The highest taking at the “Larasati - Pictures of Asia” fine art auction here was for a stunning image of “Mother Teresa” by renowned Indian painter Maqbool Fida Husain.

Estimated at US $184,050-214,725, the work ultimately pulled in Singapore $322,600 and was the showstopper for the day.

Over 70 percent of the 131 lots offered found buyers at the auction held at the Marriott Hotel Singapore. The auction saw active bidding with a packed attendance of around 300 people.

Husain’s son Owais’ work “The Sharpshooter’s Past Catches Up” estimated at US $16,564-19,632 went down for Sing $30,420. Rini Dhumal’s “Durga” went for a paltry Sing $11,700 while Ara’s “Gate”, a work from 1950 estimated at US $16,565 -19,632 went for Sing $32,760.

In a strange development, the works of Bose Krishnamachari, Jogen Chowdhury, Iranna and Yusuf Arakkal did not feature in the final list of lots sold.

Reports suggest the lots were withdrawn because the bids were woefully below the estimates. That clearly shows some Indian artists draw better prices at home than abroad.

“Collectors are very selective these days and we had a very serious crowd. They bid very intensely for top-notch lots and young promising artists. With the addition of contemporary Indian art that was taking the stage for the first time ever in Singapore, we now have a very good cross section of Asian modern and contemporary collection,” said Daniel Komala, president director, Larasati Auctioneers, told IANS.

Ever since Larasati’s first auction, which was held on April 30, 2000, in Jakarta, Larasati’s reputation has grown rapidly, auctioning rare and emerging Indonesian as well as other Asian works at record prices.

Larasati’s entry into Singapore in 2003 as the first Asian-based auction house that crossed national borders was indeed a milestone in its pursuit to becoming a major player in the Asian market.

Posted: 04|18|06 at 11:16 am. Filed under: Auction News.