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 Mainland China and India are comparable markets, with
Christie's holding its first auctions in both countries last
year, but Beijing has recognized the power of art as part of its
soft diplomacy.
Amin Jaffer, Christie's International Director of Asian Art,
said the Chinese government, unlike India, participates in the
art market and is actively enhancing its museums while providing
a conducive environment for exhibitors.
"In China, they have taken that big leap. So if Delhi had six
fabulous new museums full of contemporary art, (and) people
started to go, the whole market would be transformed," Jaffer
told Reuters.
India was also hampered by its failure to attend global events
like the 2013 Venice Biennale, the world's premier
non-commercial art fair. It had put up a national pavilion at
the 2011 event after years of skipping the fair.
"India is not represented (at Venice). This is a very major
setback for the visual culture of India," said Jaffer.
Other problems that plague the art market in India include
currency regulations and import duties, but Jaffer lists a lack
of emphasis on cultural policy as its biggest worry.
"(In a) country with so many priorities - health, primary
healthcare, education, infrastructure - art isn't perhaps the
most significant thing," he said.
Still, Jaffer said he was confident about India's potential,
with an annual Art Fair, events and galleries sprouting, as well
as more Indian artists featuring in global exhibitions.
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New York's Guggenheim Museum is currently exhibiting the works of
modern Indian artist Vasudeo Gaitonde, one of whose works sold for a
record $3.4 million at Christie's inaugural India auction last year.
The 2013 auction in Mumbai doubled pre-sale expectations with total
sales of $15.4 million.
A May report by art market analysts ArtTactic said confidence in the
India market is at its highest since Oct. 2007.
Christie's second art auction in India, to be held in Mumbai on Dec.
11, showcases Indian artists such as Tyeb Mehta and Gaitonde, as
well as a clutch of contemporary artists and items like a pocketbook
belonging to Nobel laureate Rabindranath Tagore that are considered
non-exportable national treasures.
Mehta's 1999 painting with a central figure of a falling bull is the
highlight of the Mumbai auction, with a target price between $1.3
million and $1.9 million.
(Editing by Frank Jack Daniel and Jeremy Laurence)
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