Works of national treasures cannot by law be taken outside the country and when sold must remain in India.
The selection of the 83 works focusing on modern and contemporary Indian art is set to go under the hammer in Mumbai on December 19. Previews of select artworks from the sale are set to be held in for three days in Mumbai starting December 17 and between December 7-9 here.
The decision to hold auction now is a reflection of the strong momentum in the marketplace, increased international appeal of Indian art and the growing participation of Indian collectors across international sale categories, said the auctioneers.
Christie's, has had a presence in India for almost 20 years but are holding their sale this year, marking the 12th auction room in the world. The auctioneers have had auctions in New York and London among other places across the world.
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Also on offer in the upcoming sale are a total of 50 works from the collection of the Mumbai gallery owners, the late Kekoo and Korshed Gandhy.
"Mahisasura", an acrylic on canvas by Tyeb Mehta is the top lot of the sale with an estimate of Rs 7.5 crore Rs 9. 5 crore (USD 1.2 million to USD 1.5 million estimate.)