Saffronrat Winter Online Auction 2007, a major draw
Saffronart's Winter Online Auction for the year closed with a total sale value of approx. $ 8 million, which was quite satisfying amidst the talk of slowdown in the art market.
The veteran artists whose works went under the hammer included S. H. Raza, F. N. Souza, Tyeb Mehta, Rameshwar Broota and Jogen Chowdhury The auction involved prominent works of several other modern Indian artists apart from young artists.
Attracting about 500 participants from around 25 countries, Saffronart's Winter Online Auction sale registered an increase in average lot price from the earlier auctions of Modern Indian art held in September 2007 in New York and Saffronart's Modern sale in June 2007, pointing to buyers' steadfast confidence in the market.
This winter auction was 19th in the series of auctions held by Saffronart exclusively on its website. The structure of the winter auction and its time span was such that it allowed all serious art collectors and first-time buyers, not just in India but worldwide, to put their bids during the two day auction.
Approximately 35 per cent of those who won lots happened to be new bidders, indicating the continuing expansion of the buyer base. Exceeding its lower presale estimate, this auction underlined the strength of Saffronart's online platform, and the pioneering role that it has played in the development of the reach and transparency of the Indian art market.
Held over two days, this auction sale had 110 lots (paintings and sculptures) from 36 different artists. The hectic bidding continued till the very last moment.
Saffronrat Winter Online Auction (Dec 5-6, 2007) Results
