Princeps auction house sets a new record
L-R: Lot 16, Double-sided Ram Kumar on display at the Taj Art Gallery; Ram Kumar, Family, 1960; Mazes of the Mind, 1961; oil on board (both) | Images courtesy of Prinseps
Prinseps kicked off their seventh online auction of 45 lots with a preview at the Taj Art Gallery last weekend. The auction went live at 10am on 24 April and closed with the last bids coming in the late hours of 25 April. A new record was set for the auction house as the coveted double-sided Ram Kumar crossed to one crore mark, selling at the winning bid of one crore seventy two lakh and fifty thousand (INR 1,72, 50,000). The other key lot - an early F N Souza landscape of Goa (lot 17) climbed above its high estimate and sold for over fifty one lakh (INR 51,75,000). Both works sold to key institutional collectors and reflect a strong interest in the market. Whilst most bids came from buyer in India, the auction also saw participation from buyers in Hong Kong, Singapore and the United States.
The auction also saw Prinseps introduce photography as a new category including Vivan Sundaramâ€™s photomontage, created from the Amrita Sher-Gil archives, which went at the hammer price of four lakh (INR 4,02,500) alongside works by Raghu Rai and Jyoti Bhatt
Commenting on the auction, Indrajit Chatterjee, Founder of Prinseps said - â€śOur online Spring Auction showed very pleasing results and it is great to see continued interest, particularly at the top end of the market. As this is only our seventh auction, we are particularly pleased to have crossed the one crore mark as well as have two of our key lots go to new institutional collectors.â€ť