Manjit Bawa sells for record Rs. 1.7cr, Indian art mart looking up

New Delhi: An untitled canvas by Manjit Bawa sold for Rs 1.7 crore at a recent online auction which apart from creating a world record for the late artist has also indicated a return of confidence in the Indian art market.

At its winter 2009 auction leading domestic auctioneer Saffronart grossed a total of 20 crores by selling 78 of the 100 lots made available for bidding with 62 per cent of the works exceeded their pre-sale estimates.

"A world record price in auction was achieved for artist Manjit Bawa's 'Untitled' canvas at Rs 1.7 crore against an upper estimate of Rs 90 lakh," reported the auction house.

In his canvass of epic proportions Bawa relies on chiaroscuro and subtle shading to deliver depth. His technique of focusing on perfecting the form by paring it down to its basic essence gives his paintings an arresting luminosity.

Along with Bawa, other modernists like F N Souza, S H Raza, Akbar Padamsee, Tyeb Mehta and Jagdish Swaminathan led the sale with top prices.