Works by Raza, Souza and Husain are set to go under the hammer at what is said to be India’s first ever online auction, which is expected to rake in nearly Rs 22.5 crore (over $5 million).

The Indian Modern and Contemporary Art auction to be held in Kolkata Feb 16-22. The event is being organised by Emami Chisel Art (ECA).

ECA, along with Kolkata’s art connoisseur Chisel Art, has planned a simultaneous bidding process - both physical and virtual - for art aficionados on the opening day.

ECA director Vikram Bachchawat said the organisers were hoping to leverage for art collectors to get transparency and tax rebates.

“Unlike other cities, Kolkata does not levy the 12.5 per cent value added tax (VAT), so this means that art collectors save a lot of money on tax,” he told IANS here.

Posted: 02|9|08 at 10:07 am. Filed under: Auction News.