Georgina Adam adds some color to the white glove sale Saffronart conducted in Mumbai with works from F.N. Souza’s daughter. The 101 lots were snapped up despite India’s recent monetary problems as the rupee crashed 20% in value in response to threatened monetary tightening by the Fed in the US:
“Anywhere but in India, the sale would have been a disaster,” commented dealer Conor Macklin of London’s Grosvenor Gallery, who was present. “There are not enough Indian buyers outside the country, nor enough people who can spend money overseas since the government reduced the amount Indians can export. But the sale shows that there is still a lot of interest in more traditional art in India,” he added.
Prosperous on the Bosphorus (Financial Times)