Raza’s iconic work at Sotheby's auction finds no takers

When the curtains came down at a high-profile Sotheby's auction in New York, the art world was left baffled after a major work by SH Raza did not find any takers. ‘Village With Church’ was estimated to fetch Rs12.5 crore and it was taken for granted that the painting would be grabbed right away. That wasn’t the case!

The wonderful oil-on-canvas done by the artist in 1958 was a matter of much hype ahead of the sales since it came from the late John D. Rockefeller III and his wife Blanchette’s art collection.

No wonder the work going unsold did raise many eyebrows, leaving the art world puzzled and grappling for reasons. The price estimate on higher side was not totally unexpected, given that his ‘Saurashtra’ fetched Rs16.42 crore ($3,486,965) in 2010 at a Christie's auction, making him the priciest modern artist from India (the work was bought by collector Kiran Nadar).

But perhaps the latest development is an indicator that, pricing of works on the upper end of the estimate in a struggling art economy is not the best idea - even if it’s the work by a bestselling veteran whose dedication, genius and market credentials are unquestionable.

Raza is one of the finest abstract painters of his era owing to his rich compositions and colors. He paints with élan and vigor. It’s only because of the uncertain economic condition the work didn’t find a buyer, Yashodhara Dalmia was quoted as saying. Incidentally, she is the author of a comprehensive book on the Progressive Artists Group to which Raza belonged.

For record, 84 works were sold at the Sotheby’s auction - at prices below that set for SH Raza's. The late MF Husain apparently led the pack, with one of his works bought for Rs1.2 crore. As an antidote to his vintage work going unsold, Raza's ‘Jalashaya’ fetched Rs1.2 crore, whereas a 1972 work by Jagdish Swamithan got a winning bid Rs1 crore.

Analyzing the sales, the Sotheby's head of sales of modern & contemporary Indian and south-east Asian art, Priyanka Mathew, was quoted as saying: “While we’re disappointed that the Rockefeller Raza did not sell, we’re in discussions for a private sale.”