Auction raises Rs 2.75 crore for Kochi-Muziris Biennale 2018

New Delhi, Nov 2 : Collectors, artists and gallerists came together in a display of solidarity in support of the Kochi-Muziris Biennale (KMB) Fundraiser Auction and raised Rs 2.75 crores which will help sustain the art festival through 2018.

Held by Saffronart, the auction saw renowned artist Amrita Sher-Gil's untitled water colour painting, which she painted in 1927, sell for Rs 49 lakhs along with artist Subodh Gupta's stainless steel installation which went for Rs 25 lakhs.

Francesco Clemente's Ascending, sold for Rs 14 lakhs, was among the top ten lots alongside works by Himmat Shah, B. Manjunath Kamath, Benitha Perciyal, T.V Santhosh, Prajakta Palav Aher and G.R Iranna.

"Through this auction, we have been able to generate a fair amount of money which will also be used to support art productions. In a different context, it shows that there is a great amount of interest and solidarity among the artist community and also the art world to sustain the Biennale and its cultural possibilities in celebrating the diversity," KMB Secretary Riyas Komu said in a statement.

Dinesh Vazirani, Co-founder, Saffronart, noted: "We are delighted to have supported the Kochi Biennale Foundation in its fundraising efforts, and look forward to continue supporting them in the future. It was refreshing to see contemporary artists perform so well; this shows a revived strength in the market."

Saffronart first conducted a fundraiser auction in 2015 for the 2016-17 edition of the Kochi-Muziris Biennale that raised Rs 2.3 crores, with 93 per cent of lots being sold. The 2nd fundraiser auction saw a 20 per cent increase in sales and has established the auction as an important resource for generating revenues.