Christie's International sets first auction event in India on 19 December 2013.

Christie's International, the global auction house that specialises in the finest art and antiques, is set to hold its inaugural auction in India, in a sign of steadily increasing affluence in the country. 

Set for 19 December 2013, the auction will feature 83 works to be led by artist Tyeb Mehta's work "Mahishasura," which alone is expected to fetch Rs75 million ($1.2 million) to Rs95 million. Works by Syed Haider Raza, popularly known as the "most expensive Indian artist" according to Bloomberg, will also be sold. 

Christie's, headquartered in London, is building its presence in Asia as a response to the growing number of collectors and premiere art enthusiasts in the region. In September 2013, the company held its first auction in Shanghai, China, which achieved a total of RMB154 million ($25 million). The highest sales figure for the maiden event was for a red ruby necklace at RMB18 million. 

According to the latest Asia-Pacific Wealth Report by Capgemini and RBC Wealth Management, the number of high net worth individuals in India has grown 22 per cent since 2012 to 153,000. High net worth is used to refer to people with at least $1 million in investable assets.