Christie’s inaugural auction in India makes US$15.4 million, doubling presales estimates.
On a pleasant December evening at the Taj Mahal Palace hotel in Mumbai, Christie’s first auction in India totted up an eye-popping Rs96,59,37,500 (USD$15,455,000), doubling pre-sale expectations and selling 98 per cent by lot. Buyers milled from across the globe – from India, Asia, the United States, and Europe, showing an international interest in the Modern Art category, and demonstrating Christie’s prowess and reach. The pre-sale exhibitions in New Delhi and Mumbai of the last two weeks that were a run-up to the auction, attracted visitors and interest from new as well as existing clients. In fact, so great was the turnout, that extra room had to be created for clients on auction day.
And a record was set that evening: Untitled by Vasudeo S Gaitonde, a stunning painting in mustard, amber, and splashes of saffron, sold for an unprecedented Rs23,70,25,000 (US$3.7 million), the highest price that a modern work of art has ever fetched in India, to an anonymous bidder in the States. Next came 52 lots of modernists, including covetable Husains, Razas, and Mehtas, part of the estate Mumbai-based gallerists Kekoo and Khorshed Gandhy, that garnered Rs26,10,70,000 (US$4.1 million), led by Tyeb Mehta’s Falling Figure which sold for Rs9,86,25,000 (USD$3,165,200).
Other works, by ‘national treasures’ (and hence, cannot be exported from India) Rabindranath Tagore, Jamini Roy, and Amrita Sher-Gill were snapped up by Indian institutions for Rs7,70,00,000 (US$1,232,000).
“It has been a true privilege to be in India where we’ve been honoured by the warm welcome. The response to our sale and events has been extraordinary,” said Steven Murphy, chief executive officer, Christie’s. “Holding an auction in India for the first time is the realization of a long held dream for Christie’s. We’re delighted to have welcomed several thousand members of the public and clients over the course of the month. We hope to continue to share the vibrant creativity we have experienced in Mumbai with a global audience, as we grow our operations here in India.”
This maiden auction marks an historic moment for Christie’s, building on a 20-year history in India, and a decade of global market leadership in Modern Indian Art through sales in New York and London.
Text by Priya Kumari Rana