Christie's launches in India to tap growing wealth

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Posted: Thursday, December 19, 2013 12:00 am

MUMBAI, India (AP) - Christie's holds its first art auction in India on Thursday, aiming to tap into a budding market for prestige purchasing among the country's fast-growing ranks of millionaires despite an economic slowdown.

The inaugural sale of 83 lots in the financial hub of Mumbai features paintings from the private collection of one of India's first families of contemporary art as well as pieces from six of the nine Indian artists deemed "national treasures" whose works cannot leave the country. It is expected to total $6 million to $8 million.

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