After raising $25 million at its inaugural auction in China earlier this year, Christie's will tackle another first next week: an auction in India.
The firm will become the first international auction house to hold an event in India, scheduled to take place at The Taj Mahal Palace Hotel in Mumbai on December 19.
The auction comes amid a drive to provide for the increasingly lavish tastes of Asia's growing wealthy class. India, Asia's third-largest economy, is home to 65 billionaires as of 2013, up from 61 a year earlier, according to Forbes. China, Asia's largest economy, is home to 168 billionaires, up from 113 the previous year.
(Read more: Dylan guitar sale rocks Christie's)
"You begin to see the tell-tale signs, when is it right to come into a market," Paul Hewitt, head of Christie's Growth Markets division, told Reuters last week.