Leading modern Indian master S H Raza's artwork "La Terre" was sold for Rs 8.17 crore (USD 1.36 million) that was a tad higher than its top estimate of Rs 7 crore by the first live auction by Saffront in a decade here.
The 50 inches by 29 inches acrylic on canvas by Raza, was the top lot of the Modern Evening sale and auctioneer claimed the work epitomised the convergence of the painter's artistic and philosophical assimilations throughout his 70-year career.
Total sales of Rs 38.3 crore (USD 6.4 million) were realised at auction against a pre-auction estimate range of Rs 25.8 crores to Rs 35.2 crores (USD 4.3 mn to USD 5.9 mn) which also saw live bidding through phones and on the auctioner's website.
A total of 86 lots out of the 90 lots on offer were sold with 60 lots fetching above estimated prices, according to the sale analysis by the auctioneer. Eight lots sold for over Rs 1 crore.
Jehangir Sabavala's "The Flight into Egypt-I" fetched the second highest price when it went under the hammer for Rs 3 crore (USD 500,00) and fetched a world record for the artist.
"Estimated at Rs. 80 -Rs 90 lakhs (USD 133,335 - US150,000), competitive bidding between room and phone bidders drove it to a value of Rs 3 crores (USD 500,000), amidst resounding applause from the audience," auctioneers said.
A rare Untitledpaper work by Tyeb Mehta, executed in the fledgling stages of his career in a highly unusual style, was estimated at Rs. 15 - 20 Lakhs (USD 25,000 - USD 33,335) and fetched Rs 98.4 Lakhs (USD 164,000).
Works by M F Husain of a leaping horse matched its Rs 1.5 crore estimate when it fetched a hammer price of Rs 2.04 crore (USD 340,000). Similar price was reached by Akbar Padamsee's untitled which also sold for Rs 2.04 crore, which included buyers premium.
"Following the successful auction, we will continue to hold major auctions and exhibitions in Delhi for art collectors. It gives us immense satisfaction to host Delhi's first major art auction in more than a decade, and we are proud that this marked the 100th auction in Saffronart's history," Saffronart co-founder and CEO Dinesh Vazirani said.
"We sourced works of outstanding quality and provenance for this landmark auction, and the response from collectors was overwhelming" he said.
