India’s art market is increasingly gaining traction. Yet the regulatory framework governing trading in artwork and access to art markets remains underdeveloped. The Supreme Court of India’s decision in Osian’s Connoisseurs of Art v. SEBI established that pooled investment in artworks can constitute a Collective Investment Scheme (“CIS”). However, the CIS regime has had limited success in making art accessible as an asset class to a broader investor base. This paper examines the resulting gap. Against the backdrop of commercialisation of art, the paper first examines the prevalent business models used for fractional ownership before analysing Indian securities regulation, tax law, property law, art and cultural laws. The paper argues that the present fragmented regime is inadequate for a functional fractional ownership platform in art. It draws on India’s real estate and bullion regulations while drawing comparisons from the United States, South Korea, and the European Union. The paper proposes a ‘Small and Medium Art Investment Trust’ (“SM AIT”) framework built around single-artwork special purpose vehicles, regulated investment managers, exchange-listed units, independent authentication and valuation, securities-grade disclosure, business-trust taxation, and compliance with art laws. The framework seeks to convert art from a legally recognised investment concept into a regulated and scalable investment product.