Collectors sell as prices rise

May 4 (Bloomberg) -- Francis Newton Souza's heirs and collectors capitalized on the Indian-born artist's popularity at a Bonhams sale in London, selling drawings and watercolors that have surged in the past decade.

Souza, who died in 2002 in Mumbai after living mostly in the U.K. and the U.S., was a leader of Indian modern art, according to Artnet AG, which tracks art trends and prices. Indian buyers, enriched by growing enterprises at home or success in the West, are pushing up prices, encouraging owners to sell.

Indian Artist Souza's Heirs, Collectors Sell as Prices Rise