2 New World Records at the Sotheby's Indian Sale in London

Of the 117 lots that went on sale in the Modern section of the London auction, just a fraction over 80% of the lots found buyers with nearly 70% selling above their high estimate. With a respectable total of $6.4 million (inclusive of buyer’s premium) Sothebys ended up with revenues of 46% over the presale high estimate

It is interesting to note that the top seventeen lots by value or 18% of the lots that were sold accounted for a whopping 80% of the sale proceeds with 14 of those lots selling for over $100,000 - highlighting once again just how dependent the market is on a few big names - SOUZA being the biggest of them all as the bidding last evening clearly showed.

Two of the three most expensive works were by him with the top lot (illustrated) fetching an enormous sum of $1,123,200 which was also a new world record for the highest price paid for a Souza relative to its size. (In terms of absolute value, lovers that sold at Saffronart’s Dec 2005 auction still retains top billing at $1.49 million)

Once again, MF Husain failed to fire up the salesroom with a modest individual collection of $745,200 and 2 of 10 lots remaining unsold. Even his top lot sold for a bargain price of $216,000.

The surprise of the evening was the staggering price of $103,680 (est. $9000-$12,000) paid for an early but rather stoic untitled portrait by George Keyt earning him a new world record and ushering him into the elitist $100,000 club!
When a picture estimated at $12,000 is knocked down at over $100,000 inexperienced buyers can be forgiven for loosing any sense of direction. “This market is too frothy” said one newbie who self admittedly came to see what the buzz on Indian art was all about. “I doubt I’ll be putting my money here” he added.

Next week I will post 'A USERS GUIDE TO AUCTION ESTIMATES' with a hope to dispel some of the concerns that newbie’s like this have when confronted by the fever pitch bidding at auction that can sometimes drive prices to unimaginable heights. Now over to Dubai for the Christies sale...