India’s first live automobile auction saw a 1933 Rolls-Royce go under the hammer for INR 1.92 crores. The Vintage and Classic Automobile Auction by Osian’s Connoisseurs of Art saw several enthusiasts and first time buyers warming up to the idea of openly buying and selling historic vehicles to improve or start a collection.
Collectors from Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai and Pune sent their cars for the auction in Delhi. Prominent collectors such as Diljeet Titus, Zaheer Vakil, Rishad Kundanmal, Partha Banik, Naveen K, Zain Bilgrami and Bhavesh Solanki contributed to the impressive line-up.
The freshly restored and award winning car – a 1933 Rolls-Royce 20/25 HP – was the top seller at the auction fetching a price of INR 1.92 crore, which was 120% of its lower estimated catalogue price. This Rolls-Royce was once owned by Viscount Southwood and the owner of Glenlivet, John Martin. In all, the automobile auction raised INR 4.50 crores and the Modern Fine Art Sale saw transactions of INR 12.84 crores.
The Indian Modern Fine Arts auction registered a 58% success for Lots sold. While artworks by Ganesh Pyne, Ramkumar, N.S. Bendre, J. Swaminathan, Satish Gujral and Chittaprosad performed well as per market expectations, F.N. Souza, J. Sabavala, M.F. Husain prices were below market expectations.