Osian's Auction Catalogue The Masterpieces and Museum Quality Series | October 2004

OSIAN ’ s–CONNOISSEURS OF ART 14 November 2002 Bowring’s ill-fated auction, in which the success of the Ravi Varma’s sale turns out to be an ironic disaster, given the allegations of selling antiquities without possessing the required licence. As in previous occasions, those who have tried to open up the domestic antiquities market suffer a backlash from the system which has regulated one of the largest stockpiles of privately owned cultural artefacts in the world, with still most existing within the black economy. December 2002 Osian’s holds it first Masterpieces & Museum-Quality auction, which is a major critical & financial success, along with being the first auction in India from which international museums buy contemporary art. Saffronart.com continues with its online auctions, increasing the comfort level of the online bidder. January 2003 Bowring’s last auction fails to generate interest, while introducing Furniture, Carpets & Clocks to this infant, though growing market. April 2003 Ramkumar’s early figurative work sets new record for the artist at $91,123 in the Christie’s Hong Kong Sale where 20th century Indian paintings are an addition to the Southeast Asian section. September 2003 Christie’s (New York) holds another successful auction with new highs being established for artists such as RaviVarma ($119,500), Akbar Padamsee ($59,750; bettered by Christie’s [Hong Kong] in 2004), V.S. Gaitonde ($101,575) & Bhupen Khakhar ($65,725). 24 March 2004 Sotheby’s (New York) re-enters the Indian Contemporary Art Sales with a successful auction, establishing a new high for F.N. Souza’s Mystic Repast at $153,600 (INR 6,796,800) & K.C.S. Paniker’s Words & Symbols Series at $ 20,400 (INR 902,700). 25 March 2004 Christie’s (New York) holds a financially successful auction with new highs for Krishen Khanna at $47,800 (INR 2,115,150) & J. Swaminathan at $77,675 (INR 3,437,119). 26 March 2004 Osian’s third curated auction in the Masterpieces Series, establishing new highs for 23 artists, such as Bireswar Sen, Prosanto Roy, Paritosh Sen, P. Karmakar, Bikash Bhattacharjee, Manu Parekh, Laxman Pai, H.A. Gade, Shanti Dave, Natraj Sharma, J. Sultan Ali, M. Senathipathi, among others. It is the first time that the S.I.R. (Square Inch Rate) Analysis is introduced by Osian’s to the Indian Art market, as a step to introducing a Price Index for Contemporary Art. May 2004 Saffronart.com’s most successful auction selling Rs.7.17cr ($1,630,665) of art with new highs for S.H. Raza’s Bindu Bija – Mantra at INR 6,795,075 ($158,025), along with younger artists such as T.V. Santosh, Baiju Parthan, Jitish Kallat & Shibu Natesan.