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Asian
Art holds its price despite recession
London, 10 June 2009
Asian
artworks are holding their price despite
the recession according to the latest Christies
sale of South Asian Modern and Contemporary
Art sale held in London on Wednesday 10
June 2009 which saw Maqbool Fida Husain's
'Ragamala Series' oil on canvas fetch £397,250
from an American private investor; Rashid
Rana's 'Red Carpet' a chromogenic print
attain £175,250 and Ram Kumar's Untitled
(Benares) Oil on canvas, 1963 fetch £133,
250, both from Asian private investors.
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Christie's
showcased a wide range of works by the leading
artists of 20th and 21st century South Asia, primarily
India and Pakistan - from celebrated masters of
the Progressive Artists Group through to the biggest
names in contemporary art, with price estimates
ranging from £1,000 to £600,000. The
sale had been expected to realise £2million
and achieved in excesss of £3million.
Highlights
of the sale rangeg from Ragamala Series, 1960 by Maqbool Fida Husain
(b.1915) (estimate: £400,000-600,000) and Untitled, circa
1966-67 by Tyeb Mehta (b.1925) (estimate: £80,000-120,000),
to Red Carpet 4, 2007-08 by Rashid Rana (b.1968) (estimate:
£135,000-200,000) and Leap of Faith, 2005-2006 by Subodh Gupta
(b.1964) (estimate: £70,000-100,000). Many works are from
private collections and come fresh to the market.
Yamini
Mehta, Christies Senior Specialist, South Asian Modern &
Contemporary Art, London: The auction comes at a precipitous time
as increasingly, international institutions are showcasing Indian
and Pakistani art with several key exhibitions on the horizon throughout
Europe. June 2009 coincides with Venice Biennale, which features
both Indian and Pakistani artists while forthcoming exhibitions
are in development at the Whitechapel Gallery and the Saatchi Gallery
in London.
Hugo Weihe, Christie's International Director of Asian Art said:"In
a packed saleroom with bidders in the room, on the telephone and
on the internet, there was a tremendous sense of energy and spirited
bidding in response to the carefully curated sale. The breadth of
interest spanned the modern and contemporary works, with discerning
private collectors and trade responding consistently throughout
to the attractive estimates. We are thrilled with these results
reflecting renewed vigour in the field.We look forward to our September
sale in New York."
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