S.H.Raza painting gets Rs.8.17 crore at Saffronart Delhi auction

Indian modern artist S.H.Raza's 1973 acrylic painting "La Terre" fetched Rs.8.17 crore ($1.36 million) at Saffronart's first live auction in the capital, organisers said Saturday.

But, the highlight of the auction titled "The Modern Evening Sale" was artist Jehangir Sabavala's "The Flight into Egypt - that was estimated between $133,335-$150,000, but was sold for $500,000 (Rs.3 crore) - a world record price for a work by the artist.

This 1971 oil on canvas is an allusion to a biblical event and has been "lauded for its intellectual and technical handling" of a subject matter that has, for centuries, evoked very specific imagery.

Total sales from the auction rose to a total of Rs.38.3 crore ($6.4 million) against a pre-auction estimate range of Rs.25.8 crore to Rs.35.2 crore ($4.3-$5.9 million).

In total, 96 percent of lots found buyers and as per auction results, eight lots were sold for more than Rs.1 crore.

India's biggest online auction house had hosted a live auction in the capital for the first time to celebrate its 100th auction and to test the Delhi waters.

"Following this successful auction, we will continue to hold major auctions and exhibitions here for art collectors," said Dinesh Vazirani, co-founder of Saffronart, in a statement.

"We sourced works of outstanding quality and provenance for this landmark auction, and the response from collectors was overwhelming," he added.

A rare "Untitled" paper work by Tyeb Mehta, executed in the fledgling stages of his career in a highly unusual style, was estimated at $25,000-$33,335 but it fetched $164,000 (Rs.98.4 lakh)