Saffronart, India’s leading online auction house, reported that more than half of all lots on offer in their just concluded Autumn Auction of Modern & contemporary Indian art were sold. More than 70 percent of them went for above their respective higher estimate.
A painting by late Tyeb Mehta took the top lot slot. It fetched $ 1,565,000. According to a press release, The Saffronart Autumn Online Auction of Modern and Contemporary Indian Art that took place online from September 21-22, featured 70 works by 33 artists exclusively on www.saffronart.com.
The world’s leading luxury car maker, Mercedes-Benz supported the Saffronart Autumn Online Auction. The major highlight of the unique partnership was the special unveiling of a customized Mercedes-Benz S-Class 'Art Edition'. One of the two exquisite limited edition cars was specially designed for commemorating the alliance between Mercedes-Benz and Saffronart.
The Saffronart Autumn Auction of Modern & contemporary Indian art It featured works by artists like MF Husain, Arpita Singh, Jehangir Sabavala and SH Raza,apart from those of top contemporary artists such as Atul Dodiya, Shibu Natesan, Surendran Nair, Anju Dodiya and Subodh Gupta. The lots on offer were characterized by a strong focus on aesthetic quality and competitive estimates. The auction saw participation from collectors across the world, and closed with a total sale value of $ 4.09 million.
Legendary artist Tyeb Mehta ‘s work achieved the record price for a painting in the country. One of his untitled works (an oil painting done on a 59x47” canvas depicting a human figure) was sold for $1.5 million (Rs 7.19 crore). It thus became the most expensive painting ever sold in India. The previous record for Tyeb Mehta's most priciest painting sold in the country stood at Rs 5.7 crore (‘Kali’ sold earlier this year).
You may get the complete auction analysis here:
http://www.saffronart.com/sitepages/pastevents/2011/autumnart/auctionanalysis.aspx?eid=3468
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