Art market boom in India, China boosts Christie’s sales

July 18th, 2008 - 1:03 pm ICT by IANS  

By Venkata Vemuri
London, July 18 (IANS) Auction house Christie’s says it has recorded a 63 percent growth entirely due to the emergence of Indian and Chinese buyers of both their own art and western art. Christie’s total worldwide sales in the first half of this year amounted to 1.8 billion pounds ($3.6 billion), a rise of 10 percent on the same period last year. That includes both auction sales and private treaty sales. It sold 457 works for more than half a million pounds each, compared with 430 sold in the same period last year.

Europe and Britain comprised 837 million pounds in sales, and the US 631 million pounds, Asia and the Middle East contributed 179 million pounds, and Dubai - reported separately - contributed 20 million pounds, according to the Financial Times.

Artist records were established, including for 38 Japanese artists, 10 Indian artists, eight Chinese artists and 11 Korean artists.

Ed Dolman, the chief executive of Christie’s, said in a statement: “Christie’s robust results for the first half of 2008 reflect the ongoing strength of the international art market… Christie’s extensive international network has introduced an increasing number of buyers to the international art market from growth markets including Russia and the CIS States, the Middle East, India and China.”

Asian art that went under the hammer at Christie’s in this period is worth around 139 million pounds, making it the third biggest sales category after Impressionist and modern art worth 497 million pounds and Post-war and contemporary art worth 408 million pounds.

According to artdaily.org, the auction of South Asian Modern/Contemporary Art realised 5.4 million pounds, the highest total for the category in London. The auction saw 12 artist records broken with Francis Newton Souza’s “Birth” (1955) selling for 1.3 million pounds setting a record price for an Indian modern and contemporary work of art sold at auction, and becoming the most expensive lot ever sold at Christie’s South Kensington gallery.

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