In­dian Masters are the Toast of the Art Mar­ket in Lon­don

The Luxury Collection - - Contents -

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

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