Barron’s Penta sees inevitable value in Modern and Contemporary Indian art based upon the differential growth in their markets. From the chart above, using data provided by Artnet, Barron’s sees plenty of room for Indian art to catch up even presuming the Chinese market cools. But the investment magazine does point to important differences between the two markets:

China has an avid museum-attending public; India does not. The Chinese value art as a storer of wealth; Indians prefer gold jewelry. China has a large number of domestic collectors, while buyers of modern Indian art are largely foreigners and the sophisticated Indian diaspora living in the West.

Contemporary Indian Art: Fine Works at Good Prices  (Barron’s)