As the Covid-19 pandemic continued to wreak havoc on human lives and economies of nations, Indian art — both ancient and contemporary — made waves at international auctions in September-end.

In what was described in a media release as the “Strongest season for Indian and Southeast Asian art in over a decade”, at a live auction in New York on September 25, Christie’s total was $82,830,875 (Rs 604.3 crore). It was described as a “100 per cent increase year-over-year doubling September 2019’s total”. Bidders participated from 41 countries and five continents.

Arun Vadhera, who founded Vadhera Art Gallery and who is a consultant to Christie’s, explained it is true that the stock market is buoyant, but the art market is not liquidity driven. As a consultant he would never advise clients to invest in art.

“In recent times, the number of collectors has increased and this is reflected in the rising prices. The art market is not liquidity driven. There is a huge gap between the Indian art market and the western or Chinese art market. This has to be narrowed,” Vadhera concluded.

Bhupen Khakhar’s Portrait of Shri Shankerbhai V. Patel near Red Fort Telegraph picture

The top lot of the week was a rare and magnificent gray schist triad of Buddha Shakyamuni that sold for $6,630,000 (Rs 48.3 crore) and set the world auction record for a Gandharan work of art.

Among the other notable results were the sales of a rare and magnificent bronze Chola bronze figure of Shiva Tripuravijaya, circa 1050, that sold for $4,350,000 (Rs 31.7 crore) and established the record for a south Indian sculpture, and of a Tyeb Mehta painting, Untitled, from 1974 that sold for $1,110,000 (Rs 8.09 crore). It is said Indians are mostly buyers of contemporary Indian art.

“Such high museum quality art work has not been seen on the market for years now,” commented art historian Naman Ahuja. “Are collectors feeling vulnerable to hold on to these wonderful pieces any longer?… If they are feeling that this is their last chance because things may become worse.”

Deepanjana Klein, international head of Classical and Contemporary Indian and South Asian Art, remarked: “This season was the strongest in over a decade for Indian and Southeast Asian art…. These exceptional results and participation demonstrate the resilience of the market and growing breadth and depth of the collector base in the field.”

On September 22, Christie’s sale: A Lasting Engagement: The Jane & Kito de Boer Collection, totalled $3,563,625 (Rs 26 crore) with 82 per cent sold by lot and 81 per cent sold by value. Six records were set within the sale, including artist records for Chittaprosad Bhattacharya, Prosanto Roy, Prokash Karmakar and Rama Mukherji, along with a record for an Early Bengal oil painting and a record for a figurative work by Biren De.

Top lots of the sale included important works by Rameshwar Broota led by Silent Structures of 1991, which sold for $525,000 (Rs 3.8 crore); and the seminal 1982 painting, The Last Chapter, which achieved $287,500 (Rs 2.09 crore). Other notable results included paintings by Ganesh Pyne, including The Animal which achieved $400,000 (Rs 2.9 crore), establishing the second highest price for a work by the artist.

Sotheby’s, too, had reason for feeling upbeat. Sotheby’s London’s annual sale of Modern & Contemporary South Asian Art (September 29) was led by Bhupen Khakhar’s Portrait of Shri Shankerbhai V. Patel near Red Fort, which more than quadrupled its high estimate to sell for £2.6 million (Rs 2.47 crore).

This is the second highest price ever achieved for the artist at auction, following the record-breaking sale of Khakhar’s Two Men in Benares at Sotheby’s London last year (£2.5 million). The Portrait of Shri Shankerbhai V. Patel near Red Fort had previously hung in the artist’s Baroda drawing room and was offered at auction directly from his estate.Elsewhere, a new record was set for Prabhakar Barwe, The Chess-Board sold for £302,400 (Rs 2.87 crore), more than double the artist’s previous record and three times the pre-auction estimate (£60,000-80,000).

Another record was set for Pilloo Pochkhanawala when her Untitled wooden sculpture sold for £81,900 (Rs 77.9 lakh), versus an estimate of £40,000-60,000. The previous record for the artist was $71,000.

Across the entire sale, 64 per cent of lots sold for prices above the high estimates. Thirty per cent of buyers were new to Sotheby’s.

Fifteen works from the collection of Gunnar and Inger Hansen were sold for £170,000 (Rs 1.6 crore). Seventy-three per cent of the sold works achieved prices in excess of their pre-sale estimates.