Gaitonde's work to go under Sotheby's hammer in March

International auction house Sotheby's Wednesday announced the acquisition of a rare work of Vasudeo S. Gaitonde that would lead its Modern and Contemporary South Asian Art sale in New York March 19.

Gaitonde's painting No. 3, (estimated to be in excess of $2 million), is a major work by the artist coming from an important American collection, the auction house said in a statement.

"Included in one of his earliest New York exhibitions in the 1960s, this work captures a pivotal moment in the artist's career when he turned away from his earlier geometric works and began to experiment with using a paint roller and palette knife," said Sotheby's.

"Gaitonde is hugely celebrated internationally. He will be the subject of a major retrospective at the Guggenheim Museum in New York, making him one of the first modern Indian artists to be honoured with a retrospective in the United States," it added.

According to Sotheby's vice president (head of sales, modern and contemporary South Asian Art) Priyanka Mathew, the sale of painting No. 3 follows the top price achieved by the artist's painting No. 1 at Sotheby's London and was sold for $ 1.1 million June 11 last year.