Abstract artist Gaitonde tops Sotheby's auction

A recently discovered masterpiece by abstract artist V S Gaitonde fetched over Rs 6 crore and topped the Modern and Contemporary sale by Sotheby's which amassed a total of over Rs 23 crore.
Gaitonde's 1962 work "Painting No 1" was sold for 698,500 pounds (USD 1,088,403), double of its presale estimate, to a private collector in the US, according to the auction house.
Works by M F Husain also fetched high prices. Husain's 1961 oil on canvas "Jhoola" acquired directly from the artist during the 1960s and "Untitled" (three women with sitar) of 1979, sold for Rs 2.2 crores (242,500 pounds) and 1.7 crore (188,500 pounds) respectively.

Bhupen Khakhar's "Air, Steam and Speed" soared above its presale estimate of 100,000-150,000 pounds to achieve 182,500 pounds.
Sotheby's London achieved 2,522,375 pounds (3,930,365 USD) the highest price of the summer season for the auction of Modern and Contemporary South Asian Art on June 11 attracting bidders from the US, Europe, the Far East and India.