Christie's Auction
An employee of the Taj Mahal Palace hotel stands next to a painting inside a gallery before the start of Christie's first auction in India in Mumbai in December 19, 2013.Reuters

Christie's, one of the world's largest fine arts and antique selling auction house, is poised to hold its second auction event in India in Mumbai this December.

The bidding event will reportedly offer 80 classic artworks including some by the famous abstract painter V S Gaitonde. One of his paintings sold for a record INR 23.7 crore during Christie's debut auction in India last year.

Works of several other leading contemporary painters like Subodh Gupta, Anish Kapoor, Rashid Rana and Dayanita Singh will also be offered at the auction. Proceeds from the sale would go to Khoj, an artist residency, according to The Business Standard.

The auction is all set for a December 11 date and a special preview of the paintings to be auctioned will be held in Delhi before the auction.

"Christie's second sale in India underlines the every growing demand for the best Indian modern and contemporary art by national and international collectors. Our first sale in India welcomed 35% of new buyers to our sale room in Mumbai. Furthermore, the 80 artworks on sale, as well as our support to different cultural initiatives throughout India and abroad, demonstrate our long term engagement with India, its art and its art community," Sonal Singh, head of Christie's Mumbai told The Hindustan Times.

Christie's second event and two other major art events slated to be held between December and March are being interpreted by experts as a "revival" of the art industry.

Neha Kirpal, the founder and director of Indian Art Fair told The Economic Times that if the events were a success, it would be a clear sign of growth in the industry. She also attributed the reprisal of the industry to a steady Indian government and a better buyer sentiment.