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Christie's holds first art auction in India Christie's holds first art auction in India
(about 3 hours later)
Christie's is holding its first art auction in India on Thursday, aiming to tap into the budding market for prestige purchasing among the country's fast-growing ranks of millionaires. Christie's is holding its first art auction in India today, aiming to tap into the budding market for prestige purchasing among the country's fast-growing ranks of millionaires.
The inaugural sale of 83 lots in Mumbai features paintings from the private collection of one of India's first families of contemporary art as well as pieces from six of the nine Indian artists deemed "national treasures" whose works cannot leave the country. It is expected to total between £3.6m and £4.8m. The inaugural sale of 83 lots in Mumbai features paintings from the private collection of one of India's first families of contemporary art, as well as pieces from six of the nine Indian artists deemed "national treasures" whose works cannot leave the country. It is expected to total between £3.6m and £4.8m.
Christie's sees the relatively underdeveloped art market in Asia's third-largest economy as fertile ground for growth as part of its international expansion that has included recent auctions in China and the Middle East.Christie's sees the relatively underdeveloped art market in Asia's third-largest economy as fertile ground for growth as part of its international expansion that has included recent auctions in China and the Middle East.
Indian growth overall has been stalling but the number of people worth $1m or more is expanding, fuelling double-digit growth in the luxury market for the past five years. "There is a need for us to be here," said the Christie's auctioneer Jussi Pylkkanen. Indian growth overall has been stalling, but the number of people worth $1m or more is expanding, fuelling double-digit growth in the luxury market for the past five years. "There is a need for us to be here," said Jussi Pylkkanen, president of Christie's Europe.
While China's wealthy have embraced art purchases and now rival the US as the largest market in the world, India's elite have been slower to invest. Last year China and the US accounted for 25% and 33% respectively of the £35.8bn global fine art and antiques market. India did not make the top five, lumped together with "other countries" accounting together for 7%, according to a report by the European Annual Fine Art Foundation. While China's wealthy have embraced art purchases and now rival the US as the largest market in the world, India's elite have been slower to invest. Last year China and the US accounted for 25% and 33% respectively of the £35.8bn global fine art and antiques market. India did not make the top five, lumped together with "other countries", accounting together for 7%, according to a report by the European Annual Fine Art Foundation.
But London-based Christie's expects that will change. India's luxury goods market is forecast to grow by 86% over the next five years, followed by China at 72%, Brazil at 31% and Russia at 28%, according to the research firm Euromonitor. But Christie's in London expects that will change. India's luxury goods market is forecast to grow by 86% over the next five years, followed by China at 72%, Brazil at 31% and Russia at 28%, according to the research firm Euromonitor.
Moving into prestige investments like art is the next natural step in luxury spending, said Euromonitor's Fflur Roberts. "The higher you go up in the scale of wealth, art is becoming increasingly more attractive," Roberts said. "It's an appreciation of art and that luxury of being able to buy art." Moving into prestige investments such as art is the next natural step in luxury spending, said Euromonitor's Fflur Roberts. "The higher you go up in the scale of wealth, art is becoming increasingly more attractive," Roberts said. "It's an appreciation of art and that luxury of being able to buy art."
Rajan Sehgal, who manages private banking for Indian nationals for Credit Suisse, said wealthy Indians increasingly were buying art. "Today, art is a very important and an extremely key investment over the years, much more than real estate in some markets," Sehgal said.Rajan Sehgal, who manages private banking for Indian nationals for Credit Suisse, said wealthy Indians increasingly were buying art. "Today, art is a very important and an extremely key investment over the years, much more than real estate in some markets," Sehgal said.
Indian buyers have been snapping up pieces at Christie's events in London and New York, and the auction house believes the time is ripe to hold its first sale inside India, where it has had a representative office for nearly two decades.Indian buyers have been snapping up pieces at Christie's events in London and New York, and the auction house believes the time is ripe to hold its first sale inside India, where it has had a representative office for nearly two decades.
The inaugural auction includes works from the personal collection of the late Kekoo and Khorshed Gandhy, who owned a Mumbai framing shop turned gallery and were personal friends with many of the giants of the modern art scene. Among their works for sale is a 1991 painting by Tyeb Mehta, expected to fetch around 50m rupees (£490,000) on Thursday. The inaugural auction includes works from the personal collection of the late Kekoo and Khorshed Gandhy, who owned a Mumbai framing shop turned gallery and were personal friends with many of the giants of the modern art scene. Among their works on sale is a 1991 painting by Tyeb Mehta, expected to fetch around 50m rupees (£490,000) on Thursday.
Mehta, a member of the mid-20th-century Bombay progressive artists group, is one of the best-known modern Indian artists. Another of his works under the gavel is expected to sell for more than £730,000.Mehta, a member of the mid-20th-century Bombay progressive artists group, is one of the best-known modern Indian artists. Another of his works under the gavel is expected to sell for more than £730,000.
The auction consists entirely of Indian art, but the auctioneer Pylkkanen, who is also head of Christie's Europe, said the hope was that as India's wealthy began to get a taste for fine art they would also move into buying rare objects from around the world. The auction consists entirely of Indian art, but Pylkkanen, who is acting as auctioneer for the Mumbai sale, said the hope was that as India's wealthy began to get a taste for fine art they would also move into buying rare objects from around the world.
"The market here will be very healthy," he said. "The key thing is whether we can introduce more collectors from the region to art from other parts of the world that Christie's sells.""The market here will be very healthy," he said. "The key thing is whether we can introduce more collectors from the region to art from other parts of the world that Christie's sells."
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