Saffronart’s first 24hr sale started at 2:30pm UTC. The sale brings together a smaller number of works at generally lower price points and represents a continuing evolution of Saffronart’s successful online art selling technique: [audio:http://www.artmarketmonitor.com/wp-content/uploads/2011/02/Minal-Vazirani-on-24hr-Sale.mp3|titles=Minal Vazirani on 24hr Sale]
Art Market Monitor spoke with Minal Vazirani just before Saffronart’s Winter Auction. The sale performed nicely within expectations capping off a year where the Indian art market doubled in volume from 2009 and finished Saffronart’s first decade with a strong showing.
[audio:http://www.artmarketmonitor.com/wp-content/uploads/2010/12/Minal-Vazirani-Dec.-2010.mp3|titles=Minal Vazirani (Dec. 2010)] (click on the player to listen)
Ms. Vazirani discusses the changing constituency of Indian art buyers, Saffronart’s success as an online auction house and what she sees as the coming scarcity in works by Indian Modernists.
Saffronart held its Summer online sale of Modern and Contemporary Indian art last week:
The New York Observer finds a Harvard Business School case study in Saffronart:
“Saffronart was able to see a market beyond boundaries,” said Mukti Khaire, assistant professor of business administration at the Harvard Business School, who studies the role that entrepreneurs play in new markets, particularly in creative fields such as fashion, art and film. She had friends who had bought from Saffronart and believed the auction house was playing a major role in creating a market, and so she selected it for study. “Let’s say they had been a physical auction house based in India. They would have a limited number of customers. Being online allows them to tap into a larger group of customers who might have an appreciation for Indian art and the means to buy.”Continue Reading
Saffronart had their Spring sale last week resulting in a solid 75% sell-through and sales volume right in line with the estimates, even showing a little strength at $4.6m.