Christie’s shaked Mumbai with its $15.4M sale

auction shotChristie’s last night gave a shake to the Indian art market with its first auction held in Mumbai, realizing $ 15.4 million, nearly double the pre-sale estimate, selling 98% by lot.
Thanks to the result of $3.7 million, the cover lot Untitled by Vasudeo S. Gaitonde (1924-2001) , is now the most expensive Indian artist and record for the artist . The previous record for a work of modern Indian art was held by Sayed Haider Raza, with the work of Saurashtra sold for $ 3.4 million in London in 2010. Gaitonde ‘s work has been the subject of contention among 10 bidders for more than seven minutes, requested by the Guggenheim in New York for a retrospective in 2014.
Another important top lot of the evening was Mahisasura of Tyeb Mehta (1925-2009) , sold for $ 1.9 million. By the same artist , from the prestigious collection of Kekoo and Khorshed Gandhy , a prestigious gallery of Mumbai, Falling Figure was purchased by an Asian collector for $$3.1 million. The collection totaled $4.1 million for 52 lots.
9 artist’s record in addition to Gaitodonte , including Manjit Bawa , Nasreen Mohamedi , Ganesh Pyne , Pochkhanawala and Bhupen Khakhar , the latter acquired by an Indian institution, as well as for the work of Rabindranath Tagore.
It dates back to September , however, the debut of Christie’s in Shanghai, which totaled $ 25 million with a catalog of Western masterpieces, wine and jewelry. In China, in fact, the English house is not allowed to sell Chinese works, while in India Christie’s has the green light to help develop a domestic market for Indian art.

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