In 1997, the artist achieved a new high in the auction market with the sale of Kamal Manas (1920), offered in the The Intuitive-Logic II: Modern & Contemporary Indian Paintings, Drawings, Graphics, Sculpture & Tapestry by HEART, which concluded on 15 November 1997 at Mumbai, achieving a sale price of ₹9,50,000 ($25,857). This record marked a defining moment in the artist's market history, reflecting both the significance of the artwork and its reception within the broader art world.

In 2004, the artist achieved a new high in the auction market with the sale of Woman Before Mirror (1920), offered in the The Masterpieces & Museum Quality Series: Indian Contemporary Art – Books, Paintings & Sculpture by Osian's, which concluded on 15 October 2004 at New Delhi, achieving a sale price of ₹25,31,068 ($55,191). This record marked a defining moment in the artist's market history, reflecting both the significance of the artwork and its reception within the broader art world.

In 2005, the artist achieved a new high in the auction market with the sale of After the Bath (1925), offered in the Masterpieces and Museum Quality Series: Indian Contemporary Art by Osian's, which concluded on 02 December 2005 at Mumbai, achieving a sale price of ₹32,20,000 ($69,817.87). This record marked a defining moment in the artist's market history, reflecting both the significance of the artwork and its reception within the broader art world.

In 2025, the artist achieved a new high in the auction market with the sale of Untitled (1928), offered in the 25th Anniversary Sale by Saffronart, which concluded on 02 April 2025 at Mumbai, achieving a sale price of ₹5,04,00,000 ($592,941). This record marked a defining moment in the artist's market history, reflecting both the significance of the artwork and its reception within the broader art world.

In socially conservative Bengal in the 1920s, it is hard to gauge people’s true feelings about Mazumdar. As his images were disused in Bengali journals, his readership could not have taken a guilty pleasure in looking at them. Classical nudes, occurring on the pages of the same journals since the early twentieth century, did not hold the same shocked fascination because of their cultural distance. Then there were the Bengal School’s mannered, voluptuous semi-nudes. The disturbing power of Mazumdar’s women lay in their palpability and immediacy; his subject a young Bengali woman enacting an everyday village scene of returning home after her daily bath… In short, the beholder experienced the frisson of spying on a ‘respectable’ housewife, the proverbial girl next door. The artist’s tantalizing silence about the identity of the model heightened the mystery surrounding her.

In 2016, the artist achieved a new high in the auction market with the sale of Untitled (1935), offered in the The India Sale: South Asian Modern and Contemporary Art by Christie's, which concluded on 18 December 2016 at Mumbai, achieving a sale price of ₹1,05,25,000 ($155,405.15). This record marked a defining moment in the artist's market history, reflecting both the significance of the artwork and its reception within the broader art world.

In 2019, the artist achieved a new high in the auction market with the sale of Untitled (Woman in Moonlight) (1935), offered in the South Asian Modern + Contemporary Art by Christie's, which concluded on 20 March 2019 at New York, achieving a sale price of ₹1,20,50,570 ($175,000). This record marked a defining moment in the artist's market history, reflecting both the significance of the artwork and its reception within the broader art world.

Mazumdar’s educational environment was heavily framed by the curriculum of European art academies or ‘academic art’ which were focussed on both a formalised rendering of the human body and an incisive study of socio-cultural realism. Art historian Geeta Kapur records that the emphasis in these curriculum on life-drawing, expressed through sketches and paintings, “formed the academic criteria for and against which subsequent movements in Indian art developed”. The formalism of academic art has undergone, over the decades, fierce critique from artists, art critics and art historians for espousing a romantic and glossedover myth on everyday life divorced from the true grit of the human condition. However, in the second half of the twentieth century, academic art found a new lease through theoretical reconsideration of everyday life. Art was critically apprised outside of the normative formalist/ modernist paradigm and located within daily ritualised/realist values of perspective. Academic art was reframed as a potential site of production and circulation of meanings. Where art history and criticism was unkind, art theory and cultural studies embraced. This provides the entry point for the contemporary appreciation of Mazumdar who like many artists of his period were not mere passive purveyors but critical respondents to the received formalism.

In socially conservative Bengal in the 1920s, it is hard to gauge people’s true feelings about Mazumdar. As his images were disuse in Bengali journals, his readership could not have taken a guilty pleasure in looking at them. Classical nudes, occurring on the pages of the same journals since the early twentieth century, did not hold the same shocked fascination because of their cultural distance. Then there were the Bengal School’s mannered, voluptuous semi nudes. The disturbing power of Mazumdar’s women lay in their palpability and immediacy; his subject a young Bengali woman enacting an everyday village scene of returning home after her daily bath… In short, the beholder experienced the frisson of spying on a ‘respectable’ housewife, the proverbial girl next door. The artist’s tantalizing silence about the identity of the model heightened the mystery surrounding her.

In 2021, the artist achieved a new high in the auction market with the sale of Untitled (1940), offered in the Modern Indian Art by Asta Guru, which concluded on 31 March 2021 at Online, achieving a sale price of ₹2,40,26,196 ($326,866.12). This record marked a defining moment in the artist's market history, reflecting both the significance of the artwork and its reception within the broader art world.

In 2022, the artist achieved a new high in the auction market with the sale of Untitled (Radha and Krishna) (1940), offered in the Historic Masterpieces by Asta Guru, which concluded on 28 December 2022 at Online, achieving a sale price of ₹3,69,76,907 ($445,943.86). This record marked a defining moment in the artist's market history, reflecting both the significance of the artwork and its reception within the broader art world.

On 09 October 1992, Hemendranath Mazumdar made their debut in the Indian public auction market when Woman in a Sari was presented as Lot 130 in Indian European and Oriental Paintings and Works of Art, conducted by Sotheby's in New Delhi, India. This auction marked the artist's first recorded appearance in the public auction market, establishing the earliest chapter of their auction history.