Saffronart’s Summer Online Auction 2009 demonstrates renewed strength in the market with competitive bidding and 72% lots sold

· 72% of the 85 Modern and Contemporary Indian works sold, grossing a total of Rs. 10.4 crores (USD 2.2 million)

· Competitive bidding activity sees 54% of the lots exceeding their high estimates

· The auction demonstrates confidence in the Indian art market, highlighting a strong demand for high quality works with impeccable provenance and aesthetic value

· Top lots include works by V.S. Gaitonde, Subodh Gupta, M.F. Husain, Akbar Padamsee, Ram Kumar and F.N. Souza

Bangalore, June 15, 2009: Saffronart, the leading auctioneer of Modern and Contemporary Indian art, closed its Summer Online Auction 2009 with 72% lots sold. A majority of the lots saw competitive bidding, and more than half of them exceeded their higher estimates. These results highlighted the fact that competitively valued artworks of superb quality and provenance will consistently find collectors.

Within the first day of the auction several of the lots crossed their high estimates including works by Badri Narayan, A. Ramachandran and Hema Upadhyay. The competition got stronger as the auction drew to a close, with significant lots like V.S. Gaitonde’s Untitled (1984) and Subodh Gupta’s Untitled (2006) also sailing past their estimates, and lively bidding continuing till the end of the sale.

The top five lots sold in the auction were V.S. Gaitonde’s Untitled, at Rs. 1.5 crore (USD 317,400); Subodh Gupta’s Untitled, at Rs. 94.6 lakh (USD 201,250); M.F. Husain’s Untitled, at Rs. 91.50 lakh (USD 194,695), Akbar Padamsee’s Untitled, at Rs. 77.02 lakh (USD 163,875); and Ram Kumar’s Untitled at Rs. 60.5 lakh (USD 128,800).

Dinesh Vazirani, CEO and Co-founder, Saffronart, said, “This was a well curated sale with competitive estimates, and the market responded with strong demand and good results. This demonstrates a clear vote of confidence in the market from the existing collector base as well as new buyers. With 61 of the 85 lots selling, most of them above their high estimates, and a total sale of over Rs. 10.4 crores (USD 2.2 million), we see the readiness to compete for modern and contemporary Indian artworks from these collectors. The results are a re-affirmation of the recent upswing in private sales we have witnessed at Saffronart”

Minal Vazirani, President and Co-founder, Saffronart, said, “We were very pleased that we were able to host a sale where the percentage lots sold was significantly better than in recent auctions. With an average realized lot price of over Rs. 17.05 lakh (USD 36,000) as compared to Rs. 10.5 lakh (USD 21,000) in March 2009, these results indicate a change in market sentiment.

“We believe Indian art is entering a more sustainable phase of growth. It is gaining new ground in terms of the critical acclaim it is receiving at international institutions and events. We are seeing impressive representation from South Asia at prestigious international exhibitions and art fairs such as the Venice Biennale and Art Basel. This exposure is encouraging collectors to actively seek out the best of Indian art to add to their collections,” she added.

The Summer Online Auction featured 85 works by 57 modern and contemporary Indian artists. The sale saw unprecedented participation from collectors across the world, and closed with a total of Rs. 10.4 crore (over USD 2.2 million). Notable among the artists featured in the sale were V.S. Gaitonde, Ram Kumar, F.N. Souza, M. F. Husain, Akbar Padamsee, Subodh Gupta, Hema Upadhyay and Riyas Komu

About Saffronart

A global company with deep Indian roots, Saffronart was founded in 2000 on the strength of a private passion. Remaining committed to this passion and personal values, today Saffronart is a strong and successful international business that both embraces and drives change.

A pioneer of online art auctions, Saffronart has set global pricing benchmarks and transformed the landscape of Modern and Contemporary Indian Art, making it accessible to connoisseurs and collectors around the world. Its robust online auction platform and secure technology offers a personal, intuitive and effortless bidding and buying experience for clients.

With its online presence, and offices in Mumbai, New York and London, Saffronart has broadened and simplified access to Indian art. Responding to the needs of today’s collectors, Saffronart also offers services such as art advisory, private sales, appraisals and valuations, and specialized art storage.