The following article published last month emphasizes the enormity of the Indian art market.
The Statesman (India)
27 March 2009
The Financial Times Limited.
The Indian contemporary art and craft market was given a boost at an acution held by Osian's in Mumbai. The auction that was valued at lower estimate of approximately Rs 8.9 crore, fetched over Rs 8 crore. Of the 108 works offered, 71 found buyers, registering a sale of 66 per cent. While the average lot price registered for the full auction was Rs 11.42 lakh, the average lot price for modern art was Rs 21.5 lakh as against the average lot price of Rs 1.41 lakh for Indian contemporary craft, thereby registering a total sale of 57 per cent and 82 per cent respectively. An 'Untitled' mid-1930's work by Nicolas Roerich, the finest seen so far at any Indian auction, fetched the highest price at Rs 1.68 crore. Akbar Padamsee's brilliant Nude, a 1987 oil on canvas, sold for Rs 1.44 crore and Rameshwar Broota's Sewadar fetched Rs 1.14 crore.
Kalyan Joshi's Story of Pabuji, a Phad painting from Rajasthan that was awarded the National Merit Award in 2006 sold for Rs 9 lakh, 900 per cent more than its lower estimate. Sanjay Manubhai Chitara's, Mata Ni Pachedi work from Gujarat, titled Visat Mata, sold for Rs 4.5 lakh, 1,286 per cent more than its lower estimate.