Gaitonde Painting is Top Seller at Pundole Auction
BY CHELNA KHATAU APR 22ND 2011 AT 6:00AM
NS Bendre's Mother and Child
An untitled painting by India's master abstract artist VS Gaitonde was the top-selling lot at the Pundole Gallery's inaugural art auction. The art sale, held at the National Centre for Performing Arts in Mumbai on April 20 raised a total Rs.11,51,70,000. And Lot 11, the Gaitodne, sold for an impressive Rs. 2.97 crore, almost Rs. 70 lakh more than the pre-sale upper limit of Rs. 2.20 crore.
The Gaitonde and 19 other works sold were from the NCPA's collection, which included works from Jamshed Bhabha's private art collection as well. An auction highlight was the staggering price achieved for a landscape by Bhabha. The 1945 painting, estimated to sell for between Rs. 50,000 - Rs. 70,000, went for Rs. 15.4 lakh.
Also, a world record was set for a NS Bendre painting. His 1980 oil on canves of a mother cuddling her child (aptly titledMother and Child) sold for Rs. 99 lakh.
Bids came in from India as well as the United States, Hong Kong, Japan and Europe.