An artwork on paper by S H Raza sold for Rs 5.75 crore, a world record, at the Saffronart auction of modern Indian masters, which grossed a total of Rs 30.32 crores (USD 4.97 mn), auctioneers said today.
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.
While "ALIVE", the Contemporary Day sale, grossed Rs 5.37 crores (USD 881,000) against a total pre-sale lower estimate of 3.47 crores (USD 520,000)- the Modern Evening sale realised a total of Rs 30.32 crores (USD 4.97 mn) against a total pre-sale lower estimate of 23.14 crores (USD 3.79 mn).
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.
Thukral and Tagra, known for their collaborative creations in sculpture, painting and video installations among other media, had their canvas "Somnium Genero 03", estimated to fetch between Rs 12-Rs 15 lakhs, reach four times the lower estimate at Rs 48 lakhs (USD 78,689).
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.
