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Collectors Bid Big at StoryLTD’s Collectible Books Auction
StoryLTD’s much anticipated auction, Collectible Books and Ephemera on Indian Art,concluded last night to a total sale value of INR 98 lakhs (USD 148,380). 41 out of 51 lots (80%)
• Auction fetches INR 98 lakhs against upper estimate of INR 45 lakhs
• Books on Indian and Pakistani art find their way into important collections in India and around the world
• MargVolumes 1 – 64 saw fierce bidding that pushed the winning bid to INR 19 lakhs
• Raja Ravi Varma, Sher-Gil and Souza sold at phenomenal prices
Mumbai: StoryLTD’s much anticipated auction, Collectible Books and Ephemera on Indian Art,concluded last night to a total sale value of INR 98 lakhs (USD 148,380). 41 out of 51 lots (80%) sold, witnessingincreasingly competitive bidding as the auctionneared closing. Scores of collectible books will now find their way into the hands of India’s leading collectors, as well as collectors abroad.
Lot 45, Marg’s sixty-four volume set led the sale at INR 19 lakhs (USD 28,882), against a pre-sale estimate of INR 4 – 5 lakhs. The set is a collection of carefully bound and well preserved issues from 1947. Several early issues are now difficult to find, and this was perhaps the most comprehensive collection of nearly all its issues till 2013. It was therefore no surprise that the bids for this coveted lot came in at a brisk pace.
Marg was not the only lot that saw fierce bidding. Lot 4,Souza: Important Books, Catalogues and Rare Magazines, sold for INR 12 lakhs(USD 18,606),four times its upper estimate of INR 3 lakhs. Lot 20, a set of sixteen books and magazines on Indian artists, sold at nearly seven times the upper estimate of INR 1.5 lakhs, for INR 9.97 lakhs (USD 15,109).
Lot 7, the earliest book on Raja Ravi Varma (c. 1903), and a magazine from 1911, sold at INR 5.96 lakhs (USD 9,093), nearly fifteen times its upper estimate of INR 40,000. Lot 2,Sher-Gil: 8 Books and Magazines, sold at fourteen times its upper estimate of INR 60,000for INR 8.4 lakhs (USD 12,727). The lot included some of the earliest magazines and catalogues featuring the artist and her work, and have never been in the market before.
Commenting on the success of the auction, Hugo Weihe, CEO of Saffronart said, “Rare books on Indian art and catalogues of seminal exhibitions and leading galleries have become true collector's items, and we are thrilled with the response to this sale. It underlines the value of such documentation and increased appreciation among collectors for the history, provenance and context, which is integral to the value of the paintings themselves.”
A bidder from the auction echoed this sentiment, saying, “In this digital age, it is heartening to find books going into good collections where they will serve as knowledge centres and archive stores for upcoming art collectors.”
The spectacular results of the Collectible Books auction have bolstered the category among art connoisseurs and book collectors. Spurred by its success, StoryLTD will hold an Auction of Antiquarian Books in August 2016—a sale that promises to be bigger and grander in scale.
An analysis of the Collectible Books auction can be found on storyltd.com.
