The Modern Master’s and the Progressive Artist’s Group (PAG) in Mumbai, were at the vanguard of establishing an era of Modern Art in India during the early 1960s and 70s. It is small wonder that their work continues to hold its sway over the art market.
The recent spike and taking an upward curve, is the sales of late veteran Tyeb Mehta’s work at the Saffron Art auction held at their evening sale on February 16th in Mumbai. Mehta’s ‘Falling Figure’, painted in 1965, estimated at INR 5 – 7 crores (USD 757,580 – 1 million), led Saffronart’s sales at INR 6 crores (USD 909,091). The artist’s most well-known work to go under the hammer is also another of his Falling Figures series, that went for INR 17.37 crore at Christie’s auction in 2014. Saffron Art also reported sales of two paintings—one by Ramgopal Vijaivargiya and the other by Madhav Satwalekar, setting new records for the artists and the live sale witnessed an 86% sell-through rate with an auction total of INR 33.6 crores (USD 5.1 million). This augers well for the art market.