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Christie’s Auction Signals India’s Rising Art Wealth Worldwide
Christie’s held an auction of modern and contemporary art from South Asia.
The sale took place in New York and included 112 artworks.
Together, the artworks sold for $22.57 million.
Every artwork found a buyer, and eight sales set world records.
A painting by Francis Newton Souza sold for the highest price, at $2.30 million.
Many bidders came from India and other places where South Asian communities live.
Christie’s said India’s growing wealth is helping more people buy art.
The auction house also said today’s collectors study artists more carefully than some earlier buyers.
However, one specialist said nobody can know for sure whether the strong market will continue.
Christie’s South Asian Modern & Contemporary Art auction in New York raised $22.57 million from 112 lots.
All works sold, and eight world records were set during the auction.
Francis Newton Souza’s Woman with Lamp led the sale at $2.30 million, nearly six times its low estimate.
Bidders participated from India, the Gulf, the United States and Thailand, reflecting a broad South Asian collector base.
Christie’s specialists said Indian art is at an all-time high, supported by wealth creation and increasingly informed collectors.
- Who
- Christie’s, South Asian artists, and collectors from India, the Gulf, the United States and Thailand.
- What
- A Christie’s auction of South Asian Modern & Contemporary Art raised $22.57 million and set eight world records.
- Where
- New York, with previews also held in London and Mumbai.
- When
- The auction was held on Wednesday the 16th; the article does not specify the month or year.
- Why
- The sale reflected strong demand for South Asian art, which Christie’s linked to wealth creation and a more informed collector base.
Key facts
- Auction house
- Christie’s
- Sale
- South Asian Modern & Contemporary Art
- Lots offered
- 112
- Total raised
- $22.57 million (£16.85 million)
- Sale result
- Every artwork sold
- World records
- Eight
- Top result
- Francis Newton Souza’s Woman with Lamp sold for $2.30 million (£1.72 million)
- Main bidding locations
- India, the Gulf, the United States and Thailand
Quotes
Damian Vessey
Christie’s international specialist and director for South Asian Modern & Contemporary Art
“Today’s auction continues the momentum we have built over our previous sales and exhibitions around the world this spring and summer. It was an honour to bring such strong works to the market, many of which have not been seen in public before, and to find them wonderful new homes.”
easterneye.biz
“Wealth creation in India had put India in a particularly strong position. It’s all very well having a lot of wealth creation, but you need people to be engaged in the art as well, which they are.”
easterneye.biz
Sources
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