An ink and pastel work by Jogen Chowdhury sold for a record Rs 2.95 crore (Rs 29.5 million) at a Sotheby's auction in London, which achieved total sale of Rs 16.33 crore (Rs 163.3 million), much above the pre-sale expectations.
The June 16 sale, which brought to the market a fine assortment of 86 lots by leading modern and contemporary Indian artists as well as rare and important Indian miniatures, had a pre-estimated of 1.2 million pounds (Rs 9.44 crore).
Chowdhury's Day Dreaming graced the cover of the sale catalogue and was greatly admired during its pre-sale exhibition.
Having never before appeared at auction and indicative of its desirability, the work was the subject of a heated bidding-battle between multiple bidders, which resulted in the price soaring well above the pre-sale estimate of 80,000-120,000 pounds.
The picture was eventually purchased by a US private collector, establishing a new auction record for a work on paper by a post-Independence Indian artist.
Orange Head by F N Souza saw strong competition from a number of buyers before selling to a US private collector for 403,250 pounds, more than three times the pre-sale high estimate of 80,000-120,000 pounds. This price represents the highest price of the summer auction series of Indian Art at any auction house.
