Saffronart's highly anticipated Spring Live Auction opened on Tuesday with a packed sale room and saw competitive bidding across the board. The auction raised an impressive sales value of INR 54.84 crores (approximately USD 8.07 million) for the Tax Recovery Officer, Central-3, Mumbai, Income Tax Department, Government of India, with 81 percent (55) lots sold. After competitive bidding across the board, 34 percent (23) lots sold above the higher estimate, with several lots selling in multiples of their higher estimates.

The auction marks the first time in India that a professional auction house has been appointed by the aforementioned Tax Recovery Officer to conduct an art auction on their behalf. Bidders expressed a general sentiment that they were pleased that these proceeds were going back to the country. Leading the sale was a striking, deep red, untitled work by eminent modernist V S Gaitonde, painted in 1973, which sold for Rs 25.2 crores (USD 3.7 million), making it the fourth most expensive painting ever sold by the artist.