Asta Guru, an auction house set up six years ago by Vikram Sethi, will hold its 11th art show consisting of 96 lots. Some of the top Indian artists whose paintings were auctioned were M.F. Husain, S.H. Raza, F.N. Souza, Ram Kumar, Anjolie Menon and Shakthi Burman. Their paintings fetched expected high prices.
An unnecessary strategy was employed: The price of the masterpieces started at Rs. 20,000.
Vikram Sethi: "The art market has seen an exponential increase over the past two decades. The contributory factor being the rapid economic growth along with an increasing number of VHNI's and HNI's taking interest in cultural enrichment, has a need for acquiring art which has shown tremendous growth and potential of the market. Currently the market is valued at Rs. 1000-1400 crore, like any other industry, the art market is not immune to its macro environment and so it did see a dip in its performance during 2008-2009 economic meltdown. However this was temporary and it is slowly and steadily picking up again. As this is the internet era, all over the world to Indian market place to bid for works at their convenience. We started the 'No Reserve' auction to expand over horizons and target various segments of society. There is a perception in he Indian market that only the sophisticated rich purchase art works.