"A blockbuster year for the South Asian Modern art market culminated last week with two record-breaking auctions: on 27 September at Saffron Art in New Delhi, 85 lots were sold for $40.2m-the largest single sale that has ever taken place in South Asia-while, on 29 September at Sotheby's in New York, 54 lots were sold for $25.5m-a record total for a single sale of South Asian art in the West."
"These landmark auctions follow Christie's sale in March of the large mural work Gram Yatra (1954) by the Indian Modernist M.F. Husain for $13.7m, the highest sum ever paid an Indian painting. They also come on the heels of a potentially transformative tax break for art announced in India: last month, sweeping cuts to India's Goods and Service Tax (GST) have reduced rates on art sales from 12% to 5%."
Two record-breaking auctions delivered unprecedented totals: Saffron Art in New Delhi sold 85 lots for $40.2m, and Sotheby's in New York sold 54 lots for $25.5m. Christie's sold M.F. Husain's Gram Yatra (1954) for $13.7m, the highest price for an Indian painting. India reduced GST on art sales from 12% to 5%, lowering transaction costs. South Asian art has grown over two decades from the first $100,000 sale in 2003 and the first $1m sale in 2005 to sustained six- and seven-figure transactions. A small group of serious collectors and 15–20 clients buying works over $1m are stabilizing the market.
Read at The Art Newspaper - International art news and events
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