Indian Art Auction Sets Benchmark – artmarketblog.com

Indian Art Auction Sets Benchmark – artmarketblog.com

If you need evidence that the interest in Indian art is far from a short term fad then look no further than the results of the Saffronart (http://www.saffronart.com) Spring 2008 auction results which was held from the 18th-19th June. 140 works by 67 modern artists went under the hammer in an online auction that allowed collectors and investors from all over the world to bid on works by some of India’s most famous artists such as Gupta, Raza, Chowdry, Souza, Santosh, Narayan and many others. As the one of the world’s top sources for high quality Indian art, Saffronart auction results can be viewed as being indicative of the current taste and developing trends in Indian art. Not only did the auction exceed the lower estimate total of INR 27 Cr. (approx US$6.3 million) but a new auction record was set for Subodh Gupta whose untitled painting that features images of tin cans, pots and other metal kitchen utensils fetched INR $57,100,000 (us$1,427,500) against an estimate of INR $8,000,000 -10,00,000 (US$200,000-$250,000). The new Gupta record came only a week after Christies sale of contemporary Indian art in London sold an untitled installation of steel pots by Gupta for a then record price of US$1.2 million dollars which exceeded the previous month’s auction record of just under US$1.2 million again achieved at a Christies auction in Hong Kong. Auction results such as those available from Saffronart are a great way of identifying which artists, styles and mediums and are extremely useful for tracking the progression of the market for a particular artist’s work.

Other notable results from the Saffronart Spring auction included:
Francis Newton Souza
Untitled

1964
Oil on Board
Estimate
$100,000 – 125,000
Rs 40,00,000 – 50,00,000

Winning Bid
$232,300
Rs 92,92,000
(Inclusive of Buyer’s Premium)

J Swaminathan
Untitled

Oil on Canvas
Estimate
$175,000 – 225,000
Rs 70,00,000 – 90,00,000

Winning Bid
$460,000
Rs 1,84,00,000
(Inclusive of Buyer’s Premium)

Bose Krishnamachari
Plot

2005
Acrylic and oil on Canvas
Estimate
$35,000 – 40,000
Rs 14,00,000 – 16,00,000

Winning Bid
$86,825
Rs 34,73,000
(Inclusive of Buyer’s Premium)

Rashid Rana
Red Carpet – 2

2007
C Print + DIASEC
Estimate
$70,000 – 90,000
Rs 28,00,000 – 36,00,000

Winning Bid
$500,250
Rs 2,00,10,000
(Inclusive of Buyer’s Premium)

Francis Newton Souza
Untitled

1961
Oil on Canvas
Estimate
$100,000 – 125,000
Rs 40,00,000 – 50,00,000

Winning Bid
$408,250
Rs 1,63,30,000
(Inclusive of Buyer’s Premium)

For more results and further information check out
http://www.saffronart.com/auctions/auctionresults.aspx?eid=3141
(you may need to register to view results)

Image: “Untitled” by Subodh Gupta

**Nicholas Forrest is an art market analyst, art critic and journalist based in Sydney, Australia. He is the founder of http://www.artmarketblog.com, writes the art column for the magazine Antiques and Collectibles for Pleasure and Profit and contributes to many other publications.

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3 Responses

  1. very very interesting trend indeed..thankx for the heads up.

  2. […] Go to the author’s original blog: Indian Art Auction Sets Benchmark – artmarketblog.com […]

  3. Indian Art seemed to be more of a novelty than mainstream a few years back. This is a sign that people are maturing and some have been right all along.

    Always nice to see culture thrive.

    Auction Ignite
    Learn How To Set Fire To Your Auction Business
    http://www.auctionignite.com

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