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Friday, June 05, 2009 (13:06:47) |
| Tags : Lifestyle News, Art auction markets |
Art auction markets become competitive after correction |
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| New Delhi: The price band in the online art auction market is gradually moving up and becoming more competitive - defying the downturn.
The total lower and higher price estimates at India's leading online art gallery, Saffronart's summer auction June 10-11, are Rs.11 crore (US$2.3 million) and Rs.13.9 crore (US$3 million) respectively.
Saffronart's chief operating officer and co-founder Dinesh Vazirani said the works have been competitively priced to allow serious collectors and first-time buyers bid for them.
"Saffronart has always been making available important works of highly-prized Indian artists to collectors around the world. Collectors have become very selective. Keeping this in mind, we are presenting works at competitive prices," Vazirani said.
The sale will offer 85 lots, featuring artworks by 57 leading contemporary artists. It will also be accompanied by an illustrated print catalogue, which can be bought online.
The highlights of the auctions include works by modern masters like V.S. Gaitonde, Ram Kumar, Arpita Singh, Akbar Padamsee, M.F. Husain and Jogen Chowdhury. The contemporary artists include Subodh Gupta, Hema Upadhyay, Anju Dodiya and Riyas Komu.
Sources in the art auction market said the price trends were picking up once again as the market was stabilising after price corrections in the last quarter.
There was little fluctuation and the gaps between the higher and the lower estimates of artworks were narrowing, opening the door to a larger spectrum of buyers. Auctions in general were also witnessing better pricing - in terms of bids.(IANS) |
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