S H Raza painting fetches 8.17 crore at Delhi sale

September 06, 2014 14:36

Leading modern Indian master S H Raza's artwork "La Terre" was sold for Rs 8.17 crore ($1.36 million) that was a tad higher than its top estimate of Rs 7 crore by the first live auction by Saffront in a decade in New Delhi.

The 50 inches by 29 inches acrylic on canvas by Raza, was the top lot of the Modern Evening sale and auctioneer claimed the work epitomised the convergence of the painter's artistic and philosophical assimilations throughout his 70-year career.

Total sales of Rs 38.3 crore ($6.4 million) were realised at auction against a pre-auction estimate range of Rs 25.8 crores to Rs 35.2 crores ($4.3 mn to $5.9 mn) which also saw live bidding through phones and on the auctioner's website.

A total of 86 lots out of the 90 lots on offer were sold with 60 lots fetching above estimated prices, according to the sale analysis by the auctioneer. Eight lots sold for over Rs 1 crore.

Jehangir Sabavala's "The Flight into Egypt-I" fetched the second highest price when it went under the hammer for Rs 3 crore ($500,00) and fetched a world record for the artist.

"Estimated at Rs 80-Rs 90 lakh ($133,335 - $150,000), competitive bidding between room and phone bidders drove it to a value of Rs 3 crore ($500,000), amidst resounding applause from the audience," auctioneers said.

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