‘We will rethink what Mumbai needs’: Jaya Asokan

Ten months after Art Mumbai debuted at the Mahalaxmi Race Course — with a unique curation that blended art and the city’s brand of glamour and entertainment — the long-standing India Art Fair (IAF) in New Delhi announced it would be heading to the Maximum City, too, but in 2025. To be hosted at the Jio World Garden from November 13-15, IAF Contemporary, organisers said, would focus on “contemporary art and collectible design”.

Expectedly, the buzz leading up to the second edition of Art Mumbai, which concluded on November 17, was laced with discussions about the new addition to the art calendar, and if it is fair to have two art fairs at the same time. This has been reported in The Hindu Magazine.

But there has been a recent development. IAF’s director Jaya Asokan has confirmed that they are cancelling the Mumbai fair and will be pivoting in a new direction. Edited excerpts from an interview:

Fair director Jaya Asokan

Why has IAF Contemporary been cancelled?

What we had announced to do in Mumbai [at the Jio World Garden in November 2025] is a standard global practice: to have multiple fairs at the same time. It happens at Frieze in London, in Hong Kong in March — there are about five fairs that happen at the same time. We were going for a similar format in India. The idea was that collectors coming into the country could access different fairs at the same time.

However, we have now decided to pivot and really rethink what Mumbai needs and what we want to do there. Hence, this decision.

What are your plans for this project going forward?

India Art Fair’s commitment remains to prioritise the needs of galleries and artists from the region, and continue to lead the way in supporting the growth of the South Asian arts ecosystem. We believe the best way to do this is to work on developing meaningful initiatives in collaboration with local cultural institutions to complement existing programming, and strengthen the market in Delhi, Mumbai and across India.

What factors had led you to feel confident about mounting a fair dedicated to contemporary and collectible art, especially given that modern art continues to reign at art markets, fairs and auctions?

There are no boundaries between creative fields, and artists of all kinds have always been in conversation to broaden their practices and generate new ideas. The inaugural collectible design section at India Art Fair is built upon this concept, and seeks to open our definitions of culture and creativity to promote even greater cross-pollination among creative disciplines and increase our offering to collectors.

From where you stand, what have been the most positive movements in the Indian art market in the last year?

The Indian art market continued its strong performance in 2024, building on the success of previous years. This year, the market witnessed a significant boost, with sales by the top 50 artists reaching ₹301 crore, marking a 19% increase from 2023. This growth has driven a rise in demand for art as an investment, fuelled by India’s economic strength and increased disposable income among buyers.

What are your predictions for Indian art in the local, regional and global market in the next five years?

South Asian art and culture are being recognised on an international level in an unprecedented way, and our incredible crop of artists and creatives are finally getting their due attention. In no small way, this international boom has been due to the commitment of grassroots organisations, institutions and galleries in India, who have been creating the space for the talent in the region to flourish. As India Art Fair, we are proud to have been leaders in this process, collaborating across the field and serving as the meeting ground for artists, institutions and cultural leaders.

The writer is an independent journalist based in Mumbai, writing on culture, lifestyle and technology.