International auctioneer Christie’s is spreading into one more big market. After scheduled auction in China this fall, the London-based auction house announced that it will hold its first ever sale in India this December. Christie’s, which has had an office in financial hub Mumbai for two decades, will stage sale as it seeks to capitalise on the country’s expanding art scene.
The growing importance of India in the global art market is reflected in the presence of a vibrant domestic art marketplace, the increased international appeal of Indian art, and, most important, the buying power of art collectors here that has attracted the auctioneer.
Christie’s is the market leader with a 50.1 per cent share of the Indian art auction sales last year. Steven Murphy, Christie’s chief executive said its own base of Indian clients has increased four-fold over the past decade, so he thinks the country is ready for a major auction house to step in.
