Not just for your home décor, simply by hanging on your wall, art appreciates in value. This online auction will put out some stellar work for art collectors.
Long-term investors these days look at investing in different, even exotic, asset classes to diversify their portfolios. Starting with rare coins, to fine wine, whiskey, and art. Globally, wine investing has been happening for years. Another such investment class quickly gaining in popularity is fine art. Not just for your home décor, simply by hanging on your wall, art appreciates in value. In the late ’60s, an M.F Husain painting would have cost you Rs 10,000. However, if you go to buy it now, you would have to pay around Rs 30 lakhs for it.
If you are also into collecting art and planning to get one yourself, don’t miss out on this online auction.
For its first Modern Indian Art auction for the year 2019 on the 27th and the 28th of March, Kala Ghoda based online auction AstaGuru will put out some stellar work for art collectors. They will present 40 lots, each one selected after meticulous research. The current auction will have artworks by modern Indian artists including V S Gaitonde, Nandalal Bose, FN Souza, M F Husain, S H Raza, Ganesh Pyne, Bhupen Khakkar, Adi Davierwala, Jehangir Sabavala, Ram Kumar, Jogen Chowdhury, Manjit Bawa, J Swaminathan, and Prabhakar Barwe. Some of these paintings have been imported into India. In order to release it from the Free Trade Warehousing Zone (FTWZ), a customs duty at 11 per cent will be added to the hammer price. The applicable GST will be charged on the cumulative amount, inclusive of the hammer price and the customs duty.
– Nandalal Bose’s work titled Arjuna from the year 1944, will be one of the key artwork that is going to be part of the sale. Inspired by Rabindranath Tagore’s play Chitrangada, experts say this particular work is a national treasure. Estimation for Arjuna ranges from Rs. 40 – Rs. 60 lakhs. Estimates are based on an average market value of the lot and are provided as a guide for buyers.
– Ganesh Pyne’s Raktakarabi is another artwork influenced by one of Rabindranath Tagore play. This artwork was executed during Pyne’s formative years and aided his visual vocabulary. Paintings revolving around the theme of death became a huge part of Pyne’s work, and in this work, he depicts the scene where Nandini is lamenting the death of her fellow patriot and lover while the dominion of tyranny is represented by the standing figure in the red cape. Estimation for Pyne’s Raktakarabi ranges from Rs. 40 lakh to Rs. 60 lakh.
– The lot present in this auction by V.S. Gaitonde is from the year 1963 and was originally part of the collection from the Glenbarra Art Museum Japan. The 1960s were the most definite decade for Gaitonde as an artist. Experts say, his works are a world within themselves. This painting by Gaitonde is estimated to range between Rs. 8 to 10 crore.
– The auction will also feature two works by PAG founder Francis Newton Souza. One of the works presented in the auction titled ‘The last Howl from the Cross’ portrays the important scene of the crucifixion. It goes back to Souza’s roots in Goa and his Catholic upbringing. In this work F, N Souza depicts Christ in that exact moment of anguish and pain instead of the meek, forgiving son of God. The estimated price of this painting ranges from Rs. 4 crore – 6 crore. The other one of Souza painted in 1963, depicts a horse in captivity. It represents a time in Souza’s life when he was exploring the theme of man’s bestiality towards the other.
– Will be up for auction, a painting titled ‘Portrait of a Girl’ by M F Husain. This particular work’s inspiration was Indira Gandhi. Husain was always enamoured by women in powerful positions. Not only does the work highlight Husain’s excellent portraiture skills but it also shows his long tryst with India’s first political family. It was painted around the time Indira Gandhi was appointed as the first female President of the National Congress. MF Husain’s ‘Potrait of A Girl’ is estimated to be sold for Rs. (Yet to be filled)
– The auction will also feature a painting by Tyeb Mehta from the year 1962. This painting is a representative of the expressionist paintings that the artist did during that period. The work is executed with crude brush strokes, creating a heavily textured surface. This untitled painting of Mehta is estimated to be sold for Rs 2 crore – Rs. 3 crore.
– Another painting by S H Raza from his iconic La Terre Series will also be put up on this auction. It marks a transitional phase in Raza’s work. This particular work with the color composition reminiscent of the rich topography of India expresses his desire to return home. La Terre (The Earth) is an international lot, and is estimated to be sold for USD $450,000 – 550,000 in INR 3,06,00,000 – 3,74,00,000. (conversion rate Rs. 68)