Sotheby's notes spurt in number of buyers in Pune

PUNE: An increasing number of collectors from the city are making their presence felt at the international auction house Sotheby's, whose global team visited Pune on Thursday to personally connect with a select group. The auction house hopes to tap the growing wealth of an increasingly younger audience here, including women, who appreciate art as well as antiques and jewellery.
On Wednesday, Sotheby's announced the set up of its full fledged office in Mumbai, which would work to tap more Indian buyers. According to estimates, domestic buyers have participated in $600 million worth of sales at Sotheby's in the last five years whereas the number of Indian buyers has been growing at an annual rate of 40%.
Top executives of the international aution house expressed that Maharashtra not only has a rich history of art, but even a growing number of intelligent buyers, who are acquiring their own jewellery as a result of their growing financial independence.
Priyanka Mathew, regional head, Sotheby's India, explained the reasons for setting up operations in the country. She said, "Indians are interested in impressionist art. Jewellery, of course, is a global favourite and Indians are no different. It's also promising to see people from the country transact in business other than Indian art. The growing number of buyers in Pune, especially, is encouraging. We plan to engage with all potential buyers through lectures and exhibitions."
Describing the nature of the growing Indian market, chairman of Sotheby's International, Robin Woodhead, said, "A flourishing economy has ensured that more people make their fortunes early and this has resulted in the average age of collectors reducing. The same is reflected in their preferences, with more young collectors preferring to invest in contemporary art by people in their age group. We see a lot of Indian women, in their 40s, who are interested in buying their own jewellery."
In India, there are ample opportunities to wear jewellery, which explains why local trade in this category has always been a big part of Sotheby's sales, explained Lisa Hubbard, executive vice president and head of the auction house's jewellery division. "Jewellery always commands respect. We deal with different forms, jewellery belonging to different eras, and even pure stones. Contemporary jewellery is a derivative of the Mughal-era. Even ornaments worn by princes and kings -- elaborate head pieces, necklaces, rings and earrings, and baajubands were unbelievably beautiful and we see a lot of Non Resident Indians (NRIs) going after them in a bid to keep them intact," Hubbard stated.
Another Sotheby's executive mentioned that most clients invest in art for different reasons. "People may buy art collectibles as an investment, as a status symbol, or as an aesthetic and intellectual stimulus. There are also people who invest in art for spiritual reasons," stated Philip Hook, senior international specialist, impressionist department and Sotheby's board member. Hook added that he finds it gratifying to assist buyers as they find art that matches their taste.