India’s Wealth Growing as Art Collectors Shell Rs 108,000,000 for Indian Art
It’s also a sign of rising demand for Indian artists – winning bids shattered estimates by 767%
Photo Credit : AstaGuru, AstaGuru, AstaGuru,
AstaGuru, the Mumbai based online auction house, has swept up significant clout with their ‘No Reserve’ auction turnover. Siddanth Shetty, VP of business strategy and operations at AstaGuru said, “The total sales revenue generated by our October 2016 ‘No Reserve’ edition was rupees 6.8 crore and our recently concluded edition achieved a total revenue of rupees 10.8 crore, inclusive of buyer’s premium.”
If this escalation in revenue of more than 65% won’t make you change your mind about demand for Indian art, then nothing will. Quality and skill these art masterpieces possess and the auction’s success is directly correlated with a collector base for Indian art and their wealth expanding globally at an exponential pace to say the least. Astaguru maintains a minimal entry point by keeping the opening bids at rupees 20,000, ensuring fair possibility for all bidders to acquire prime artworks by seminal artists such as Bhupen Khakhar, Amrita Sher-Gil, Jehangir Sabavala, Ram Kumar, S H Raza, M F Husain, F N Souza, Sakti Burman and Laxma Goud to name a few.
The significance of the 116 lots auctioned had a rich provenance appeal. For instance a bronze Jagdish Swaminathan sculpture - the indigenous artist had created less than 10 throughout his career. The sculpture’s higher estimate was projected at 3 lakh rupees and the winning bid exceeded the higher estimate by an astounding 767%, as the final hammer price was 23 lakh rupees. In total 27 pieces were sold at the auction for a value higher than that of their expected higher estimate.
The highest fetching artwork was an untitled, acrylic on canvas work by M F Husain, circa 1990s. The anonymous bidder shelled out a whopping 8,134,918 rupees for the masterpiece. The second highest bid was 5,830,500 rupees for a Jehangir Sabavala, oil on canvas work titled ‘Plum - Dark Twilight’ from the year 1965. The third highest amount was fetched by a 2010 acrylic on canvas work by artist S H Raza titled ‘Bindu – Panchtatva’ for 4,715,000 rupees.
The significance of Indian art is on the rise; the result of such online auctions definitely cements that.
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