 "AstaGuru 'Collectors Choice' Modern Indian Art auction completely sold out")
Online auction house AstaGuru's recent 'Collectors Choice' Modern Indian art sale achieved a white glove result (a sale where all lots are sold), with around 200 lots selling for a total sales value of Rs 24.12 crore.
An untitled masterpiece by artist J Swaminathan sold for Rs 94.40 lakh, becoming the highest fetcher at the auction which also had on offer different periods of Modern Indian Art, including exceptional creations by revered names such as Nicholas Roerich, Rabindranath Tagore, Jamini Roy, S H Raza, Jehangir Sabavala and Akbar Padamsee.
"The successful sale of these works indicates the potential for Indian art to continue gaining recognition and value. Several of the works in the auction performed phenomenally and sold for prices well above their estimated value.
"This validates the consistently increasing demand for Indian modern art among collectors," said Sunny Chandiramani, senior VP of client relations, AstaGuru.
The second-highest total in the auction was realised for "Portrait of A Lady" by artist FN Souza. Executed with acrylic on canvas in 1994, it was acquired for Rs 62.19 lakh.
Another 1994 work by Souza, executed with acrylic on paper, was acquired at Rs 22.57 lakh.
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The auction also presented several important works by celebrated painter SH Raza. Three of his works -- 'Naga', 'Tree', and an untitled -- were sold for Rs 48.88 lakh, Rs 25.18 lakh and Rs 25.18 lakh, respectively.
A 2005 work by artist Paresh Maity, watercolour on paper, was sold for Rs 23.24 lakh. A beautiful 1971 still life work by artist KH Ara, also executed with watercolour on paper, was acquired at Rs 15.86 lakh.
Two works by old master MV Dhurandhar were also offered in the auction.