Indian Masters are the Toast of the Art Market in London
Sotheby’s Modern and Contemporary South Asian Art Sale Fetches £ 4 million – 50% over estimates
The Sotheby’s Modern and Contemporary South Asian Art Sale in London held in October was an unprecedented success and a signal pointer to the growing popularity of and demand for Indian art.
Led by Francis Newton Souza’s masterwork, The Deposition, 1963, which sold for £1,565,000, almost three times the high estimate, the sale grossed £4,015,125 in all, about 50% more than the pre sale estimate. There was also an outstanding result for another of Indian’s modern masters, with Vasudeo S. Gaitonde’s Untitled, 1973, selling for £965,000 ($ 1.8m), doubling the price it achieved when last on the market in 2013.
Yamini Mehta, Sotheby’s International Head of Indian and South Asian Art, said: “We’re delighted with today’s sale result which demonstrates the strength of the market internationally for this field of collecting. The sale total exceeded expectations, driven by a broad global spread of buyers from Europe, US, India and the Middle East. Almost fifty percent of the lots sold achieved prices above their high estimate, and the sale overall reached the highest sell-through rate in this category at Sotheby’s since 2008. This is a testament to the winning combination of outstanding fresh-to-themarket works offered with appealing estimates.”
Lot 39, Magbool Husain- Hajera
Lot 51, Sayed Heider Raza, Untitled (Landscape)
Lot 29, Kattingeri Krishna Hebbar, Untitled (Woman with Tanpura)
Ganesh Pyne- Untitled