Quartz has some more details on the Indian art market. Specifically, Quartz points out that Sotheby’s new initiative poises it to gain ground on international hybrid online/live auction house Saffronart and local firm AstaGuru. Christie’s has pulled back from its sales in India as part of the new CEOs re-alignment of costs. Nonetheless, both Christie’s and Sotheby’s have been able to maintain significant market share (above) in the Indian art market through their New York and London sales.
Sotheby’s Mumbai sale has advantages as well as limitations:
The live auction, which will include items specially curated for Indian collectors, is a step forward for the country’s art market. Valued at Rs1,460 crore (around $219 million) in 2017, according to a recent KPMG-FICCI report , this market declined 6% year-on-year following demonetisation and the launch of the goods and services tax (GST). Under the latter, many artworks now fall under the 12% tax bracket, making them more expensive than before.