"Tribal Woman", a painting by celebrated Indian artist FN Souza, was sold for Rs.20.4 million at Osian's 'Forty Masterpieces' auction here.
Two other works - "Landscape in Red" and "Old Man from the Pale Settlement" by the same artist - fetched Rs 16.8 million and Rs 15.6 million respectively at the auction Saturday.
MF Husain's "Rape of Rococco" was sold for Rs.19.2 million. "Bindu" by SH Raza and "Horizon IV" by Akbar Padamsee fetched Rs 15.6 million each whereas an untitled work VS Gaitonde went under the hammer for Rs 14.4 million.
The auction, compiling works of several artists never put up for sale before, created a genuine excitement among collectors and achieved a sale of 90 percent.
New names like KG Subramanyan, Prokash Karmakar, Ambadas, KS Kulkarni, Laxman Pai and Piraji Sagara registered a total sale Rs.6.7 million among them.
Said Neville Tuli, Osian's founder chairman: "The success of so many works purely on their aesthetic merit rather than just the 'art as investment' is a good sign for future growth.
"The sceptics are once again proved wrong. They had been crying too hard when Souza was selling for Rs 100,000 and then at Rs 1 million and now at Rs 10 million, they are still crying."
But now they are beginning to realise that the art is here to stay as the country's one of the greatest and most valuable assets and knowledge resources.
"The process of growth is now irreversible," he said.