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Auction House Christie's to discontinue its annual India sale in surprise move

In December 2013, Christie's first annual sale in India had broken all records

Christie's
William Robinson selling Vasudeo S. Gaitonde’s (1924-2001), Untitled for Rs 29,30,25,000 during Christie's Inidia Sale in December 2015
Avantika Bhuyan
Last Updated : Mar 11 2017 | 2:36 PM IST
Auction house Christie’s has announced that it will be discontinuing its annual sales in India in what can only be called a surprise move. 

In December 2013, Christie’s first annual sale in India broke all records. Not only did it double its pre-sale expectations by totalling Rs 96,59,37,500 but also set a new record for Vasudeo S Gaitonde, whose Untitled, a work from 1979, sold for Rs 23.7 crores, against a pre-sale estimate of Rs 6.50 crore to 8.50 crore. This was the highest price ever paid in India for a modern work of art and a world auction record for any work by the artist. The occasion also made Christie’s the only international auction house to hold annual sales in India. Since then, every India sale witnessed new records being set and new segments being added. For instance, in 2015, Gaitonde once again soared above his pre-sale estimate to sell for Rs 29.3 crore, breaking the previous world auction record for the category set in 2013. The same event saw the auction house extending its repertoire to classical art as well. On each occasion, one heard Christie’s spokespersons reiterate their commitment to the Indian market, and that’s why it comes as a surprise that the auction house shall be discontinuing its annual sales in India. 

Auctions related to Indian modern and contemporary art shall now be held internationally, in London and New York. “We shall continue with client building activity in India. This shall now be a representative office. We shall continue to have exhibitions and previews,” says Sonal Singh, director, Christie’s India. “While we are discontinuing the annual event in India, we will continue with private sales for our patrons,” added Singh.

This announcement was made on Wednesday as part of a broader strategy to consolidate operations around the world. “Ways are being looked (at) as part of which funds that were being invested here could be used in other areas,” said Singh. The trends of the past year have been analysed to identify new focus areas. “For instance, there has has been a 39 per cent increase in buyers from America. So there is a new office opening very soon in Los Angeles to cater to them,” she added. 

Globally, the online space has emerged as an important platform as well, and the auction house will look at growing this key potential area. According to an article in the Financial Times, dated March 9, 2017, although Christie’s sales fell 16 per cent from £4.8 billion in 2015 to £4 billion in 2016, a decrease of 16 per cent, its online-only sales increased 106 per cent to £49.8 million. Hence, more investment is likely to go into online sales in the coming months. 

The curtains are not just down on the annual India sale but also on the sale room in South Kensington, London, which, since 1975, has been selling art and furniture priced at a lower estimate than the ones auctioned at the King Street headquarters. All operations in London are being consolidated into one sales site, informed the Financial Times article. “Having said that, we will continue to look at Indian art and would like to continue to build the momentum, which we have created in the past years,” said Singh.