Christie's South Asian Modern & Contemporary Art sale achieves 54% sales

Source - ET

KOLKATA: Christie’s South Asian Modern & Contemporary Art sale in New York has achieved total numbers of $2.412 million. Of the 72 lots

offered, 63% have been sold out, embracing 45 pieces. In value terms, the auction achieved 54% sales. The top highlights include a VS Gaitonde Untitled, picked up at $482,500 by an anonymous buyer against an estimate of $300,000-500,000. At the same time, a Subodh Gupta Untitled oil on canvas from 2004 has been bought out by a private Asian buyer for $176,500 compared to an estimated band of $200,000-300,000. Among the high-end works is also an acrylic on canvas work, Transplantation, by Rameshwar Broota, which is pegged at a sale value of $170,500 hovering close to the high estimate of $180,000. The Broota was acquired by a private US buyer. Hugo Weihe, international director, international specialist, head of Indian and Southeast Asia art, told ET in an email from New York: "The sale of of South Asian Modern & Contemporary Art was led by Vasudeo Gaitonde’s superb Untitled from 1965, which achieved $482,500. We were pleased to see further strong results for Maqbool Fida Husain’s Gandhi- Man of Peace at $152,000 and Rameshwar Broota’s Face at $80,500.
Buyers continued to be selective and to focus on quality triggering solid results for mid-level price ranges. The sale was well-attended with international bidders in the room, on the phone and Christie’s LIVE." According to Ms Menaka Kumari Shah, Christie’s India representative, "This sale reinforces the strength of artists in this field as is evident from prices realised for the Husain, Gaitonde and Broota, for example. We witnessed more disciplined buying with a focus on quality, proving there is still liquidity in the market and confidence in this collecting category." Summing up, deputy chairman, Christie’s Americas & Asia, Theow H. Tow, said: "We are pleased with the continued strength of Christie’s Asian Art

Week which presented exceptional works of art to an international audience. The market for Asian art has been deepening and expanding over the past several years. Our dedicated and talented specialists put together well-edited sales with important works that achieved strong results."
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