A report by Bloomberg said Christie's International Plc has launched its expansion plans in India with its first inaugural auction to be held in Mumbai. The auction house will be selling $8 million of modern and contemporary South Asian art on December 19.

The first Indian auction will be led by modern master Tyeb Mehta's (1925-2009) work entitled "Mahishasura." The artwork is said to fetch between INR75 million or $1.2 million to INR95 million. Also included in the art auction will be works by Syed Haider Raza. The report said Raza's works had made him the most expensive artist in India.

Because of the increase in the growing base of collectors in India and China, Christie's is keen to acquire a significant share in the auction space.

Christie's international director of Asian art Hugo Weihe said, "China has already developed a very strong indigenous market for its own art. India is a few years behind but we see similar enormous possibilities. There is obviously great wealth and great art."

According to the Asia-Pacific Wealth Report by Capgemini and RBC Wealth Management, the number of high-net-worth individuals in India, those with at least $1 million in assets that could be invested surpassed Hong Kong or Singapore, which houses strong art collector bases. India's wealthy elite grew 22% from 2012 to 153,000, Capgemini and RBC Wealth Management said in its report.

Bloomberg said in its report that Christie's decision to launch an art auction in India reflected South Asian works' failure to attract buying interest in the modern and contemporary Asian sales, of which the latter are staged twice annually in Hong Kong.

The highlights of the Indian art sale include the untitled 1979 oil-on-canvas abstract work of Vasudeo S. Gaitonde, which was expected to fetch INR85 million. One of his works sold in a Christie's auction in London back in June picked up £698,500 or $1.1 million. Weihe described Gaitonde as India's Rothko, who combines elements of Rorschach tests, calligraphy and Zen Buddhism in his works.