ARTIANA, the first home-grown auction house of the UAE for art and luxury collectibles based in Dubai held its second online auction last October 13-17, 2016 which featured 60 lots of modern and contemporary paintings and sculptures from the Indian subcontinent.
ARTIANA has a ‘No Buyer’s Premium’ policy which means that buyers do not pay any additional charges over and above the winning bid amount. Comparatively in other auction houses, buyers usually pay an additional 25-30% ‘Buyer’s Premium’ on their winning bid amount. ARTIANA’s USP slogan is “What You Bid Is What You Pay”. A combination of being the first local art auction house in the UAE and one which offers its clients ‘No Buyer’s Premium’ on their purchases, benefits the local art collectors by allowing them the option to view the works before bidding on them at ARTIANA’s viewing gallery in Downtown Dubai, and by widening the market by considerably reducing the high transaction costs associated with auction purchases of art and luxury collectibles.
The recently concluded auction of ARTIANA was a huge success and included paintings and sculptures by modern masters and leading contemporary artists from South Asia with total sales of over US$ 1.7 million which amounted to 108% of the total estimate value. 51 lots of the 60 offered were sold resulting in 85% lots being sold.
The rare and important diptych work of Akbar Padamsee from the ‘Mirror Image’ series was sold for US$ 700,000 while Syed Haider Raza’s ‘Duvidha’ was sold for US$ 220,000. M.F. Husain’s work from 1971 (Wedding Chariot)’ sold for US$ 150,000.
ARTIANA’s future plans include expanding its portfolio to include Middle Eastern art and an eclectic ‘Collectibles’ sale featuring oriental carpets, shawls, writing instruments, jewellery among others, which is planned for early 2017. The next auction of Modern and Contemporary South Asian Art will be held in March 2017.