Christie’s made $12m in its second India sale held in country. Perhaps more significant for the sales within India, the top lot was bought by a online bidder from the US for nearly $3m or a quarter of the sale’s value.
Non-Resident Indians are a major factor in the market for Indian Modern and Contemporary art works. Christie’s ability to have its nationalistic cake by holding the sale in Mumbai while still being able to eat it digitally is a sign of the future of the global art market’s mix of regional and international demand.
More from Art Market Monitor
Selling a Masterpiece and Putting a Reproduction in Its Place
Christie’s H1 2013 ~ Private Sales Up 13%
Can Christie’s Build India’s Art Market Alone?
If You Are Looking for a Statement of Christie’s Ambitions, This Is About as Good as It Gets
Christie’s Mumbai Sale = $15.4m
Christie’s Gears Up for Second Auction in India This December
