Christie's has a dream India debut

Christie’s inaugural auction in India couldn’t have had a better start as lot after lot went under the gavel. But for a couple of lots that were withdrawn, there was only one—strangely, a nude Hussain—that remained unsold.

And, oh, the records!

Image By: Vikas Khot

V S Gaitonde claimed India’s most expensive tag at Rs 20.5 crore (that’s before the buyer’s premium and VAT), Tyeb Mehta bested himself at Rs 17 crore (another lot sold for Rs 8.2 crore), Manjit Bawa at Rs 3.2 crore, and Ganesh Pyne at an amazing Rs 1.9 crore.

As the two auctioneers announced the paddle numbers, the buzz couldn’t have been more incredible, starting with a palm-sized Gaitonde fetching Rs 80 lakh and Ramkinkar Baij winning Rs 42 lakh. Ram Kumar managed Rs 2.9 crore and M F Husain Rs 1.25 crore. The National Treasure artists—works that cannot be exported—did considerably less well, with Amrita Sher-Gil matching her lower estimate at Rs 3 crore, Rabindranath Tagore at Rs 2.4 crore, and Nandalal Bose mostly selling under estimates. (All prices exclude a buyer’s premium of 20-25 per cent, 12.5 per cent VAT, and 12.36 per cent service tax on the buyer’s premium.)

Its success scripted through strategic networking, prices for the masters will continue to consolidate, providing a leg-up for Indian art, which has been in the doldrums ever since 2008.