (r. 1556–1605) that reflects early European artistic influences popular at the Mughal court, signed 'Jamshid'.

INDIA, LAHORE OR KASHMIR, 17TH CENTURY

A RARE AND STRIKING MUGHAL 'CUERDA SECA' POTTERY TILE PANEL

A rare mid-17th-century six-tile layout using complex underglaze techniques from the Lahore or Kashmir workshops.

INDIA, MUGHAL OR DECCAN, CIRCA 1650-1700

A SUPERB ROCK CRYSTAL LIDDED BOX SET WITH RUBIES AND EMERALDS

A museum-grade treasure (c. 1650–1700) featuring foiled rubies and emeralds set in a geometric kundan gold star lattice. Its abstract motif points to a Southern Deccani origin, with parallels in the Met, Al Thani and al-Sabah collections.

Company School Paintings and Works of Art

Once dismissed as colonial souvenirs, these works are now celebrated as masterworks by Indian artists, including named painters. Fusing traditional miniature precision with Western realism, they offer a pre-photographic window into 18th- and 19th-century life, with established provenance and considerable collecting potential.

This distinctive artistic tradition is represented in our upcoming Islamic & Indian Art sale on 09 December by the following works:

INDIA, DELHI OR LUCKNOW, LATE 18TH/ EARLY 19TH CENTURY

BY A MASTER COMPANY SCHOOL ARTIST: A COURTESAN RECLINING ON A BOLSTER

A delicate portrait of a reclining courtesan, showcasing the psychological presence and technical precision of the late-Mughal and early Company School traditions.

INDIA, AGRA, CIRCA 1818

A PIETRA DURA INLAID MARBLE SLAB COLLECTED BY MAJOR POWNOLL PHIPPS (1780-1858), THE SUPERINTENDENT OF THE TAJ MAHAL AND ITS REPAIRS, IN 1818

An extraordinary relic collected from an underground passage (souterrain) at the Taj Mahal in 1818 by Major Pownoll Phipps, the superintendent of its repairs.

Indian Miniature Paintings: The Punjab Hills

Moving away from formal royal portraits, hill ateliers like Chamba and Kangra are generating considerable attention from collectors. Highly attractive to both traditional and modern collectors, Pahari paintings feature bold colours, themes of poetic romance and luxury textures.

Among the works coming to auction on 09 December are two striking examples of Pahari painting:

INDIA, PUNJAB HILLS, KANGRA, CIRCA 1820

AN ILLUSTRATED FOLIO FROM A RAMAYANA SERIES: INDRA VISITS SITA IN RAVANA'S GARDEN

A theatrical masterpiece centring a graceful Princess Sita against a backdrop of distorted demonesses inside Ravana's starlit garden palace.

INDIA, PUNJAB HILLS, NURPUR, CIRCA 1800

TWO MEN CONVERSING, A LADY AT A WINDOW BEYOND A LAKE

Indian Miniature Paintings: Rajasthan

Rajasthani miniature paintings are celebrated for their extraordinary detail, often painted with tiny, single-hair brushes and natural colours. These traditional materials have helped preserve the vivid appearance of historic works for centuries.

The market is attracting a new wave of wealthy collectors who recognise these paintings as highly valuable examples of traditional Indian art, as well as works that helped shape the appearance of modern Indian painting.

Highlights from our 09 December sale include:

SIGNED AND DATED, AMBAVA 1845, INDIA, RAJASTHAN, MEWAR

A PORTRAIT OF MAHARANA SARUP SINGH RECEIVING RAOS LAXMAN SINGH AND BAKHT SINGH

This momentous meeting between Maharana Swarup Singh and two noblemen of his kingdom in 1845 has been well recorded by the artist Ambava, an important Mewar artist working in the studio of Tara, Swarup Singh's eminent artist at Udaipur.

INDIA, RAJASTHAN, KISHINGARH, CIRCA 1800

NAWAB ASHRAF KHAN ON HORSEBACK OUT HAWKING WITH HIS ATTENDANTS

A painting depicting Nawab Ashraf Khan on horseback, out hawking with his attendants.

INDIA, RAJASTHAN, AMBER, CIRCA 1680

A GROUP OF SEVEN RAGAMALA PAINTINGS

A charming group of seven Ragamala paintings, including Hindol Raga, Malkos Raga, Vasant Ragini, Desvarati Ragini, Vasant Ragi, Nat Ragini and Bairadi Ragini.

Exploring Indian Art at Asian Art in London

Further examples of these artistic traditions can be enjoyed during Asian Art in London, where exhibitions and events offer opportunities to explore the breadth of Indian miniature paintings and works of art.

At Rob Dean Fine Art, A Mystical Menagerie features authentic folios from the Shangri Ramayana, classical Pahari portraiture and a dedicated selection of Company School album illustrations. Meanwhile, Francesca Galloway Gallery is displaying a major late-period Deccani masterwork, Prince Sulaiman Jah in Procession (c. 1804, Hyderabad), reflecting the vibrant stylistic transitions of the late Mughal period.

Elsewhere, Runjeet Singh at the Lavery Pavilion is exhibiting A Sea Monster Devouring a Ship, an incredibly rare late-18th-century provincial Mughal painting from Awadh. The work highlights a unique blend of Persian and early European influences in its draftsmanship.

These artistic connections are further explored in Stories of India through Paintings and Weapons, a tour led by Ashley Innes. Discussing Indian Company School paintings, the tour moves between Rob Dean Fine Art and Runjeet Singh at the Lavery Pavilion to analyse perspective and narrative styles in classical Indian miniatures.

Together, these exhibitions reflect the enduring appeal of Indian painting traditions, from the precision of Mughal miniatures to the expressive storytelling of Pahari and Company School works.

Our forthcoming Islamic & Indian Art sale on 09 December 2026 offers collectors an opportunity to explore these traditions through a selection of Indian miniature paintings and works of art.

Department

Islamic & Indian Art

Specialist

Neil Graham

Associate Specialist, Islamic & Indian Art