India and its booming art world is one of the most prominent examples of recent developments in the global art scene and its shifting financial and cultural hubs. This article first addresses the notion of decentralization of the contemporary art world by providing a brief insight into the recent shift of the art market from “West” to “East” and by introducing the term “art world” as an art-sociological concept that seems particularly appropriate for tackling both the globalization and the medialization of contemporary art worlds. This is followed by a brief description of the rise and fall of the Bodhi Art galleries as an exemplary introduction to one of India’s prime art-world players. The contemporary Indian art world is then portrayed as a new subsystem of Indian society, the focus being on the structural changes that have occurred during the last twenty years. The role of the media is singled out as one of the most prominent influences on the changes within the Indian art world, concluding that the relevance of the examination of contemporary art and medialization as exemplified by the Indian art world cannot be overemphasized.