Christie’s is set to host its inaugural auction of South Asian Modern and contemporary art in London since 2019, titled Sublime Shadows, on June 11. This event will showcase 93 artworks from a private collection, featuring significant pieces by prominent Indian Modernists.
This auction comes in the wake of a remarkable surge in the South Asian art market, which has seen record-breaking sales over the past two years. Notably, Christie’s New York recently achieved a staggering $27 million in its South Asian Modern and contemporary sale, marking the highest total for a single auction of Indian paintings outside of India.
Despite a generally sluggish global market, the demand for Indian art has never been stronger, according to Damian Vesey, Christie’s international specialist in South Asian Modern and contemporary art. He noted that the record price for a piece in this category reached $13.8 million last year for a painting by renowned Mumbai Modernist M.F. Husain, a figure whose value has tripled over the past two decades. Vesey remarked, „We are in a positive cycle where, as the market grows, you are more able to get the highest-quality works.“ The record-setting Husain piece was the result of 13 years of negotiations with the consignor.
Growing Interest in Indian Art
The sustained interest in Indian art appears to be a lasting trend. While the majority of buyers remain South Asian, Vesey pointed out that the current buyer demographic is becoming increasingly knowledgeable and discerning, showing a greater interest in the historical context of the art. This contrasts with the previous boom in the mid-2000s, which was characterized by speculative investments in Indian art. Today, international institutions are becoming more engaged with this category, which is expected to help integrate these artists into the broader art-historical narrative.
Sublime Shadows will feature works that reflect the significance of Modernism in Bengal for the broader South Asian Modernist movement. The collection includes pieces by early 20th-century Bengali artists such as Abanindranath Tagore, the nephew of Nobel laureate Rabindranath Tagore, and Ram Kinkar Baij, who were pioneers in developing an Indian form of Modernism. The auction will also present a remarkable sculpture by Meera Mukherjee and works by Somnath Hore, a Santiniketan alumnus, and Mohammad Kibria, a Bangladeshi abstract painter.
Strategic Move to London
While Christie’s maintains that this auction does not signify a strategic shift or increased investment in the South Asian market, the decision to hold the sale in London—outside of its usual New York schedule—highlights the growing competition in this sector. Last autumn, Sotheby’s London achieved a record-breaking auction in this category, generating $25.5 million, shortly after the Delhi auction house Saffronart sold 85 lots for $40.2 million. In March of this year, Christie’s $27 million auction surpassed Sotheby’s $22 million, although Sotheby’s set 12 new artist records, including five for Bangladeshi Modernists, who have historically received little academic or commercial attention.
London as a Hub for South Asian Art
London has emerged as a pivotal center for collectors of South Asian art, bolstered by its financial markets and cultural connections to the subcontinent. Vesey noted that many South Asian collectors spend their summers in London, which has seen a notable increase in South Asian institutional exhibitions over the past two years at venues such as the Royal Academy, the Serpentine Gallery, the V&A, and the Barbican.
This trend has prompted India’s largest auction house, Astaguru, to establish operations in London, with its first fine art sale also planned for June. Laryssa Jesse, managing director of Astaguru in the UK, stated, „Our purchasers are still predominantly Indian, but the digital platform allows buyers to buy anywhere in the world.“ The influx of new material from private collections in Europe and North America, combined with the presence of Indian buyers in the UK, has made London an ideal location for expansion. Jesse added, „We want to service our clients on a more local basis.“
Vesey expressed confidence that the increased competition in the market is indicative of its depth and strength.
Bildquelle: Foto von Georg Eiermann auf Unsplash
