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Entertainment
Galleries -> Asian Art holds its price despite recession

Asian Art holds its price despite recession
London, 10 June 2009

Maqbool Fida Hussain's Ragmala Series, oil on canvasAsian artworks are holding their price despite the recession according to the latest Christie’s 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.



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, Christie’s 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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