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Saffronart's Strong Results

December 11, 2009 by Marion Maneker

[intro]78% of lots sold totaling USD $4.3 million[/intro]

Saffronart held a sale of 100 lots this week and had a solid showing for Indian Modern works and a few Contemporary stars:

  • Competitive bidding activity sees 62% of the sold lots exceeding their high estimates
  • Modernists lead the sale with top prices achieved for Manjit Bawa, F.N. Souza, S.H. Raza, J Swaminathan, Akbar Padamsee and Tyeb Mehta
  • A world record price in auction was achieved for artist Manjit Bawa

The top five lots sold in the auction were

  1. Manjit Bawa’s ‘Untitled’ at USD $362k ~ upper estimate of USD 196k
  2. M.F. Husain’s ‘Untitled’ at USD $294k ~ upper estimate of USD 180k
  3. Subodh Gupta’s ‘Untitled’ at USD $253k ~ upper estimate of USD 196k
  4. F.N. Souza’s ‘Profile of a Woman’ at USD $216k ~ upper estimate of USD 60k
  5. S. H. Raza’s ‘Temple’ at USD $181k ~ upper estimate of USD 60k

Saffronart was quick to tout it’s iPhone application as key factor in the bidding. Here’s an excerpt from their press release:

This auction marked the debut of Saffronart’s auction application on the iPhone. Saffronart is the only fine-art auction house globally to offer a mobile bidding application for devices such as the iPhone, Blackberry and Nokia phones […]. Bids (including underbids) totaling Rs 4.8 crores (over USD 1 million) were registered at this auction. In addition a large number of customers used the application to track the auction while on the move.

More from Art Market Monitor

  • Tyeb Record Leads Saffronart’s $11.38m Spring AuctionTyeb Record Leads Saffronart’s $11.38m Spring Auction
  • Saffronart Live Sale = $5.8mSaffronart Live Sale = $5.8m
  • Christie’s NY South Asian Mod + Cont = $5.096mChristie’s NY South Asian Mod + Cont = $5.096m
  • Saffronart Spring Sale = $2.45mSaffronart Spring Sale = $2.45m
  • India’s Art Market Concentrates at the Top Too
  • Saffronart Summer Sale = $3.089m (86% Sold)Saffronart Summer Sale = $3.089m (86% Sold)

Filed Under: Auction Results Tagged With: Indian Contemporary, Indian Modern

About Marion Maneker

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