Success of the winter 2009 auction by online auctioneer Saffronart indicates a return of confidence in the art market, a news report in the leading publication Times of India, quoting PTI claims.
The auction also included sculptures, paintings and drawings by several renowned contemporary artists like Raqib Shaw, Jagannath Panda, Subodh Gupta and Anju Dodiya all of whom did well. An untitled canvas by late Manjit Bawa went for a whopping Rs1.7 crore. This set a new record for the legendary artist from the country for his work.
The auction house revealed that the world record price achieved for his work was against an upper estimate of Rs 90 lakh. Importantly, the auction managed to gross Rs 20 crore by selling good 78 of the 100 lots that were on offer for bidding.
Nearly 62 percent of the works easily exceeded their pre-sale estimates. Along with Manjit Bawa, other modernists such as F. N. Souza, S. H. Raza, Tyeb Mehta, Jagdish Swaminathan and Akbar Padamsee led the sale with top prices. The auction also included sculptures, paintings and drawings by several renowned contemporary artists like Raqib Shaw, Jagannath Panda, Subodh Gupta and Anju Dodiya.
M. F. Husain's 'Untitled' work fetched Rs1.4 crore against Rs83 lakh, an estimated upper price. Subodh Gupta's 2005 untitled work led the satisfying sales among contemporaries by grossing Rs1.2 crore. This was against an upper estimate of Rs90 lakh.
With an average realized lot price of over Rs 25 lakh in comparison to just Rs10.5 lakh six months ago, these strong results clearly suggest the market sentiment has significantly improved, Saffronart CEO and co-founder Dinesh Vazirani was quoted as saying. Clearly, this is one of the most successful sales of the year. The better than expected results of the auction continue the upward trajectory of the Indian art scene.
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