Mumbai, 10 December 2013, Art Media Agency (AMA).
Christie’s is to hold its first art auction in India on 19 December in Mumbai.
The sale is to follow the success of its first auction in China, which took place on 26 September in Shanghai and totalled $25 million. Paul Hewitt, who leads Christie’s Growth Markets division, has explained: “We’ve made significant progress in China over the last year so (we were) almost conspicuous by our absence of doing something in India.”
The art market in India has been steadily growing over the past few years, before taking a hit after the global financial crisis. In November, market analysts Art Tactic released a report stating that confidence in Indian modern art was increasing.
The 19 December auction, focusing on “South Asian Art”, is hoped to achieve sales of between $6 and 8 million. The major lot is the 1994 painting Mahishasura by the celebrated Modernist artist Tyeb Mehta, estimated to fetch between $1.2 and 1.8 million.