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Osian's Sells $4m Worth of Art

April 5, 2010 by Marion Maneker

The Economic Times of India covers the Mumbai sale of Indian art from Osian’s. With only 58% of the works sold, the $4.11m sale was still good for the works that found buyers:

The most expensive sale of the evening was the exceptional 1998 painting ‘Head Studies of Mahishasura’ by Tyeb Mehta, a work charged with visual and symbolist anxiety that generated spirited bidding and finally sold for Rs 4,56,00,000 ($ 1,002,639).

Art enthusiasts looking to invest in quality works of art bid fervently for works by Akbar Padamsee, S.H. Raza and Rameshwar Broota, with each of their works fetching well over a crore of rupees.

The little jewel of a painting , a rare 1884 gouache by Raja Ravi Varma depicting Krishnaraja Wodeyar III’s Coronation and the Himalayan landscape captured by Nicholas Roerich, both National Art Treasures (Non-Exportable ), fetched Rs 72,00,000 and Rs 81,60,000 respectively. Continue Reading

Everything You Ever Wanted to Know About Osian's

February 1, 2010 by Marion Maneker

Osian Art Fund, the charismatic Neville Tuli’s brainchild, has come under a lot of pressure as it struggles to return capital to investors and fend off lawsuits from auction houses. Forbes India takes the opportunity to delve deeply into the tale of Tuli, his rise and dance along the precipice, as he borrowed money from a Dubai hedge fund, Abraaj and tries to stay one step ahead of a liquidity crunch:

In June 2006, just when the stock market was down but the art market peaked, Neville Tuli announced the launch of an art fund amid an economic boom. All markets were awash with liquidity. The art market was estimated to be growing at nearly 100 per cent. A clutch of banks led by BNP Paribas and ABN Amro referred their wealthy clients to buy units in Osian’s Art Fund and in return got hefty fees of up to 20 per cent in some transactions, according to a person who was involved with the issue. The banks together earned nearly Rs. 5.5 crore. The fund raised an unprecedented Rs. 102 crore. Continue Reading

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