Osian's concludes fourth Creative India Series auction

KOLKATA: Osian's Connoisseurs of Art has concluded its last and fourth auction as part of the Creative India Series. The auction featured antiquities from Tanjore, artworks featuring Tipu Sultan and other artworks of the Modern masters from Cholamandal, Goa & Kerala.

Of the 120 lots put up for auction, 70 (58.33%) were sold at the auction with a total sales of Rs 65,788,800 (US$1,196,160) with an average lot price of Rs 938,697 (US$17,088).

The highest bid of Rs 6,000,000 went to a Nude by F.N. Souza, followed by a Fantasy Series by K. Ramanujam valued at Rs 4,800,000, establishing a new record price for the artist. The conclusion of the Creative India Series of Auctions marks a return of Osian's to the art market after a gap of fifteen months. The total accruals for the four actions were Rs 40.90 crore.

Another feature of these auctions was the sales of antiquities, underscoring the potential for the Indian antiquities market in the months and years to come. Commenting on the success of the Creative India series Neville Tuli, chairman of Osian's said in an email, ""In such a difficult financial period, the majority are interested in buying the top 10 established artists. We cannot forget the essentials that art is about passion, aesthetics and history, and when you disrespect these factors, the market will weaken irrespective of all else.""

The next auction for Osian's will be the Inaugural CINEFAN Film Memorabilia Auction of Indian Cinema and Hollywood on July 31 as part of its Osian's - Cinefan Film Festival in New Delhi.