‘Indians bought over $250 mn of art from us’
In its maiden voyage to India, Sotheby’s — the world’s oldest auction house dating back to 1744 — will unveil the Durga Mahishasur Mardini (1993), a seminal work of artist Tyeb Mehta, in Mumbai in December. A passionate art collector himself, Gaurav Bhatia, managing director at Sotheby’s India, tells Abhishek Waghmare, that he wants to increase the ‘passion percentage’ towards art in India. Edited excerpts: With what expectations do you plan to enter India? In recent years, Sotheby’s has witnessed both the evergrowing presence of Indian collectors in our global auctions, and the development of a vibrant domestic Indian art market. Given these positive signs, and rising economic growth, we feel it is the right time to expand and bring our auctions directly to the doorstep of our many collectors.
Which are the biggest markets for art auction in the world? Has the situation changed in the past few years in terms of leadership, sales volumes?
In 2017, at Sotheby’s, both auction sales and private sales were up worldwide. Aggregate auction sales reached $4.6 billion, up 8 per cent from 2016, while private sales grew 28 per cent to $744.6 million — a four-year high. This growth was across the board: In all key regions, the US, London, Europe and Asia, and in all key categories, contemporary art, impressionist art and jewels. At present, our largest auction sales are in the categories of contemporary art ($1.43 billion), impressionist &
How do you see the Indian footprint increasing in the field of art? And how does Sotheby’s plan to cater to it?
In our global auctions over the past five years, Indian participants have doubled, buyers have increased 75 per cent, and Indian clients have spent over $250 million. Just last month in March, the volume of our New York modern and contemporary South Asian sale series total was over $15.5 million, our highest for three years (since 2015). It had a sell-through rate of over 90 per cent, meaning, 90 per cent of the art pieces were sold. Raja Ravi Varma’s ‘Untitled (Tilottama)’ soared over its estimate $400,000-600,000, to realise $795,000.
How has India traditionally savoured art?
India has a rich cultural history of art, architecture, textiles and jewellery among other categories. To tell you an interesting snippet: As early as 1937, an Indian Maharaja bought Marie Antoinette’s diamond necklace at Sotheby’s London when he was visiting for King George VI’s coronation. The Indian art story has never been more vibrant. The sentiment in the art market is positive and Indian art is seeing a sustainable resurgence. With private wealth continually increasing, newer collectors are coming into the market. The Biennales, Art Fairs and private museums are adding a wonderful flavour, shaping the collector’s mind and give them incredible exposure.
How is technology helping Sotheby’s expand its footprint globally?
We held our first online-only South Asian art sale, A Lyrical Line: Paintings and Drawings by Francis Newton Souza in March 2017. The sale saw participation from over 11 countries with 22 per cent of buyers based in India and achieved a strong sell-through rate of 83 per cent.