Sotheby's Asia Week Sales exceed initial estimates, total $52.5 million
March 22, 2016: Auction house, Sotheby’s announces the whopping $52.2 million of sales during its New York’s Asia Week – a figure that far exceeds even the highest estimates.
An untitled painting by Vasudeo S. Gaitonde – auctioned as part of the Modern and Contemporary Asian Art sale on March 15 – topped all proceeds, being purchased by an Indian citizen for close to a staggering $2.8 million. At the same sale, an untitled portrait of a lady clad in a russet and gold sari by India’s first oil painter, Raja Ravi Varma, fetched $586,000 – 2.5 times above its initial estimate.
While Sotheby’s Modern and Contemporary Art auction boasts the most expensive item sold, the Indian, Himalayan and Southeast Asian Works of Art sale – yielding $5.6 million on March 16 – achieved the highest total across the Asia week, which featured six distinct auctions. A polished black stone figure depicting a Juna, which dates back to 1096, came to $670,000 – an astonishing amount considered its estimate of $20-30,000.
Wrapping up a staggering Asia week – both in terms of offerings and revenue, Sotheby’s now looks forward to its Hong Kong art sales, which are to take place in the beginning of April.