Global auctioneer Christie’s is set to hold its first auction in Mumbai this December, a move, the London-based auction house indicates is a reflection of the growing participation of Indian collectors in the world art marketplace.

Christie’s has had a presence in India for almost 20 years, through its office in Mumbai.

A total of 2.4 billion pounds (USD 3.6 billion) worth of artwork were sold in the first half of 2013, which is an increase of 9 per cent on the equivalent period last year, reported the auction house in an statement released today.

“The decision to hold auctions at this time is a reflection of the strong momentum in the domestic art marketplace, the increased international appeal of Indian art and the growing participation of Indian collectors across international sale categories,” said the auction house.

Steven P. Murphy, Chief Executive, Christie’s, said, “We are delighted to announce that we will hold auctions in India, allowing Indian collectors domestic access to works of art sourced by Christie’s, international collectors access to the very best of Indian art, and opening channels to our global network and specialist expertise.”

The inaugural auction of contemporary Indian art will take place in Mumbai in December.

“Our inaugural Mumbai sale reinforces Christie’s longstanding commitment to the artistic and cultural heritage of India. We are honoured to play a part in the further development of the domestic and international Indian art marketplace,” he said.

For the first six months of 2013, Christie’s sold 422 works at above $1 million and 34 above $10 million.

The number of clients from Asia increased 15 per cent, representing 23 per cent of all registrations.

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