Osian's Auction Catalogue The Masterpieces Series | March 2010

95 The Masterpieces SerieS Table 5. Pricing Trends according to Genre, using Average S.I.R. Genre 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 CAGR 1996-2009 Christian Inspiration 1,003 303 328 409 76 204 - 1,406 1,675 9,132 10,079 3,807 10,459 6,525 Price Appreciation (CAGR) (70)% 8% 25% (81)% 168% - 163% 19% 445% 10% (62)% 175% (38)% 15% Head 156 159 291 222 538 236 219 607 2,597 6,059 13,157 10,871 7,331 6,848 Price Appreciation (CAGR) 2% 83% (24)% 142% (56)% (7)% 177% 328% 133% 117% (17)% (33)% (7)% 34% Landscape / Cityscape 398 187 267 440 226 373 766 703 2,389 4,050 16,827 9,568 3,495 4,561 Price Appreciation (CAGR) (53)% 43% 65% (49)% 65% 105% (8)% 240% 70% 315% (43)% 41% (66)% 21% Narrative 809 151 495 208 529 159 441 673 1,885 6,453 7,798 8,619 5,887 4,838 Price Appreciation (CAGR) (81)% 228% (58)% 154% (70)% 177% 53% 180% 242% 176% (52)% 84% (70)% 15% Nude 173 104 389 211 - 283 508 1,566 968 14,375 10,895 10,414 4,670 1,677 Price Appreciation (CAGR) (40)% 274% (46)% - 16% 80% 208% (38)% 1385% (24)% (4)% (55)% (64)% 19% Still Life 121 142 162 354 245 253 346 551 2,292 6,109 7,570 6,722 6,730 - Price Appreciation (CAGR) 17% 14% 119% (31)% 3% 37% 59% 316% 167% 24% (11)% - - 40% Table 6. Pricing Trends according To Support, using Average S.I.R. Support 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 CAGR 1996-2009 Canvas / Board 158 142 238 278 269 239 467 889 2,004 6,442 3,722 8,971 9,516 4,908 Price Appreciation (CAGR) (10)% 68% 17% (3)% (11)% 95% 90% 125% 221% 113% (35)% 6% (48)% 30% Paper / Card 624 271 395 140 388 341 561 751 652 3,916 6,567 6,375 7,690 2,751 Price Appreciation (CAGR) (57)% 46% (65)% 177% (12)% 65% 34% (13)% 501% 68% (3)% 21% (64)% 12% Table 7. Year-wise Sales Value during 1996 -2009 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Total Sale Value (INR, Lakhs) 28.9 42.7 13.2 48.3 30.9 30.0 74.0 166.2 1,039.2 3,791.1 11,706.7 5,439.0 5,209.5 2,343.1 29,962.9 Number of Lots Sold 20 29 12 23 16 31 36 21 76 97 170 111 78 66 786 Average value (INR, Lakhs) 1.4 1.5 1.1 2.1 1.9 1.0 2.1 7.9 13.7 39.1 68.9 49.0 66.8 35.5 38.1 Data Source: Osian’s ECON Library, Data Bank - Data has been drawn from all the public auctions conducted by Sotheby’s, Christie’s, Osian’s, Saffronart.com, Bonhams, Asta Guru, Bowrings, HEART, Emami Chisel, Apparao Galleries, Triveda Fine Arts and Bloomsbury across the world since 1996. The sale value includes the Buyer’s Premium but excludes any extra taxes. The rates have been converted into INR from the respective currencies at the average exchange rate as per the Reserve Bank of India rates on that day. The S.I.R. (Square Inch Rate) and CAGR (Compounded Annual Growth Rate) are derived from the this data base.