MUMBAI.- Saffronarts Evening Sale achieved INR 27.6 crores (USD 4.3 million) last night, with 80% lots (52 out of 65) being sold. Tyeb Mehtas Falling Bird led the auction results at INR 6.96 crores (USD 1.09 million), surpassing its lower estimate of INR 5 crores (USD 781,250). Jehangir Sabavalas The Star that Beckons, 1968, surpassed its initial estimate of INR 2.5 3.5 crores (USD 390,625 546,875) and sold for INR 3.84 crores (USD 600,000). Also among the top lots was S H Razas Rajasthan IV, 1961, an important painting from an earlier phase of the artists life. Rajasthan IV surpassed its estimate of INR 1.5 2 crores (USD 234,375 312,500) and sold for INR 2.64 crores (USD 412,500).
CEO Hugo Weihe commented, The works in Saffronarts Evening Sale drew attention from bidders around the world. We had strong interest before the sale, with 50% lots receiving advance bids. Works by leading artists from different periods of Indian modernism offered welcome surprises, with works by Sadanand Bakre, A A Raiba, A A Almelkar and K H Ara being well-received. We look forward to our Classical Indian Art and Folk and Tribal online auctions in April, and to our Summer Online Auction in June, for which we have already consigned some very significant masterpieces. We believe these will provide a new level of excitement on our online platform.
The auction featured works across the spectrum of modern art. A landscape by Sadanand Bakre, initially estimated at INR 79 lakhs (USD 10,940 14,065), sold for over two times its lower estimate at INR 16.8 lakhs (USD 26,250). Sir Jacob Epsteins sculpture of Rabindranath Tagore, estimated at INR 8 10 lakhs (USD 12,500 15,625), doubled its upper estimate, selling for INR 21.6 lakhs (USD 33,750). K H Aras Yellow Roses, estimated at INR 7 9 lakhs (USD 10,940 14,065), doubled its lower estimate and sold for INR 14.4 lakhs (USD 22,500).