Owing to India’s bankable art growth, Sotheby’s gears up to make it count
The world’s oldest and one of the largest auction houses Sotheby’s, will be organizing its first event in India after a long wait. The auction is going to be launched under the banner of “Boundless India”, at Mumbai’s Taj Mahal Palace hotel on 29th November.
Many art collectors from all over the world are looking forward to finding a wide range of artworks there. The event is not only about paintings, photographs and sculptures. It will also include illustrations that will keep the guests engaged with the art-affair.
Talking about the upcoming event, the MD of Sotheby’s India, Gaurav Bhatia said, “In recent years, we’ve witnessed the ever-growing presence of Indian collectors in Sotheby’s global auctions, and now the time is right to bring our auctions directly to their doorsteps.”
“However, this sale is just as much about engaging with a new demographic of art enthusiasts as with those seasoned collectors we know so well. There are so many possibilities in the Indian market and great potential. We are looking forward to November,” he added.
There is no doubt about the art market in India, which is coming to its own. Quite a few auctioneers have started to shift their focus towards the South Asian giant. According to Art Tactic, the South Asian art market was up by 13 per cent in 2017, while the art market sales totalled up to $223 million.
One of the main factors behind the unprecedented growth is that of global investors, who are beginning to look towards the east for buying artworks. The renewed interest in the art market of this part of the world is only increasing with time.
At this juncture, international auction houses are some of the biggest players in the business. However, there is a lot of room for improvement. Going forward, the focus will be on adding to the advantage for a successful expansion and noteworthy results.