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February 10, 2005 13:58 IST
Marking a milestone in the Indian art auction scene, V S Gaitonde's untitled abstract work fetched Rs 92 lakh at a public auction organised by Osians, India's leading auction house, in Mumbai on Wednesday night.
The painting was bought by an NRI settled in Dubai. The buyer's identity was not disclosed.
A total of 99 pieces of art, out of 161 put up for auction, were sold at the event, fetching Rs 6.18 crore, Osians sources said.
The auction also saw world renowned master Pablo Picasso's work 'The Face' fetching Rs 7 lakh, marking a new involvement of Western art in the Indian market.
The top bids of the day included E N Souza's 'Cityscape' for Rs 25.30 lakh; Rameshwar Broota's 'Queue' for Rs 27.60 lakh and Ambadas's untitled work for Rs 18.40 lakh.
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