Sotheby's sale rakes in USD 6.6 million, Gaitonde tops auction

Abstract artist Vasudeo S Gaitonde topped the first international Evening Sale of modern and contemporary Indian Art here by Sotheby's, which amassed over USD 6 million, just shy of its pre-sale high estimate of USD 7 million and set record prices for four artists.
The 1962 oil-on-canvas untitled work by Gaitonde was bought by an Indian collector for USD 9,65,000 last evening in the auction, a part of Sotheby's Asia Week sales and which also marks the first single owner sale conducted by the auction house in over last 10 years.
Strong prices were also achieved for Syed Haider Raza's "Rajasthan I" from 1983, which fetched USD 8,09,000, while multiple bidders drove F N Souza's "The Crucifixion" to achieve USD 5,57,000 much above the estimated price of USD 200,000 to USD 300,000.

Additional highlights included Manjit Bawa's "The Black Devi", which sold for USD 3,89,000, and Bhupen Khakhar's "Satsang"(1988), which fetched USD 3,41,000 - both above their pre-sale high estimates.
Out of the 43 works on offer in the "Amaya" collection assembled by collector and author Amrita Jhaveri, 40 were sold fetching a grand total of USD 6,694,876 (4,435,455 pounds), according to the auction house. The collection comprised works produced during the second half of the 20th century through to the early 21st, many of of which have been published and exhibited globally.
"... With 60 per cent of the lots achieving prices above their high estimates, there is no question that collectors are committed to pursuing works of the highest quality. I am delighted to have been a part of this landmark sale which was my first at Sotheby's," said Yamini Mehta, Senior Director, Sotheby's International Head of Modern and Contemporary South Asian Art, London and New York.

During this sale, Sotheby's set four artist records at auction including ones for K G Subramanyan, whose "Mask, Icon, Mount, Mascot" sold for USD 1,85,000, well above the previous record for the artist at auctions.

Anant Joshi, whose mixed media piece, "May Look Closer Than They Appear - 3" fetched USD 60,000; Ranbir Singh Kaleka, whose "Untitled(Twisted Rope)" achieved USD 32,500, above its estimate; and Rina Banerjee, whose "The Strain of Fruit Eaten Twice Produced More and More" brought USD 27,500.
"We have been especially pleased and encouraged to see a number of new buyers enter the market this season. ...The resurgence of interest in contemporary works is particularly exciting for this market, with records set tonight for artists including Banerjee and Joshi," said Priyanka Mathew, Head of Sales, Modern and Contemporary South Asian Art.

"Bidding was truly global, with equal participation coming from Asia, North America and Europe, demonstrating strength in the Indian market," she said.