Sotheby's First Mumbai Auction: Boundless India Nets $7.9 Million

On November 29, 2018, Sotheby's held its inaugural auction in Mumbai, titled Boundless: India, at the Taj Mahal Palace Hotel. The sale achieved $7.9 million against a pre-sale estimate of $6–8.7 million, with only 11 of 60 lots unsold. The top lot was Tyeb Mehta's Durga Mahisasur Mardini (1983), estimated at $2.7–4.1 million, selling for $2.9 million. Amrita Sher-Gil's The Little Girl in Blue (1934), unseen since 1937, fetched $2.54 million, just shy of her $2.9 million record at Sotheby's New York in 2015. Other notable sales included works by Francis Newton Souza, Sayed Haider Raza, Arpita Singh, Zarina Hashmi, A. Balasubramaniam, and Bhupen Khakhar. The auction targeted a diverse range of collectors, from emerging to high-net-worth individuals, reflecting India's growing art market. The Indian art market saw a 13% increase in 2017, with auction sales totaling $118.2 million. However, challenges remain, including bureaucratic hurdles and a lack of infrastructure. The event signals Sotheby's commitment to India, contrasting with Christie's decision to cease sales there. The broader context includes a rise in private museums and biennials, such as the Kochi-Muziris Biennale, and increasing international attention on Indian artists like Nalini Malani and Bhupen Khakhar.