Tyeb Mehta canvas sold for Rs 15 cr at Christie's auction

December 11, 2014 23:26

Renowned artist Tyeb Mehta's untitled canvas depicting a falling bull today got sold for a whopping Rs 15 crore at the second edition of Indian art auction held by the Christie's in Mumbai today.

The Mehta canvas, dating back to 1999, for which the Christie's was expecting a maximum price of Rs 12 crore, got picked up through an online bid from New York.

The identity of the buyer was not revealed. The auction began 7 pm today at the Taj Mahal Hotel.Bidding started at Rs 5 crore and the price kept going up till it reached Rs 14 crore when calls with overseas buyers resulted in longish pauses, before the final bid was made.

The amount paid for the Mehta work is hammer price and excludes buyer's premium and applicable taxes.

The Switzerland-based Christie's conducted its first India art auction on December 19 last year, when it sold a work by the late Vasudeo Gaitonde for a record Rs 28 crore,the biggest price ever paid for an Indian painter's work.

The house is auctioning 78 lots, down from 83 last year,including paintings, sculptures and also diaries at the auction tonight.

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