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Art and Law Newsletter: Sotheby’s auction indicates resurgence of contemporary Indian art market

By June 23, 2013October 8th, 2018No Comments

In March art collector Amrita Jhaveri sold several works of modern and contemporary Indian art at a Sotheby’s auction in New York.  The 43 works sold, formerly a part of the Amaya Collection, fetched $6,694,875.  The market for contemporary Indian art suffered a downturn in 2008 with the onset of the global recession, but observers are hopeful this successful sale indicates a new trend.  The sales prices for more than half of the lots exceeded their high estimates.  Experts agree that this sale could prove very important to the Indian art world.

Ms. Jhaveri was born in Mumbai and currently divides her time between homes in Mumbai and London. She is one of the preeminent figures in the Indian art market.  She has pledged to donate a portion of last month’s auction proceeds to KHOJ International Artists Association, a nonprofit artists‘ collective based in Delhi.   

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