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CompaniesVaruni Khosla
3 min
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17 Dec 2024,
11:41 PM ISTFN Souza’s artwork was among the top 10 works sold by the gallery this year. (Christie’s)Summary
At a recent Christie’s auction, ‘The Lovers’ by F.N. Souza sold for $4.89 million, setting a record for the artist. The South Asian art market is thriving, with Indian art sales increasing by 23% in 2024 despite challenges.
‘The Lovers’, a Francis Newton Souza artwork that made headlines at an auction of South Asian Modern and Contemporary Art by Christie’s in New York in March, is one of the 10 most expensive paintings sold by the iconic British auction house this year.
In an apt tribute to the Indian modernist who would have celebrated his 100th birth anniversary this year, ‘The Lovers’, a visual representation of a tender moment between two lovers, fetched $4,890,000 ( ₹40 crore-plus, including buyer’s premium), a new record for the artist.
Guillaume Cerutti, chief executive officer (CEO) of Christie’s, said the Indian art market is evolving rapidly, and the auction house has sharpened its focus on the South Asian nation.
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There has been a 64% increase in bidders from India between 2019 and 2023, reflecting a growing domestic interest and an influx of younger collectors, particularly millennials. International demand is also on the rise, with a 37% increase in participation from clients in the Americas. Additionally, a small but growing number of Chinese and other Asian collectors are beginning to recognize the potential of Indian modern and contemporary art, he added.
Christie’s said that the Indian, Himalayan and South-East Asian market has become the most important region for it in Asia after mainland China when it came to art sales and collection this year. The company, which has had a presence in India for three decades, has seen a particularly strong growth in all categories in 2024, including Indian classic, modern or contemporary art, the CEO said at a virtual press conference held today.
“Sales for these Indian art pieces, being held in New York, is a great opportunity for Indian collectors from around the world to engage with the works. It was particularly robust this year when it came to Indian art. We did $30 million for modern and contemporary south Asian art,” Cerutti said.
“The Indian market, modern and contemporary, is one of the most exciting we’ve seen over the last few years. We are at the beginning of growth here. In 2024, the total auction and private sales for Indian arts has grown by 23%. This is worth notice. We sold the beautiful F.N. Souza for almost $5 million, which is a record-breaking number,” said Cerutti.
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