Posted by: John Elliott | December 16, 2015

Indian classical and modern art both hit new records in Mumbai auctions

unknown_1512ant_25674_bigMUMBAI: Christie’s and Saffronart have this week established Mumbai as an internationally significant centre for Indian art auctions with record prices being achieved, not just for established modern artists, whose prices have been steadily climbing with three overall world records in the last three months, but also for classical miniature painting and sculptures that are now attracting new collectors.

Last night, at the Christie’s auction, an untitled 55in x 40 in oil on canvas (below) by Vasudeo Gaitonde, who died in 2001, was sold for a total of $4.4m (Rs29.3 crore on a hammer price of Rs25.5 core). Well above the estimate of $1.9 to $2.3m, the $4.4m was both a world auction record for the artist, beating an earlier Rs23.7 crore ($3.8m) record, and also the highest auction price achieved for any modern Indian work of art. It was bought by an international collector telephoning in from outside India in a keenly fought bidding contest.

The Christie’s sale totalled Rs97.7 crore ($14.7m), the highest for any auction held in India, beating the previous record of Rs96.5 crore that was set by the auction house at its first Indian sale two years ago. This is the result of careful selection of works that have not been trailing round the auction circuit, backed by intensive international marketing and the buzz of an auction in Mumbai’s iconic waterfront Taj hotel.

The night before, Saffronart which is the leading Indian auction house, staged its first sale of classical Indian art (which cannot be exported), and had the rare achievement of a 100% sale of the 70 lots on offer.

The overall sales total of Rs16.4 crore ($2.5m) included a record total price of Rs6.5 crore ($981,000), four times the estimates, paid it is believed by  a Delhi collector, for an elegant 15th-16th century 33in high bronze statue of the Hindu goddess Parvati (above) from the collection of a famous Bombay architect. Though below prices achieved abroad, Saffronart said this was the highest auction price paid in India for any classical work of art.

vs-gaitonde-untitledIt was the result of persistent bidding by two collectors who, coaxed slowly in very small $5,000 steps by Hugo Weihe, Christie’s former auctioneer for India sales and now with Saffronart, brought the hammer price up from Rs4.5 crore, where it could have rested, to the final Rs5.4 crore. Weihe later said it felt like the moment in 2005 when he brought the hammer down in New York on a $1.45m bid for a Tyeb Mehta work, marking the beginning of a boom in modern Indian art auction prices.

Saffronart also set a new international benchmark for Basohli miniature paintings that were done in the Himalayan foothills in the 1700s. Out of a set of four, two (one of them below, 6.25in x 6.25in) produced a new joint record Indian price for a Pahari (from the mountains) work of Rs96 lakhs ($145,455). That was on a hammer price achieved by both works of Rs80 lakhs.

In line with other recent auctions, these results show that good prices are being paid by serious collectors for the best works, especially for those with good provenance, a point that both auction houses have stressed this week.

unknown_1512ant_25389_bigSaffronart’s miniature paintings came from a famous collection made in the mid-1900s by a British army officer, Colonel R.K.Tandon, triggering rival claims of the relative superior provenance virtues with Christie’s, which had a classical section in its auction for the first time. This included miniature paintings from the collections of the Maharajas of Bikaner in Rajasthan, with members of the family in the auction room, possibly marking  a new departure for these families selling their old collections.

Till now, the main collectors of miniature paintings, especially Mughal works which fetch higher prices, have been in the UK and US, plus the Middle East, buying and selling works that were taken abroad many years ago and thus were not caught by the current ban on the export of antiquities. Indian collectors have been more rare. Specialists however believe that this now could be changing as Indian collectors of the modern art realise the attractiveness and prestige of the best miniatures and sculptures, many of which can be obtained for around $10,000. That is far less than they might pay for the best modern works, and is also lower than prices being paid abroad.

Souza top price lot 41 SaffronLast week, Saffronart also had a successful sale of works on paper by F.N.Souza, one of the country’s most famous artists, with 83 (98%) of the 85 lots on offer going for a total of Rs5.6 crore ($846,182). Peasants in Goa, (left) an early (1947) 20in x13in oil on paper, fetched the top price of Rs24 lakhs ($36,364).

The Christie’s auction was slightly blighted by an allegation from a Dubai gallery owner that two works, including a major one, Bindu (below), by Syed Haider Raza that was estimated to fetch up to Rs15 crore ($2.3m) were not genuine. Christie’s rejected the allegation and said Raza himself had recently been photographed with the work at a preview of the sale. Bidding however stopped at Rs7.5 crore, which was below the reserve price, so the work did not sell.

syed_haider_raza_bindu_d5959044gThe previous record price for Indian modern art was paid achieved at a Christie’s auction in New York in September when $3.5m ($4m including buyer’s premium) was bid for Birth, a monumental 8ft x 4ft oil on board by Souza. The previous record price of $2.6m for a work by Souza, who died in 2002, was set just a week earlier at a Saffronart auction in Delhi. His  5ft x 4ft Man and Woman Laughing went to for a hammer price of Rs14.6 crore (Rs146m) – Rs16.8 crore ($2.6m) including the premium.

Taken together these results, with high prices for the top works and high percentages of total sales, confirm that collectors react to strong marketing by the auction houses and are willing to pay substantial prices for the best works.


Responses

  1. good news, nice post


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