21st June, 2008

Saffronart has closed yet another record sale, featuring rare and significant works of Indian modern and contemporary artists as its Summer Auction registered a total sale value of approximately Rs. 39 crores (USD 9.7 million).

Hosted on a new, innovative and highly interactive platform, the Summer Online Auction featured the work of globally sought painters, sculptors and installation artists, including S.H. Raza, Subodh Gupta, Jagdish Swaminathan and Rashid Rana. World auction records were set for 8 artists, including Subodh Gupta, Hema Upadhyay, Badri Narayan, K.M. Adimoolam, Justin Ponmany, Chitra Ganesh, Bose Krishnamachari and Anita Dube.

Dinesh Vazirani, Co-founder and Director of Saffronart, said, "While the results of this sale were stellar across the board, the fact that three of the top five lots were by modern Indian artists demonstrates a heartening resurgence in demand for premium modern works. This sale also marked the successful launch of our new auction technology, which is the first of its kind globally, and makes the bidder's online experience as convenient as possible."

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