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Indepth Arts News: "Annual Autumn Online Auction" 2007-08-28 until 2007-09-06 Saffronart New York, NY, USA United States of America
Prices of contemporary Indian art have spiraled by an estimated 20-fold since 2000, with much of the rise coming in the last two years. Saffronart’s autumn auction will be a key indicator of the growing interest and continued boom in the contemporary Indian art market. Art experts are comparing the boom in Indian art to a similar one in China, which began a few years ago, fueled by a rising economy and a newly rich Chinese community. ‘Mahisasura’ by Indian artist Tyeb Mehta was the first Indian work of art to fetch over a million dollars at an auction in 2005. Since then, more than 20 paintings have crossed the million-dollar mark at auctions as the Indian art market booms. Works by Atul Dodiya and Subodh Gupta have gone for $283,441 and $188,089 respectively. Online auctions, pioneered by Saffronart, have transformed the landscape of modern and contemporary Indian art, making it accessible to participants who are constrained by geographical and physical limitations and opening it to a wide spectrum of international art lovers. Saffronart’s autumn auction follows this year’s annual spring and summer online auctions which recorded total sale values of $4.3 million and $9 million respectively. Sales figures of Saffronart’s past auctions have surpassed the numbers of other leading auction houses globally.
In addition to paintings, this autumn online auction will also feature a range of genres and mediums of contemporary Indian art. Some notable works include a fiberglass sculpture by G. Ravinder, an installation by Atul Dodiya, and Anju Dodiya’s work on a velvet mattress. Minal Vazirani, Co-Founder, Saffronart says, “Indian art is evolving for sculpture, prints, photography, and various other genres. Overall, the market is just beginning to establish itself and is poised for growth.”
The cocktail preview on August 28th, 2007 will allow bidders to have a closer look at the works prior to engaging in some exciting and even record-breaking bidding that has become the hallmark of Saffronart’s auctions. Also on the autumn agenda for Saffronart is a grand retrospective of the work of Sayed Haider Raza, one of India’s most prominent and critically acclaimed modernists, opening on September 20th in New York.
Autumn Online Auction: Contemporary Indian Art September 5–6, 2007 at www.saffronart.com
Cocktail Preview in New York: Tuesday, August 28, 2007 6:00 -8:30pm About Saffronart:
Saffronart is the leading online auctioneer for modern & contemporary Indian art and has been acclaimed as one of the most comprehensive and definitive resources for Indian art. Since its inception in 2000, Saffronart has been a major proponent of contemporary art by providing artists with greater opportunities to engage an Indian and global audience. Online auctions, pioneered by Saffronart, have transformed the landscape of modern and contemporary Indian Art, making it accessible to participants who are constrained by geographical and physical limitations and opening it to a wide spectrum of international art lovers. Saffronart also provides advisory and consultation services in transacting works of art for private treaty and auction sales, and detailed information in terms of research and analysis on prices, artists, trends, etc on Indian art as an investment option to individuals, corporations and/or organizations in India and internationally.
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Saffronart, the leading online auctioneer for modern & contemporary Indian art, is proud to announce its autumn online auction to be held on September 5-6, 2007 at www.saffronart.com. The eighteenth online auction conducted by Saffronart will feature 115 lots of works by prominent contemporary Indian artists such as Subodh Gupta, Atul Dodiya, Nataraj Sharma, A. Balasubramaniam, G. Ravinder Reddy, Sudhir Patwardhan, Jayashree Chakravarty, Anandajit Ray and Jagannath Panda to name a few. Key works up for bid include ‘Saat Samundar Paar’ by Subodh Gupta, ‘Chickoo Drawing’ by Atul Dodiya, a fiberglass sculpture by G. Ravinder Reddy and Anju Dodiya's ’Circus of Insomnia’, an acrylic painting on a velvet mattress. The sale is expected to realize values estimated at $2.8 million. The cocktail preview is on Tuesday, August 28, 2007 at Saffronart’s space at the prestigious Fuller Building, New York.
