The sale, was part of two back to back auctions held on February 15 at the Four Seasons Hotel with bidding being conducted in the auction room online and over phone for six hours.
"A surge in excitement was palpable as Raza's 'Haut De Cagnes,' the highlight of the evening sale appeared on screens. Competitive bidding between room and phone bidders drove it to a value of 5.75 crores (USD 9.42mn) a world record for an Indian artwork on paper," auctioneers said.
The contemporary auction was led by 'Large Head', a four and-a-half foot sculpture by G Ravinder Reddy depicting the contemporary Indian woman in the artist's signature style, looking frontally through wide-open eyes and in bold hues of red, blue or gold with intricate hairstyles.
Estimated at Rs 40 - Rs60 lakhs (USD 65,575 - 98,365), it eventually sold for Rs 96 lakhs (USD 157,377), more than doubling its lower estimate.
Shibu Natesan's "The Dancer" (After Verner Bischof) was estimated at Rs 9- Rs 12 lakhs, and ultimately sold for Rs 26.4 lakhs (USD 43,279), nearly three times the lower estimate.
"Energetic bidding in our live auctions resulted in the majority of works selling above their higher estimates, reinforcing the recent trend of strengthening demand in the Indian art market," Co-founder and CEO of Saffronart, Dinesh Vazirani said.