Saffronart Summer Online Auction Notches Sales of Rs. 38.8 crores (US $ 9.7 million)

* Subodh Gupta and S.H. Raza each cross Rs. 4 crores (US $ 1 million)
* 6 lots sold for more than Rs. 1 crore (US $250,000)
* Close to 600 registered bidders from 30 countries
* Innovative online auction platform a hit with bidders

June 20th, 2008: Saffronart closed yet another record sale yesterday evening, featuring rare and significant works of Indian modern and contemporary artists as its Summer Auction registered a total sale value of approximately Rs. 39 crores (USD 9.7 million).

Hosted on a new, innovative and highly interactive platform, the Summer Online Auction featured the work of globally sought painters, sculptors and installation artists, including S.H. Raza, Subodh Gupta, Jagdish Swaminathan and Rashid Rana. World auction records were set for 8 artists, including Subodh Gupta, Hema Upadhyay, Badri Narayan, K.M. Adimoolam, Justin Ponmany, Chitra Ganesh, Bose Krishnamachari and Anita Dube.

On the first day of the auction itself several lots crossed their higher estimates, including works by Subodh Gupta, Hema Upadhyay, T.V. Santhosh and Justin Ponmany, setting the pace for the exciting bidding activity that continued till the last minutes of the sale.

At this auction, close to 600 registered bidders from all over the world competed against each other for the works of some of India’s most prominent artists. The top five lots of this Saffronart auction were Subodh Gupta’s Untitled, selling for Rs. 5.7 crores (US $1.43 million), the highest price achieved by the artist at auction; S.H. Raza’s Germination, selling for Rs. 4.2 crores (US $ 1.05 million); Rashid Rana’s Red Carpet – 2, selling for Rs. 2 crores (US $ 500,250); J. Swaminathan’s Untitled, selling for Rs. 1.84 crores (US $ 460,000); and F.N. Souza’s Untitled, selling for Rs. 1.63 crores (US$

408,250).

Dinesh Vazirani, Co-founder and Director of Saffronart, says, “While the results of this sale were stellar across the board, the fact that three of the top five lots were by

modern Indian artists demonstrates a heartening resurgence in demand for premium modern works. This sale also marked the successful launch of our new auction

technology, which is the first of its kind globally, and makes the bidder’s online experience as convenient as possible.” Saffronart’s new auction platform includes several technology enabled features that are pioneering industry firsts. Apart from its improved design and intuitive user interface,this secure platform ensures that every user’s bidding process is personalized and effortless.

Online art auctions, pioneered by Saffronart, have transformed the landscape of Modern and Contemporary Indian Art, making it accessible to participants from around the world and opening it to a wide spectrum of international art lovers. Established by Dinesh and Minal Vazirani, Saffronart has set global benchmarks for online art auctions. The company’s innovative business model has prompted the Harvard Business School to write and teach a case study on Saffronart.

Saffronart has been instrumental in fundamentally changing the market for Modern and Contemporary Indian art. With its professionalism and transparency, it has contributed to the burgeoning international and domestic interest in Indian art, and in the process established itself as the leader in Modern and Contemporary Indian art auctions globally.

For further details on the auction, please contact:

India: Punya Nagpal, Yamini Telkar, Shaheen Virani or Nishad Avari Tel: (91 22) 2432 2898 / 2436 4113 or Email: auction {at} saffronart(.)com

USA: Anu Nanavati Chaddha Tel: (212) 627 5006 or Email: newyork {at} saffronart(.)com

UK: Abha Housego Tel: 44 (0) 20 7409 7974 or Email: london {at} saffronart(.)com

Media Contact:

Suparna Ganguly, CMCG India Pvt. Ltd., (91-22) 24450991/2/3

Enclosed: The results of the sale, record breaking and top ten lots