Christie's has a dream India debut

Guest post by Kishore Singh, friend, ForbesLife India columnist and art expert. Kishore also interviewed Christie’s CEO Steven P Murphy for us a couple of days ago. You can read a version of the interview here. 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 But for a couple of lots that were withdrawn, there was only one—strangely, a nude Hussain—that remained unsold.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.