Thaindian News

New Delhi, June 24 (IANS) The trend of resurgence in the art auction market continued with a composition by Akbar Padamsee, “Nude”, notching a winning bid of Rs.2.52 crore, at the Mumbai-based art house Osian’s 10th anniversary auction.
Rameshwar Broota’s “Queue” commanded Rs.1.26 crore while F.N. Souza’s “Italian Landscape” sold for Rs.1.74 crore. The auction of 101 rare art works sold for Rs.27.99 crore.

Confirming that the Indian art market was looking up after a period of slow growth, Neville Tuli, chairman of Osian’s said: “The trends do indicate a strong consolidation of the art market, but the sense of revival will be clearly evident in the September auctions, especially after the impact of current larger global uncertainties are tackled directly.”

Tuli added: “At present many individuals were placing their surplus funds in the high quality art work as a hedge in the knowledge that they have a long-term holding capacity as investors even if they do not emerge as full-fledged collectors.”

“This is a positive development as the patience to hold and learn has increased and that will in turn lead to a greater number of genuine art lovers and collectors,” Tuli said.

Works of Bengal masters gained a edge in prices over the rest of the lots with an untitled cubist composition by Gaganendranath Tagore selling for Rs.25.2 lakh and the “Chaitanya” series Rs.23.4 lakh.

Abanindranath Tagore’s “Girl Seated on the Rocks” sold for Rs.22.2 lakh while “Rest” fetched Rs.16.8 lakh. Both of these works are “national art treasures” under the government of India’s stipulation and hence non-exportable.

A new price benchmark was established by one of the unsung masters of Bengal school, Kshitindranath Majumdar with his “Radha & Lalita” establishing a new high at Rs.37.2 lakh.