LUXURY WATCH AUCTIONS COME TO MUMBAI

Mumbai gallery Astaguru's recent online auction 'The Exceptionals' saw many limited edition watches like a rare Patek Philippe Nautilus go under the gavel and fetch very hefty prices

- Sharan Sanil

The Russell Exchange in Kolkata, established in 1940, has stood the test of time as a heritage institution. Initially, auctions were introduced to sell a variety of goods to the British elite and wealthy Indians. Post-Independence, the industry began to flourish, with the establishment of local auction houses focusing on Indian art, jewelry, and collectibles; many of which found themselves shipped into the homes of an increasingly affluent and rapidly booming luxury market.

Liberalisation and its resultant economic growth shifted the auctioneering hub from Kolkata to Mumbai, making it the new centre by the mid-2000s. Mumbai's elite emerged from colonial-established auction houses, creating catalogues for a new generation of collectors and enthusiasts.

Astaguru, established in 2008, has been at the forefront of this wave, offering meticulously curated collections that attract both seasoned collectors and enthusiastic newcomers. Their recent auction, 'The Exceptionals', was a resounding success, showcasing exquisite pieces ranging from a vintage natural pearl necklace to limited-edition luxury watches such as a Patek Philippe Nautilus; both pieces were the highlights of the jewelry and watches-focused catalogue, and fetched a handsome 3 crores combined-something that a certain watch aficionado found particularly exciting.

Overseeing much of the auction's record-breaking run this May was Jehangir Readymoney, a luxury watch consultant and specialist with AstaGuru, who has been instrumental in transforming the auction house into a beacon for watch enthusiasts. His journey from a design background to becoming a pivotal figure in the auction world underscores the blend of expertise and dedication driving this burgeoning sector.