Indian client base rose four-fold in last 10 years: Christie's

Following a four-fold rise in client base from India and enthused by a 9% increase in global sales for the first six months of 2013, international auction house Christie's has announced maiden sales of Indian art here in December.

The development decribed by the 247-year-old auction house as a 'major milestone' comes 20 years after it set up office in Mumbai in 1994.

Preceeding the year-end Mumbai sales, Christie's would also hold sales in Shangai in September 2013, thus becoming the first global auctioneer to operate independantly in China.

'Over the past ten years Christie's Indian client base has increased four-fold and Indian clients have shown interest in a diverse range of collecting categories. This is in addition to continuing to buy art from India,' Menaka Kumari Shah, Director, Country head, India told PTI over email.

'It has long been our wish to hold sales in India but we have taken the time to ensure we fully understand what buyers within India are looking for and have all of the necessary licenses to operate,' Menaka said.

Till date Christie's had been conducting international sales of Indian Art in New York and London and an auction in Mumbai is expected to give the auction house easy access to collectors based in India.

'The art market is expanding at all levels. The first half of this year saw Christie's hold the most successful art auction in history with the $495 million sale of Post War and Contemporary Art, while also seeing that 45% of all buyers at our e-commerce auctions were entirely new clients' Steven P Murphy, CEO, Christie's said in a statement.

According to figures released by Christie's a total of 2.4 billion pounds ($3.6 billion) worth of artwork were sold in the first half of 2013, which is an increase of nine% on the equivalent period last year.

In 2012 Christie's had a market share of 58% in South Asian Art establishing itself as a market leader against main and Indian competitors.

'India remains a growth market and our experience in other parts of the world where the art market is in its relative infancy, for example the Middle East, is that the marketplace needs to work together, collaboratively to provide the best environment for artists and collectors to meet and share their interest and passions' Maneka said.

For Christie's India represents a growing market and Indian collectors and Indian art continue to represent a significant part of business, which it 'can only see increasing in the coming years.'

'We believe India is a dynamic growth market with great potential, and wish to connect it with Christie's activities around the world. Indian collectors and Indian art will increasingly become a significant contribution to the future growth of Christie's internationally,' Maneka said.