Indian art, the genesis of which can be traced back to prehistoric times, has experienced an evolution of epic proportions through the years. The Indian Fine Art Market, greatly influenced by Modern and Contemporary Art, seems to be ameliorating from the state of tumult it had to witness succeeding the Great Recession. Although India has yet to leave its imprint on the facet of the global art market, it is still among the top four growing art markets in the world. Concurrently, there is also a need for strong legal succour and intervention to ensure smooth and transparent operation of this dynamic art industry and also to provide relief concerning issues and disputes that arise within it. In this paper, the author discusses the multifarious nature of law and its applicability in the Indian art market while simultaneously accentuating the need for stricter Government regulations for a better future of the art industry.