Downturn? Indian artist fetches Rs 2.9cr

NEW DELHI: An ink and pastel composition by Jogen Chowdhury fetched $609,629 (Rs 2.9 crore) at a sale of Indian art in London on Tuesday , setting a world auction record for the Bengal artist. The price ��� almost double the previous record for the artist of $324,114 ��� is a positive sign for the Indian art market which has been feeling the effects of the global slowdown.

Another work by Francis Newton Souza also fetched three times the pre-sale estimate at the Sotheby���s sale, suggesting valuations for modern artists have strengthened as those of once-feted contemporary artists waned amid the downturn.

The Christie���s and Sotheby���s summer sales of Indian art in London are considered a key indicator of market sentiment and both have notched up encouraging results. This year though, the number of works on offer was less than in the past, while valuations were trimmed to lure more buyers.

The sale featured works by M F Husain (five of which beat estimates), Manjit Bawa and some rare miniatures.