New Delhi: An untitled painting of Mahishasura by Tyeb Mehta was sold to an Asian institution for $2.1 million (Rs.120 million) at a Christie`s South Asian Modern and Contemporary Art sale in London Monday, the auction house said.
The auction, which offered paintings by modern masters like S.H. Raza, Rameshwar Broota, MF Husain, Bharti Kher and Manjit Bawa sold mostly to Asian trade institutions and archives, indicating a resurgence in institutional buying, the auction house said.
Archival and institutional purchase of art has shown a marked increase after the 2008 economic meltdown and price correction.
Individual collectors are cautious about buying art while several art trade insitutions and private archives, which have sprung across thecontinent as part of a ongoing art infrastructure building wave, have taken over from collectors. Collectors are increasingly donating their personal collections to auction houses, private and art promotions and trade platforms. Christie`s has auctioned several personal collections in the last three months.
Yamini Mehta, Christie`s director and senior specialist in Indian art, said: "The sale performed well across the board with works which were fresh to the market and from private collections securing strong prices."
She said the auction "demonstrated the breadth of demand for the category, with collectors, institutions and dealersfrom Southeast Asia, India and the Middle East to Europe and the US".
"Tyeb Mehta and the modern masters, including SH Raza continued to attract healthy competition," she said.
Raza`s Clocher du Village, sold for $746,397 and an untitled work by Rameshwar Broota was picked up by an European collector for $188,004.
A selection of avant garde art from Pakistan drew aggressive response at the auction.
IANS
By clicking “Accept All Cookies”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.
Cookies Setting
By clicking “Accept All Cookies”, you agree to the storing of cookies on your device and the processing of information obtained via those cookies (including about your preferences, device and online activity) by us and our commercial partners to enhance site navigation, personalise ads, analyze site usage, and assist in our marketing efforts. More information can be found in our Cookies and Privacy Policy. You can amend your cookie settings to reject non-essential cookies by clicking Cookie Settings below.
Manage Consent Preferences
Strictly Necessary Cookies
These cookies are necessary for the website to function and cannot be switched off in our systems. They are usually only set in response to actions made by you which amount to a request for services, such as setting your privacy preferences, logging in or filling in forms. You can set your browser to block or alert you about these cookies, but some parts of the site will not then work or you may not be able to login.
Functional Cookies
These cookies enable the website to provide enhanced functionality and personalisation. They may be set by us or by third party providers whose services we have added to our pages. If you do not allow these cookies then some or all of these services may not function properly.
Targeting Cookies
These cookies may be set through our site by our advertising partners. They may be used by those companies to build a profile of your interests and show you relevant adverts on other sites. They are also used to limit the number of times you see an advert as well as help measure the effectiveness of an advertising campaign. They do not store directly personal information, but are based on uniquely identifying your browser and internet device. If you do not allow these cookies, you will experience less targeted advertising.
Performance Cookies
These cookies allow us to count visits and traffic sources so we can measure and improve the performance of our site. They help us to know which pages are the most and least popular and see how visitors move around the site. All information these cookies collect is aggregated and therefore anonymous. If you do not allow these cookies we may not know when you have visited our site, and may not be able to monitor its performance.