Saffronart's Summer Online Auction Breaks Records!

Saffronart, Tuesday June 24th 2008
Subodh Gupta sells for world-record US $1.43 million (Rs. 5.7 crores) - the highest price achieved by a contemporary Indian artist at auction globally

S.H. Raza sells for US $1.05 million (Rs. 4.2 crores) - three of top 5 results achieved by Modern artists

Saffronart's record breaking sale of rare and significant works of Indian modern and contemporary artists has registered a total sale value of approximately US $9.7 million (Rs. 39 crores). Hosted on a new, innovative and highly interactive platform, the Saffronart Summer Online Auction featured the work of globally sought painters, sculptors and installation artists.

With an average lot price of approximately US $101,250 (Rs. 40.5 lakhs), significantly higher than the 2008 industry average of US $72,000 (Rs. 28.8 lakh), this sale has raised the bar for auctions of Indian art worldwide. The top five lots of this Saffronart auction were Subodh Gupta's Untitled, selling for US $1.43 million (Rs. 5.7 crores), the highest price achieved by any contemporary Indian artist at auction; S.H. Raza's Germination, selling for US $1.05 million (Rs. 4.2 crores); Rashid Rana's Red Carpet – 2, selling for US $500,250 (Rs. 2 crores); J. Swaminathan's Untitled, selling for US $460,000 (Rs. 1.84 crores); and F.N. Souza's Untitled, selling for US $408,250 (Rs. 1.63 crores).

World auction records set for 8 artists
At this sale, world auction records were set for 8 artists, including Subodh Gupta, Hema Upadhyay, Badri Narayan, K.M. Adimoolam, Justin Ponmany, Chitra Ganesh, Bose Krishnamachari and Anita Dube. On the first day of the auction itself several lots crossed their higher estimates, including works by Subodh Gupta, Hema Upadhyay, T.V. Santhosh and Justin Ponmany, setting the pace for the exciting bidding activity that continued till the last minutes of the sale.

Unprecedented bidding activity
With close to 600 registered bidders, artists like F.N. Souza, Justin Ponmany, Hema Upadhyay and Rashid Rana saw collectors vying for their work from the opening of the auction until the bidding came to a close. While Souza's paperwork Louis Armstrong sold for US $71,875 (Rs. 28.75 lakhs), almost tripling its higher estimate, Rana's Red Carpet - 2 sold for US $500,250 (Rs. 2 crores), more than five times its higher estimate.

Saffronart's new auction platform includes several technology enabled features that are pioneering industry firsts. Apart from its improved design and intuitive user interface, this secure platform ensures that every user's bidding process is personalized and effortless.

Saffronart has been instrumental in fundamentally changing the market for Modern and Contemporary Indian art. Constantly striving towards professionalism and transparency, Saffronart continues to contribute to the burgeoning international and domestic interest in Indian art, and in the process established itself as the leader in Modern and Contemporary Indian art auctions.