Last week, Saffronart held their Summer auction with the Tyeb Mehta’s Kali as the lead lot. Saffron previously sold the work eleven years ago for nearly $1m. This time around the painting made just about $4m. That’s not a bad return especially considering that the market for South Asian art had cratered for a time in the interim.
The buyer was the Kiran Nadar Museum of Art in New Delhi.
The Museum is backed by Kiran Nadar, the wife of a techno-billionaire, and India’s leading collector of modern and contemporary art. It also bought an early, pop-art inspired painting by Bhupen Khakhar, the subject of a major Tate exhibition last year. Khakhar’s market took off in the lead-up to the Tate show and seems now to have settled as this 1965 work sold within estimate for £161,000.
Eagle-eyed Colin Gleadell has a great item today following up on Sotheby’s unexpectedly successful New York Modern and Contemporary South Asian art sale two weeks ago. The $6.5m sale found buyers for 91% of the lots. Gleadell identified one of the sellers. It turns out the the collector did very well for himself:Continue Reading
John Elliott pays attention to the Indian art market. The October sales of Indian Modern and Contemporary art followed anunexpectedly strong sale at Saffronart in September in Mumbai.
In London, Christie’s suffered through a $3.8m sale that was mostly held back at the top end of the market. Sotheby’s, by contrast, held its own with a $4.9m sale that included a V.S. Gaitonde work that nearly doubled in price since it was last sold in 2013 even though it sold below the low estimate.
That wasn’t the only winner at Sotheby’s. Here’s Elliott:Continue Reading
Saffronart is holding a live sale in New Dehli with coverage on the internet today. The top lot is an SH Raza, La Terre that made a price of $1.166m which puts it as the 10th highest price at auction for Raza, according to Artnet’s database.
In 1962, Raza was invited by Professor Karl Casten to teach at the University of California in Berkeley. Although short, his time in America altered his creative approach. It was here that he found a muse in the abstract expressionist works of the New York School of painters such as Sam Francis, Willem de Kooning, Hans Hoffman and particularly, Mark Rothko. As Raza states,
“Rothko’s work opened up lots of interesting associations for me. It was so different from the insipid realism of the European School. It was like a door that opened to another interior vision. Yes, I felt that I was awakening to the music of another forest, one of subliminal energy. Rothko’s works brought back the images of japmala, where the repetition of a word continues till you achieve a state of elevated consciousness…Rothko’s works made me understand the feel for spatial perception.” (Raza: Celebrating 85 years, Aryan Art Gallery, New Delhi, 2007)
A second Raza sold for $240,000 at the sale, significantly above the high estimate.
Saffronart held a life evening sale last month that had a strong result. More impressive still was the day sale where all 70 lots sold for an additional $880,525.
Sotheby’s announces a significant Gaitonde for its Asia Week sales in New York this March:
Leading the Modern & Contemporary South Asian Art sale in New York on 19 March 2014 during Asia Week, Vasudeo S. Gaitonde’s ethereal Painting No. 3, estimated in excess of $2 million, is a major work by the artist coming from an important American collection. Included in one of Gaitonde’s earliest New York exhibitions in the 1960s, this work captures a pivotal moment in the artist’s career when he turned away from his earlier geometric works and began to experiment with using a paint roller and palette knife. Gaitonde is hugely celebrated internationally, with his works achieving ever-higher prices at auction. Reflecting this success, Gaitonde will be the subject of a major retrospective at the Guggenheim Museum in New York this autumn, making him one of the first Modern Indian artists to be honoured with a retrospective in the United States.
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)
Saffronart’s press release follows: