Despite its almost 20-year presence in the country through its Mumbai office, auction house Christie’s has never had a sale on Indian soil. But this track record is set to change in December 2013, as Christie’s will be the first, and, at present, the only international auction house to hold a sale in India.
According to the press release issued on July 16, the decision to hold auctions at this time is a reflection of the strong momentum in the domestic art marketplace, the increased international appeal of Indian art, and the growing participation of Indian collectors across international sale categories. The move to host their inaugural auction in Indian Territory also stems from their strong sales over the first six months of 2013, which attracted bidders from 128 countries, 10 percent of whom were new clients. “Christie’s realized worldwide sales of £2.4 billion ($3.68 billion) during the first six months of 2013 and was able to see 422 works about #1 million and 34 above $10 million,” the press release said.
Steven Murphy, CEO at Christie’s, feels that this new decision is an extension of Christie’s strategy of serving both new and existing clients. “We are building on our continuing leadership in auction as we expand into China and India, as well as on the Internet, as we continue to connect with new collectors who hold an already established desire for art,” he said. “Our inaugural Mumbai sale reinforces Christie’s longstanding commitment to the artistic and cultural heritage of India. We are honored to play a part in the further development of the domestic and international Indian art marketplace.”
Currently the first international fine art auction company to be granted a license to operate independently in mainland China, Christie’s has announced its inaugural Shanghai-based sale slated for September 2013.