Indian modern artist S.H.Raza's 1973 acrylic painting "La Terre" fetched Rs.8.17 crore ($1.36 million) at Saffronart's first live auction in the capital, organisers said Saturday.
But, the highlight of the auction titled "The Modern Evening Sale" was artist Jehangir Sabavala's "The Flight into Egypt - that was estimated between $133,335-$150,000, but was sold for $500,000 (Rs.3 crore) - a world record price for a work by the artist.
This 1971 oil on canvas is an allusion to a biblical event and has been "lauded for its intellectual and technical handling" of a subject matter that has, for centuries, evoked very specific imagery.
Total sales from the auction rose to a total of Rs.38.3 crore ($6.4 million) against a pre-auction estimate range of Rs.25.8 crore to Rs.35.2 crore ($4.3-$5.9 million).
In total, 96 percent of lots found buyers and as per auction results, eight lots were sold for more than Rs.1 crore.
India's biggest online auction house had hosted a live auction in the capital for the first time to celebrate its 100th auction and to test the Delhi waters.
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"Following this successful auction, we will continue to hold major auctions and exhibitions here for art collectors," said Dinesh Vazirani, co-founder of Saffronart, in a statement.
"We sourced works of outstanding quality and provenance for this landmark auction, and the response from collectors was overwhelming," he added.
A rare "Untitled" paper work by Tyeb Mehta, executed in the fledgling stages of his career in a highly unusual style, was estimated at $25,000-$33,335 but it fetched $164,000 (Rs.98.4 lakh)