Leading auction house Christie's has seen its business grow at a faster clip in India since its first sales in December 2013.
Its auction figures grew at a whopping 23 per cent in dollar terms to USD 15.3 million or 32 per cent in pounds at 10 million in 2015.
The India show was led by abstract master Vasudeo S Gaitonde's untitled oil on canvas, painted in 1995, which fetched Rs 29.3 crore at December 15, 2015 auction here.
Globally its sales in 2015 declined 5 per cent to 4.8 billion pounds or USD 7.4 billion from 2014, it said in a note, adding this is the second highest sales in the company's history.
"Last year saw continued strength in the art market and showed that there is breadth of demand across geographies, categories and price ranges. Amidst an increasingly challenging global financial environment we are in a strong position to adapt to the marketplace and well equipped to service the new, broader, geographically diverse audience for art," chief executive Patricia Barbizet said.
Asia sales rose 2 per cent to 525.6 million pounds (USD 806.2 million, down 4 per cent) with several sales beating their high estimates including The Feng Wen Tang Collection of Chinese paintings in Hong Kong which more than tripled its high sale estimate, it said. Hong Kong saw a 5 per cent rise. Christie's continued to attract new collectors in China, with a 5 per cent increase in buyers.
Overall spend from Asian buyers, including China, increased by 15 per cent, with contribution to global sales increasing to 30 per cent in 2015. Asian buyers increased by 7 per cent, making up 18 per cent of global buyers across Christie's.
Japan and Singapore also attracted significant numbers of buyers, increasing 12 per cent and 14 per cent respectively from 2014.
"It is also encouraging that new buyers represent 30 per cent of our total buyer base, coming to us through our curated auctions, various categories as well as digital sales. As we begin our 250th year, Christie's will continue to celebrate our heritage and, with innovation and expertise at the heart of our business, continue to lead the industry," Barbizet added.
