Incredible figures at SaffronArt's Online Auctions

Saffronart’s Spring Live and Online Auctions concluded on 6-7 April and achieved a combined sales value of INR 115.62 crores (USD 15.41 million). The Live Auction on 6 April saw record prices being hammered down for multiple works, and a total sales value of INR 104.1 crores (USD 13.87 million), with 89.09% of lots sold. The leading lots in the live auction performed exceedingly well, with records being created for both works. 

Raja Ravi Varma’s Draupadi Vastraharan, circa 1888-1890, sold for INR 21.6 crores, making it the second-highest value achieved by the artist in auction globally, while Tyeb Mehta’s Untitled (Bull on Rickshaw), 1999, sold for INR 41.97 crores making it the highest value achieved by the artist in auction and the second-most expensive work of Indian art sold globally. A world record was also created by M V Dhurandhar’s Untitled (Draupadi Vastraharan), 1934, when it sold for INR 8.04 crores, making it the highest value achieved by the artist in auction globally.

Pilloo Pochkhanawala’s untitled wooden sculpture, part of the collection of Jeroo Vakil Mango and the late Naval Vakil, sold for more than four times its lower estimate at INR 1.44 crores (USD 192,000). It is the second-highest value achieved by the artist in auction globally. The other two works from the collection also performed well with M F Husain’s Untitled, 1959 and Manjit Bawa’s Untitled, 1979; Nicholas Roerich, St Mercurius of Smolensk, 1919.

The Spring Online Auction closed on 7 April and achieved a total sales value of INR 11.54 crores (USD1.53 million), with 86% lots sold. Jagdish Swaminathan’s untitled oil on canvas from 1982 became the leading lot of the auction when it sold for INR 66 lakhs with one of the antiquities, Lord Buddha with Arch, a 17^th century bronze sculpture from Nepal, following at double its lower estimate at INR 50.25 lakhs.

Saffronart CEO and Co-Founder Dinesh Vazirani said, “We are delighted to have opened our auction calendar with such a successful live and online auction. The record-breaking prices achieved by Tyeb Mehta’s powerful work from 1999 titled Untitled (Bull on Rickshaw), Raja Ravi Varma’s historically significant painting from 1888-1890 titled Draupadi Vastraharan, as well as works by M V Dhurandhar and Pilloo Pochkhanawala in the live sale stand testament to the skill and legacy of these artists. These are all rare works of the artists to emerge in the art market and we are honoured to have played a part in creating a new benchmark with these auctions.”

An analysis of the Spring Live Auction and Spring Online Auction can be viewed on saffronart.com.