(adsbygoogle = window.adsbygoogle || []).push({});
In an apt tribute to the Indian modernist who would have celebrated his 100th birth anniversary this year, ‘The Lovers’, a visual representation of a tender moment between two lovers, fetched $4,890,000 ( ₹40 crore-plus, including buyer’s premium), a new record for the artist.
Guillaume Cerutti, chief executive officer (CEO) of Christie’s, said the Indian art market is evolving rapidly, and the auction house has sharpened its focus on the South Asian nation.
Also read | Villa companies set to greet a happy holiday season on uptick in Christmas, New Year travel
There has been a 64% increase in bidders from India between 2019 and 2023, reflecting a growing domestic interest and an influx of younger collectors, particularly millennials. International demand is also on the rise, with a 37% increase in participation from clients in the Americas. Additionally, a small but growing number of Chinese and other Asian collectors are beginning to recognize the potential of Indian modern and contemporary art, he added.
Christie’s said that the Indian, Himalayan and South-East Asian market has become the most important region for it in Asia after mainland China when it came to art sales and collection this year. The company, which has had a presence in India for three decades, has seen a particularly strong growth in all categories in 2024, including Indian classic, modern or contemporary art, the CEO said at a virtual press conference held today.
“Sales for these Indian art pieces, being held in New York, is a great opportunity for Indian collectors from around the world to engage with the works. It was particularly robust this year when it came to Indian art. We did $30 million for modern and contemporary south Asian art,” Cerutti said.
“The Indian market, modern and contemporary, is one of the most exciting we’ve seen over the last few years. We are at the beginning of growth here. In 2024, the total auction and private sales for Indian arts has grown by 23%. This is worth notice. We sold the beautiful F.N. Souza for almost $5 million, which is a record-breaking number,” said Cerutti.
Also read | Companies queue up to advertise with youngest-ever world chess champion Gukesh
Key artists who are in demand and have seen significant appreciation include masters such as Souza, M.F. Husain and S.H. Raza. For instance, Souza’s average lot value has soared by 65% from 2019 to 2023, with the number of bidders per lot nearly doubling, Cerutti said.
He added that for Indian collectors, a lot of attention right now is on historical objects, classic, modern and contemporary art. “We do see an increase in India of new buyers of 25%,” he said. The total sales for 2024 was $5.7 billion across South-East Asia art.
Overall global market is still a challenge
Cerutti said that the overall global art market has been in a challenging period of time over the last year. “The macro environment plays a role in the performance. The art market works with the rule of the ‘macro, money and mood.’ The macro environment, political and economic, plays a major role, of course, and the slowdown we have seen over the last two years, resulted from the macro environment for a good part,” he added.
The art market also saw an impact coming from restrictions on credit and currencies across the world and in Asia particularly, which played a role in hurting demand, he added. “What we have seen in the last month or so is that while the macroenvironment remains challenging, the mood was better,” he said.
Also read | Goa tourism may not be impacted this winter, despite high hotel room rates, expensive cabs
“We believe that the bottom of the market is behind us, and what we’ve seen in the fall is the sign of the recovery and a better year in 2025,” he said.
(adsbygoogle = window.adsbygoogle || []).push({});