Tyeb Mehta’s Falling Figure leads Saffronart’s Evening Sale at INR 6 crores

·         Falling Figure sells at INR 6 crores (USD 909,091)

·         Gaitonde’s painting of Oscar Winner Bhanu Athaiya sells at INR 3 crores (USD 454,545)

·         Two paintings set record prices

·         86% sell-through rate

·         Auction reached a total of INR 33.6 crores (USD 5.1 million)

Lot 54 - K H AraGÇÖs Juhu, estimated at INR 5 GÇô 7 lakhs (USD 7,580 GÇô 10,610) sold at INR 13.2 lakhs (USD 20,000)
Lot 54 – K H AraGÇÖs Juhu, estimated at INR 5 GÇô 7 lakhs (USD 7,580 GÇô 10,610) sold at INR 13.2 lakhs (USD 20,000)

Mumbai, 17 February 2017: Tyeb Mehta’s Falling Figure, painted in 1965, led Saffronart’s Evening Sale at INR 6 crores (USD 909,091). The gold-medal winning painting, which was exhibited at the First Triennale of Contemporary World Art in New Delhi in 1968, was the earliest of the Falling Figure series that captures the trauma that is the subject of his work. It was estimated at INR 5 – 7 crores (USD 757,580 – 1 million). V S Gaitonde’s rare figurative painting of Oscar winner Bhanu Athaiya, painted in 1952, sold at INR 3 crores (USD 454,545), against a pre-sale estimate of INR 2 – 3 crores (USD 303,035 – 454,550). Both works featured on the cover of Saffronart’s Evening Sale, which reached a total of INR 33.6 crores (USD 5.1 million). 66 of the 77 works (86%) were sold.

Lot-50-Madhav-Satwalekar-entered-the-auction-market-for-the-first-time-was-estimated-at-INR-4-GÇô-6-lakhs-USD-6065-GÇô-9095-and-sold-at-INR-14.4-lakhs-USD-21818.jpg
Lot-50-Madhav-Satwalekar-entered-the-auction-market-for-the-first-time-was-estimated-at-INR-4-GÇô-6-lakhs-USD-6065-GÇô-9095-and-sold-at-INR-14.4-lakhs-USD-21818.jpg

The auction saw some rare and early works surpass expectations. S H Raza’s Bombay from Malabar Hill, 1948, with a pre-sale estimate of INR 15 – 20 lakhs (USD 22,730 – 30,305), sold at five times its upper estimate at INR 1 crore (USD 163,636). Awarded a gold medal, the painting was exhibited at the Bombay Art Society’s Diamond Jubilee show in December 1948, and witnessed enthusiastic bidding.

Lot 46 GÇô Tyeb MehtaGÇÖs Falling Figure, painted in 1965, led SaffronartGÇÖs Evening Sale at INR 6 crores (USD 909,091)
Lot 46 GÇô Tyeb MehtaGÇÖs Falling Figure, painted in 1965, led SaffronartGÇÖs Evening Sale at INR 6 crores (USD 909,091)

 

Lot 39 - Ramgopal VijaivargiyaGÇÖs painting, with a pre-sale estimate of INR 15 GÇô 20 lakhs (USD 22,730 GÇô 30,305), sold at INR 32.4 lakhs (USD 49,091)
Lot 39 – Ramgopal VijaivargiyaGÇÖs painting, with a pre-sale estimate of INR 15 GÇô 20 lakhs (USD 22,730 GÇô 30,305), sold at INR 32.4 lakhs (USD 49,091)

Ganesh Pyne’s The Masks, 1994, exceeded its pre-sale estimate of INR 55 – 65 lakhs (USD 83,335 – 98,485) and sold at INR 1.32 crores (USD 200,000).  Similarly, Jehangir Sabavala’s Down To A Sunless Sea,  1962, with a pre-sale estimate of INR 50 – 70 lakhs (USD 75,760 –  106,065), sold at INR 1.14 crores (USD 172,727). K H Ara’s Juhu, estimated at INR 5 – 7 lakhs (USD 7,580 – 10,610) sold at INR 13.2 lakhs (USD 20,000).

Lot 36 - Ganesh PyneGÇÖs The Masks, 1994, exceeded its pre-sale estimate of INR 55 GÇô 65 lakhs (USD 83,335 GÇô 98,485) and sold at INR 1.32 crores (USD 200,000)
Lot 36 – Ganesh PyneGÇÖs The Masks, 1994, exceeded its pre-sale estimate of INR 55 GÇô 65 lakhs (USD 83,335 GÇô 98,485) and sold at INR 1.32 crores (USD 200,000)

 

Lot 15 - S H RazaGÇÖs Bombay from Malabar Hill, 1948, with a pre-sale estimate of INR 15 GÇô 20 lakhs (USD 22,730 GÇô 30,305), sold at five times its upper estimate at INR 1 crore (USD 163,636)
Lot 15 – S H RazaGÇÖs Bombay from Malabar Hill, 1948, with a pre-sale estimate of INR 15 GÇô 20 lakhs (USD 22,730 GÇô 30,305), sold at five times its upper estimate at INR 1 crore (USD 163,636)

Two paintings—one by Ramgopal Vijaivargiya and the other by Madhav Satwalekar—set record prices for the artists. Vijaivargiya’s painting, with a pre-sale estimate of INR 15 – 20 lakhs (USD 22,730 – 30,305), sold at INR 32.4 lakhs (USD 49,091). Satwalekar, whose work entered the auction market for the first time, was estimated at INR 4 – 6 lakhs (USD 6,065 – 9,095), and sold at INR 14.4 lakhs (USD 21,818). In total, 29 lots surpassed their upper estimates.

Hugo Weihe, auctioneer and CEO of Saffronart said, “We were gratified to see rare and seminal works receive broad appreciation and enthusiastic bidding. The selection of lots was carefully considered as confirmed by the sell-through rate of 86%, and reinforces the appeal of modernists among collectors of Indian art.”

Lot 14 -V S GaitondeGÇÖs rare figurative painting of Oscar winner Bhanu Athaiya, painted in 1952, sold at INR 3 crores (USD 454,545)
Lot 14 -V S GaitondeGÇÖs rare figurative painting of Oscar winner Bhanu Athaiya, painted in 1952, sold at INR 3 crores (USD 454,545)

 

Lot 12 - Jehangir SabavalaGÇÖs Down To A Sunless Sea, 1962, with a pre-sale estimate of INR 50 GÇô 70 lakhs (USD 75,760 GÇô 106,065), sold at INR 1.14 crores (USD 172,727)
Lot 12 – Jehangir SabavalaGÇÖs Down To A Sunless Sea, 1962, with a pre-sale estimate of INR 50 GÇô 70 lakhs (USD 75,760 GÇô 106,065), sold at INR 1.14 crores (USD 172,727)

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