The prized possession going under the hammer include the works of the late M F Husain, Amrita Shergill, Rabindranath Tagore, V S Gaitonde, Tyeb Mehta, Jamini Roy, and Ganesh Pyne among others with prices ranging Rs 1 lakh to Rs 8.5 crore.

Mumbai: The international art auctions house, the Switzerland-based Christie's will kick start its first ever auction of Indian and South Asian art of both new and vintage types here today.

"A total of 83 lots (of works) will be offered with a pre-sale estimate of 4 million pounds," Christies' senior public relations Director Alexandra Kindermann told PTI here today.

The prized possession going under the hammer include the works of the late M F Husain, Amrita Shergill, Rabindranath Tagore, V S Gaitonde, Tyeb Mehta, Jamini Roy, and Ganesh Pyne among others with prices ranging Rs 1 lakh to Rs 8.5 crore.

A major collection at the auction are the works by six artists whose works are considered as the 'National Art Treasures'-- three Tagore brothers -- Rabindranath, Abanindranath and Gaganendranath Tagore, and Nandalal Bose, Jamini Roy and Amrita Shergill.

These works will remain in the country even after after their sale, said Christie's.

A key attraction of the auction is a signature 1949 abstract in vibrant yellow by V S Gaitonde which is estimated to fetch Rs 6.5-8.5 crore, according to the price-tag.

Christie's has been in the business of putting collectibles under the hammer for over 260 years, and is holding its maiden auction in the country today at the iconic Taj Mahal Palace Hotel from 7.00 pm.

The auctions will be both offline and online, which will be attended by art collectors from across the globe, Kinerman said.

The sale room will be able to host 250 people and we assume more people might be interested in the sale, she added.

The main attraction of the auction is a set of personal collection from Kekoo and Khorshed Gandhy, who are the founders of the Mumbai-based Gallery Chemould, and also the patrons who helped create a vibrant and organised Indian art scene in the early and mid-20th century.

Their collection has works by Ram Kumar, Syed Haider Raza, Jamini Roy, MF Husain, Nalini Malani, Nasreen Mohamedi, Anju Dodiya and Arpita Singh, according to the organsiers.

According to Christie's, which opened its first office in Mumbai 20 years ago and started the preview of the works from Monday, the decision to hold its maiden India auction is based on the strong momentum in the domestic art market, increased global appeal of Indian art and the growing participation of Indian buyers across international sale categories.

According media reports, the auction comes after Christie's collected USD 25 million at its inaugural China auction and Sotheby's grossed large sales of Indian art early this year, reportedly selling 43 works from the collection ofprivate collector Amrita Jhaveri for USD 6.7 million in a New York auction.

Christie's has been selling Indian art since its inception, with founder James Christie offering four fine India pictures painted on glass at the inaugural auction in 1766.

PTI