Mallika Sagar: How Indian Art Became A Wealth Game For The Ultra-Rich

A painting sells for ₹100 crore. But how does that number actually happen? In this conversation with Mallika Saagar, India’s top art auctioneer, we demystify the Indian art market from how artworks move from artists to galleries, to how they enter auctions, to what really happens when collectors start bidding against each other. Mallika breaks down the difference between the primary and secondary art market, how auction houses work, what buyer’s premium means, why the hammer price is not the final price, and how terms like reserve price, provenance, rarity, medium, condition, and quality shape the value of Indian paintings. The conversation also goes deeper into the psychology of auctions: why people overbid, why some collectors hide their bids, why bidding can become emotional, and why patience matters if you’re looking at art as an investment. For anyone curious about Indian art, art auctions, collecting, luxury markets, or alternative asset classes, this episode is a sharp introduction to a world that is growing fast but still widely misunderstood. This episode covers: →How artworks move from artists to galleries to collectors →What happens inside a live art auction →Primary market vs secondary market in art →Buyer’s premium, GST, hammer price, and hidden costs →Reserve price, estimates, and how bidding starts →How provenance, rarity, medium, and condition affect value →Why collectors sometimes overbid or hide their bids →The psychology, ego, and adrenaline behind auctions →Indian art as an investment and asset class →How India’s art market compares with global markets 00:00 – Trailer 02:47 – How the Art Market Works 05:55 – What Really Happens Inside an Auction 08:41 – How First-Time Buyers Enter an Auction 12:02 – The Hidden Psychology of Bidding 13:52 – Online, Phone, Room & Absentee Bids 16:37 – Buyer’s Premium and the Real Cost of Buying Art 20:14 – How Artworks Are Valued 26:51 – How to Know the Right Price 30:09 – Understanding Art Mediums and Value 35:38 – Why Auctions Push Prices Higher 40:19 – The Rise, Crash and Recovery of Indian Art 43:45 – Luxury Real Estate and the New Indian Art Buyer 46:55 – India vs the Global Art Market 54:03 – The Gaitonde Story and 1000x Art Returns 57:23 – Is the Indian Art Market Becoming Frothy? 1:04:59 – How New Collectors Should Choose Art 1:09:44 – Art as Passion and Investment 1:11:04 – Is This a Good Time to Buy Art? 1:15:45 – Fakes, Provenance and Auction House Due Diligence 1:26:40 – Mallika’s First Auction and Becoming an Auctioneer 1:32:10 – The Pressure of Conducting a ₹100 Crore Auction Listen To The Full Episode On Spotify⤵︎ https://open.spotify.com/episode/4pmX... Follow Guest On Instagram ⤵︎ https://www.instagram.com/mallikasaga... Subscribe To Our Podcast Channel:    / @thesecretsauce_pod   Listen To The Secret Sauce Podcast: Follow The Secret Sauce Podcast On Instagram ⤵︎   / thesecretsauce_pod   About The Secret Sauce Podcast The Podcast brings together world-class minds to decode what drives better health, performance, and decision-making in the modern world. Hosted by Oscar-nominated filmmaker and entrepreneur Mukul Deora, the podcast features thoughtful conversations with experts and practitioners who will sharpen the way you think, live, and lead. To Know More, Follow Mukul Deora On ⤵︎ Instagram:   / mukul.deora   LinkedIn:   / mukul-deora   ⚠️ Disclaimer: The views and information shared in this episode are for general insight and reflection only; although provided by a licensed practicing medical professional, they do not constitute medical advice, diagnosis, or treatment, as patient symptoms and treatment needs are highly individual. Always seek the guidance of a qualified medical professional before making any decisions that may affect your health or well-being.