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

OSIAN ’ s–CONNOISSEURS OF ART 16 FRANCIS NEWTON SOUZA An Analysis of Auction Sales, 1997-2004* TABLE 1 Y ear 1997 1998 1999 2000 2001 2002 2003 2004* Total Value 4,248,967 1,317,521 4,834,194 3,084,524 3,002,438 7,401,263 16,623,033 41,392,046 Average Value 157,369 164,690 268,566 192,783 136,474 296,051 791,573 1,655,682 Average ‘canvas’ Value 165,078 206,483 293,441 211,577 182,043 386,160 1,004,276 2,341,295 Average ‘paper’ Value 61,011 122,898 69,571 136,400 70,654 135,856 110,924 198,755 Average S.I.R. 203.69 333.28 391.99 206.85 279.72 607.29 1,107.35 1,505.83 CAGR (%, via S.I.R.) 63.62 17.62 (47.23) 35.23 117.11 82.34 35.98 Pricing According to Genre Nude 184,703 n/a 246,715 200,996 169,905 292,974 1,001,710 942,051 Head 105,726 n/a 238,640 209,825 119,673 294,300 696,634 1,309,314 City/ Landscapes 184,368 191,930 395,840 186,233 119,098 350,250 926,931 1,630,122 Still-Life 160,494 149,454 163,342 110,333 125,875 346,400 525,600 1,617,875 Assumptions: The data has been drawn from all the public art auctions conducted by Bonham’s, Bowring’s, Christie’s, HEART, Osian’s, Saffronart.com & Sotheby’s across the world during the period January 1997 to August 2004. All figures include the Buyer’s Premium but exclude any extra taxes. The rates have been converted into INR from the respective currencies at the average exchange rate as per the RBI rates on that day. The S.I.R. (Square Inch Rate) and CAGR (Compounded Annual Growth Rate) are derived from this database.