Year's art sale begins on a slow note

Saffronart cofounder Dinesh Vazirani helms the auction as a work by Indiarsquos topselling artist VS Gaitonde goes under the hammer yesterday PicShadab KhanFor those of us used to holding our breaths in auction rooms the first art sale of the year by Saffronart came as a bit of a dampener Whether the art market is still reeling under the aftershocks of demonetisation or it was the particular choice of works the auction saw a sizeable number of lots selling below or just skimming the lower estimate priceThe total sale after slow bidding for 77 lots a Bhupen Khakhar work was withdrawn amounted to a respectable Rs 3359 crore with 11 lots passed Compare this to the total sale worth of Rs 6855 crore from 69 lots at their evening sale held in New Delhi in September 2016Falling Figure by Tyeb Mehta oil on canvas 1965 went for Rs 6 croreThe cover lot of the evening an oil on canvas by Tyeb Mehta titled Falling Figure which was exhibited in the First Indian Triennale in 1968 went under the hammer for Rs 6 crore with auctioneer and Saffronart CEO Hugo Weihe saying One small step for you a large one for Tyeb While the art market is not the easiest yet we carefully considered the composition with rare and unusual works there were early works by Gaitonde and Raza We are gratified to see that the art market received it well said WeiheTalking pointsThe second highest selling lot of the evening was a diptych from Akbar Padamsees Mirror Image series made around the 1960s it sold for Rs 360 crore The third was an oil on canvas by Indias topselling artist VS Gaitonde Portrait of Bhanu Rajapadhya who got Indias first Oscar for her costume design in the Attenborough classic Gandhi which went for Rs 3 croreHigh points of the sale included an early work by SH Raza much talked about during the preview of the sale it went for Rs 108 crore The gouache on paper work from 1948 depicting the iconic view of the city from Malabar hill titled Bombay from Malabar Hill was estimated to fetch originally anywhere between Rs 15 lakh and Rs 20 lakh A Jehangir Sabavala piece Down to a Sunless Sea a title drawn from Samuel Taylor Coleridges famous poem Kubla Khan also surpassed all expectations by selling for Rs 95 lakh It was originally pegged to sell for between Rs 50 and Rs 70 lakhHusain gets the cold shriftWorks by MF Husain still continue bear the brunt of passes Three works by Husain including a large acrylic on canvas depicting three avatars of Ganesha went unsold in the course of the auction Weihe said I was sorry not to see the large Husain work sell Husain is unpredictable in the market and some of his early works tend to sell well We are sure that Husain will sort himself out in soon in the marketOverall participating bidders revealed that they were glad to see a majority of works sold assuaging fears of demonetisation playing spoilsport with art transactions