A 1963 Untitled expansive blue canvas by V S Gaitonde fetched a whopping Rs 19.99 crores at Saffronart's evening sale here, making it to the five most expensive artworks by the artist sold worldwide at auction.
The artwork also became the most expensive artwork sold by Saffronart to date, by selling for double its lower estimate of Rs 10 crores.
"We are delighted with the strong results achieved in our Evening Sale. Demand for modern Indian artists continues to grow, with new bidders and buyers coming in from around the world.
"The painting by Gaitonde represents a Saffronart record, and is an important milestone for the company. We were happy to see strong bidding for entry-level price points, which underscores a growing interest among new buyers," Hugo Weihe, CEO, Saffronart, said.
The auction held at The Leela here on September 21, saw modernists like Tyeb Mehta, Bhupen Khakhar and Russian born artist Nicholas Roerich, emerging strong.
Roerich's 1940 work "Himalayas" fetched Rs 4.8 crores, four times its lower estimate of Rs 1.8 crores, becoming the most expensive artwork by the artist sold at an auction in India..
The artist who had made India his home in the 1920s, earned the title of 'Wizard of Eastern Landscapes and Master of Mountains', thanks to his breathtaking paintings of the Himalayas
Artworks by three modernists in particular -- Arpita Singh, Ganesh Pyne, and Jamini Roy -- saw enthusiastic bidding, exceeding their pre-sale estimates.
Singh's 'Girl at the Window' (1989) doubled its upper estimate and sold for Rs 14.4 lakhs against an initial estimate of Rs 4 - 6 lakhs.
Responses to two paintings by Pyne -- Untitled (1955) and 'The Gardener' (2008) -- indicated a growing interest in the artist's subdued palette and themes.
Estimated at Rs 7 - 9 lakhs, the 1955 work sold for Rs 16.8 lakhs, and 'The Gardener' fetched Rs 51.6 lakhs against a pre-sale estimate of Rs 28 - 38 lakhs.
Three paintings by Roy, from the collection of a Dr Susanta Sen, a physician with a passion for collecting, too surpassed expectations.
An Untitled painting of a Bankura horse, estimated at Rs 3 - 5 lakhs, sold for Rs 13.2 lakhs, more than doubling the upper estimate.
An Untitled painting of a deer, done in Roy's signature sweeping strokes, sold at double its upper estimate at Rs 10.2 lakhs, against a pre-sale estimate of Rs 3 - 5 lakhs.
The third, an Untitled painting of a woman, starkly minimalist in execution, trebled its upper estimate. It sold for Rs 33.6 lakhs compared to a pre-sale estimate of Rs 8 - 10 lakhs.
Mehta's 1959 artwork "Crucifixion", estimated at Rs 4 - 6 crores, sold for Rs 4.2 crores, crossing its lower estimate.
The painting was one of Mehta's most unique paintings, given its Christian theme.
The winning bid for the work came in through the auction house's mobile application, making the bidding process more convenient for users around the world.
The auction sold 86 per cent of the lots for a total of Rs 66 crores.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.