Using a critical cultural politics approach and deploying the concept of sentimental capitalism, this article problematizes the burgeoning creative economy discourse while analyzing spaces of art and heritage production in Ahmedabad, India. I situate the Cotton Exchange exhibit (April 2013) in an erstwhile mill in recent histories of mill closures, genocide, creative economy initiatives and development aspirations of revitalizing degraded space. I argue that in remaking place, art mobilizes sentiments—here, nostalgia and hope—while erasing violence and inequality. Sentimental capitalism is at work in the exhibition by mobilizing artisans as entrepreneurial agents not victims of capitalism; constructing art's aura of grassroots participation and artisanal empowerment while obscuring displacement and exploitation; and fostering cult‐like regard for art's intrinsic and instrumental value as non‐profit and its capacity to engender opportunity, recognition, and even property. While another spatial politics is possible, in Ahmedabad today, art is being mobilized to obscure dispossession and exploitation in the name of urban revitalization and heritage production.