Saffronart Autumn Auction 2011: top 5 lots

INDIA CONTEMPORARY MODERN ART AUCTION SALES

Saffronart has reported that over half of all lots in their 2011 Autumn Art Auction of Modern and contemporary Indian art were sold, with over 70 percent going for above higher estimate. A work by Tyeb Mehta took the top lot spot, selling for USD1,565,000.

'Untitled' by Tyeb Mehta (Lot 11) sold for USD1,565,000 at a recent Saffronart auction.

'Untitled' by Tyeb Mehta (Lot 11) sold for USD1,565,000 at a recent Saffronart auction.

According to a press release sent out by Saffronart to media on 27 September 2011,

Saffronart’s Autumn Art Auction [2011], featuring 70 lots by 32 modern and contemporary Indian artists, was characterised by a strong focus on aesthetic quality and competitive estimates. The auction saw participation from collectors across the world, and closed with a total sale value of USD4.09 million.

The top five lots sold during the auction, held 21 to 22 September 2011, are detailed in the table that follows:

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Click here to view the results and analysis of Saffronart’s 2011 Autumn Art Auction of Modern and contemporary Indian art on the company’s website.

Luxury market partnership

Earlier in 2011, Saffronart and luxury car company Mercedes-Benz (India) entered into a partnership, jointly producing a series of art talks, the Art & Aesthetics Series, held in various Indian cities throughout August 2011. This partnership was officially commemorated at the Autumn Art Auction 2011 with the unveiling of “a customised Mercedes-Benz S-Class ‘Art Edition’…, one of a limited edition of two cars.”

Aggressive mobile bidding

Established in 2000, Saffronart has quickly grown into one of the premier auction houses in India and abroad, primarily through its innovative approach to the online sale of art. In mid-2010, for example, the company introduced mobile phone bidding to its online auction model, and in a September 2011 article published in The Economic Times, CEO Dinesh Vazirani stated that the option is proving popular with buyers. “The buyers, mostly upwardly mobile, bid very aggressively on the mobile phones because it affords them anonymity and flexibility. The physical auction room has limitations.”

KN/HH

Related Topics: contemporary and Modern art auctions, Indian artists, painting

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