MUMBAI.- Saffronart, the world’s largest
online
fine-art auction house, concluded its Summer Online Auction on June
17th, 2010
with impressive results, including a world-record price in auction for
Jehangir
Sabavala. With 81% of the lots on offer selling, the auction achieved a
remarkable total of Rs 30 crores (USD 6.7 million), re-confirming the
upward
trajectory in the Indian art market. Within the first day of the two-day
auction
of Modern and Contemporary Indian art, several of the lots crossed their
high
estimates. The competition got stronger as the auction drew to a close
and
lively bidding continued till the final moments of the sale, with 53% of
lots
sold sailing past their high estimates.