On the Lot

It was after the global economic slowdown that the art graph had taken a downward turn and now,as the Indian stock exchange slowly moves up,Nish Bhutani,Chief Operating Officer of Saffronart,is hoping that the positive change will reflect on the art market too. “There has been more interest from the buyers in the last couple of months,” he says,as he shares details of the Saffronart annual summer auction that will take place on June 10-11. With 85 lots on sale,the auction house has set an estimate of 13.9-11 crore for the total sale. While the highest estimate,Rs 1.25-1.75 crore,is reserved for a VS Gaitonde 1984 oil on canvas,Subodh Gupta’s untitled canvas in expected to sell at 70.5-94 lakh and MF Husain’s canvas,depicting the three charities or graces of Greek and Roman mythology,is estimated at Rs 70-80 lakh. “The collectors have become selective and the quality of work is important. We have tried to maintain a balance between modern and contemporary art and expect more bids from within India,” adds Bhutani. The verdict will be out on June 12.