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Oil causes art attack, Gaitonde sets record at Rs 27 cr

The painting became 'one of the top three most expensive works by the artist to be sold in India'.

, ET Bureau|
Updated: Sep 19, 2019, 02.37 PM IST
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Agencies
Lot-12---V-S-Gaitonde,-Unti

The Gaitonde painting was the star of Saffronart's Evening Sale, which saw 88% lots getting sold.

Works by VS Gaitonde routinely set records at auctions, and another sort-of record was set last week when the artist’s Untitled, 1982 went under the hammer at Saffronart’s Evening Sale in Delhi. The painting sold for Rs 26.9 crore ($3.8 million), becoming “one of the top three most expensive works by the artist to be sold in India.”

The auction house hosted back-to-back live auctions through the day, achieving a combined sale value of Rs 59 crore (approximately $8.3 million). The Day Sale featured works from the estate of FN Souza, with 100 per cent of the lots getting sold.

The Gaitonde painting mentioned before was the star of the Evening Sale, which saw 88 per cent lots getting sold. Bhupen Khakhar’s Tradesman, 1986, “that was auctioned for the first time,” achieved the second highest value, selling at Rs 3.72 crores ($ 523,944).
​Bhupen Khakhar’s Tradesman, 1986 achieved the second highest value, selling at Rs 3.72 crores​.
Bhupen Khakhar’s Tradesman, 1986 achieved the second highest value, selling at Rs 3.72 crores. (Image: saffronart.com)

Commenting on the sales, Dinesh Vazirani, Saffronart's CEO and Co-Founder said, “We are extremely pleased by the response to both our live auctions. The Day Sale achieved a phenomenal 'white glove sale' result where 100 per cent of all the works from the Estate of F N Souza sold at strong prices; followed by the Evening Sale with VS Gaitonde's 1982 masterpiece taking its place among the top three highest value works to be sold by the artist in the country.”

ET Panache Dialogues: Bose Krishnamachari, GV Sanjay Reddy, Gayatri Ruia Talk Art

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For The Love Of Art

27 Jul, 2019
‘Has art become more inaccessible than ever? Has the exorbitant cost of acquiring art limited its appeal to only the uber wealthy?’In the inaugural edition of ET Panache Dialogues, a series of panel discussions on relevant subjects, six esteemed guests spoke about the state of affairs of the art market. Snapshots from the session:When: Friday, July 26, 2019Location courtesy: Wine & Malt Lounge at The Taj Mahal Palace, Mumbai
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