With all things retail going digital in a big way, art auctions are the latest to make the move online. And India isn’t holding back. Brands that have been making the transition include Pundole’s, SaffronArt and Astaguru.
The latter two together generated $4.5 million in sales of Contemporary South Asian art last year, according to the The South Asian Art Market Report 2017, released by ArtTactic, an art market research firm based in London.
Despite the fact that the Antiquities and Art Treasures Act of 1972 bans the export of national art treasures that are over 100 years old, there has been a continued increase in demand for Indian antiquities, with auction sales up by about 59% since 2015, according to the same study.
Which would explain why Tushar Sethi, director of Astaguru, is more than optimistic about their upcoming Fine Jewellery and Silver auction.
Conceptualised in 2008 as an avenue to conduct online art auctions in India, Astaguru completed its 25th auction at the end of last year, but this will be their first auction dedicated to jewellery and silver.
“We have high expectations from this auction since it is the first category of diversification from modern and contemporary Indian art. We will be hosting one Jewellery & Silver auction every year from here on,” he says.
Highlights from the sale include a Shrinathji red enamel gold, pearl and ruby necklace by Harvey & Gore, London, a ceremonial necklace from Jaipur featuring 59 miniature paintings teamed with rock crystals and turquoise, and a diamond studded minaudiere by Van Cleef & Arpels.
Sethi believes that they have a strong vintage appeal and since such pieces are not easily available at the local jeweller, he expects important collectors and buyers to respond well to these lots because of their rarity.
With the domestic auction market increasing in strength, and interest in the classical Indian art sector growing, despite unprecedented economic events like demonetisation, the art market is bound to stay on a positive growth path.
“The auction market in India is healthy from a holistic point of view and is geared to gain further momentum,” concludes Sethi.
The ‘Fine Jewellery & Silver’ auction will take place online on November 25 and 26 at astaguru.com.
