Tyeb Mehta's work fetches a record price at Christie's

Nine years ago, Tyeb Mehta set a new record when his monumental triptych painting ‘Celebration’ fetched at a Christie's auction $317,500 - the highest sum ever for an Indian painting at any international auction, setting a benchmark in a booming market for contemporary Indian art.

Just last week, another painting by the Indian artist, who died in 2009, set a separate milestone, receiving almost nine times the sales price of the 2002 sale. His ‘Bulls’, a diptych, went for nearly $2.8 million at Christie's.

A geometric painting by SH Raza is the only other contemporary Indian work of art that has fetched more. (It went for $3.5 million last June.) Tyeb Mehta and Raza along with a few other artists like Souza and Husain (still painting at 95), are reviving interest in the art of that era after demand was considerably slowed during the recessionary phase.

"It's the same pattern as observed in China, but delayed," states Christie's international director (Asian art) Hugo K. Weihe: "India is geared to be second to China (in Asia.)" He estimates the contemporary Indian art market is ‘roughly half from India, plus a larger chunk of NRIs in London and the US, and to some Westerners.

Behind this rebound are rich Indian buyers - some settled in the US and the UK - who are showing keen increasing interest in the works of art of their native country. Stan Sesser of The Wall Street Journal mentions in a news report (Running of the 'Bulls': A $2.8 Million Record): “At the recent auction at Christie's in New York, many of the collectors bidding in person were ethnic Indians. Many appeared to be no older than their 30s. Out of 133 works on offer, 110 sold, fetching a total of around $9.8 million - just under the auction house's pre-auction estimate for the sale.

Before the recession set in worldwide, Sudbodh Gupta largely dominated the contemporary Indian art market with his pieces that incorporate objects of everyday usage. This time around though, interest is seen building around a talented younger generation of artists in the country.