In the Osian's Connoisseurs of Art auction that concluded on January 27, out of the 123 lots put up for auction 82 (65.6 per cent) were sold with net sales of Rs 14,14,02,200 and an average lot price of Rs 17,24,415, according to information released by the auction house today.

The highest bid of Rs 2,28,00,000 went to a 1966 untitled work by Tyeb Mehta followed by a 1969 oil on canvas by Ramkumar valued at Rs 1,44,00,000 in the auction that focussed on Punjab and Delhi.

Two rare miniatures - Folio leaf from a Harivamsha Khil Series (Kangra School) and Folio leaf from a Mahabharata Series (Kangra or Guler School) fetched Rs 52,80,000 each.

The auction, second in the series of four auctions in the Creative India Series by the auction house manifested an improvement in terms of revenue on the "Bengal" auction held in December 2011 that had realised Rs 7.95 crores in sales.

There was a gap of about eighteen months between the auction in 2009 and the first auction in Creative India Series in December 2011.

"These last two auctions in the Creative India Series are a clear pointer to the ongoing consolidation of Osian's and the art market after two very difficult years. With lessons imbibed from the past, the progress of Osian's after consolidation will reveal many new institutional changes and innovations in the coming months," said Neville Tuli, Founder and Chairman Osian's.

Neville Tuli said," The results of the antiquities sales at this auction were especially encouraging and underscore the huge potential for the Indian antiquities domestic market.

Hopefully the government will facilitate this growth wherever possible," he said.

Total lots sold (17 out of 20) in the Antiquities Section of Pahari Miniatures were 85 per cent valued at Rs 1,85,50,000 with an average lot price of RS 10,30,556.

Total lots sold (65 out of 103) in the Modern and Contemporary Art section were 62 per cent valued at Rs 12,28,52,200 with an average lot price of Rs 19,19,566.

The next two auctions of the Creative India Series would be held in Mumbai on March 23 focusing on art from Bombay and Baroda and thereafter in Delhi on May 28 featuring the Cholamandal School and the art of South India.

"The four auctions in the Creative India Series focus on historically significant periods in the development of Indian modern and contemporary art and to focus on historically important pioneers and masters," Neville Tuli said.