The inaugural sale of 83 lots in the financial hub of Mumbai featured 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. Total sales added up to $16.4 million, more than double the pre-auction estimates.
Christie's sees the relatively underdeveloped art market in Asia's third-largest economy as fertile ground for growth as part of its international expansion that has included recent auctions in China and the Middle East.
By The Associated Press=The Dow Jones industrial average rose 11.11 points, or 0.1 percent, to close at 16,179.08. The Standard & Poor's 500 index fell 1.05 points, or 0.1 percent, to 1,809.60. The Nasdaq composite fell 11.93 points, or 0.3 percent, to 4,058.13. Benchmark U.S. crude for January delivery rose 97 cents to close at $98.77 a barrel. Wholesale gasoline rose 4.3 cents to close at $2.740 a gallon. Natural gas soared nearly 5 percent to close at $4.46 per thousand cubic feet. Heating oil rose 1.8 cents to close at $3.025 a gallon. Brent crude for February delivery, a benchmark used to price international crudes used by many U.S. refiners, rose 66 cents to close at $110.29.
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