Gaitonde's Painting No. 1 makes $1.1m at Sotheby's

Vasudeo S Gaitonde's (1924-2001) Painting No. 1 has provided the top lot at Sotheby's Modern and Contemporary South Asian Art in London.

The 1962 work sold for £698,500 ($1.1m) on June 11, trumping its £450,000 high estimate by 55.2% - just shy of the $1.3m artist record achieved by an untitled work at Christie's in 2006.

Gaitonde painting auction
Gaitonde works are rare – ensuring high demand from collectors

Abstract Indian artist Gaitonde produced very few works, ensuring those rare pieces that appear at auction are in great demand, especially those from the 1960s - widely deemed to be the height of his career.

The result adds to a strong year for Gaitonde. Another 1962 work sold for $965,000 at Sotheby's in March.

MF Husain's Jhoola was the second most valuable lot of the event, selling within estimate for £242,500 ($379,800).

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