A 2002 acrylic-on-canvas work by Tyeb Mehta titled The Rickshaw-Puller achieved ₹69.1 crore including buyer’s premium at auction on October 11, setting a new world record for the modernist artist and topping his previous high of ₹61.8 crore for Trussed Bull sold at Saffronart in April 2025. The sale marked the launch of Volte Una, a platform founded by Tushar Jiwarajka that specialises in single-lot auctions rather than large catalogues, allowing rare pieces their own dedicated spotlight. This approach involved private previews for select collectors in the weeks before the event, according to Open Magazine. The result positions the work as the fourth-highest priced Indian artwork ever sold at auction in rupee terms.
Volte Una’s model emphasises proper price discovery for masterpieces by letting committed buyers compete directly instead of negotiating from preset asking prices, Jiwarajka explained in an interview with the magazine. The platform also reduces the traditional buyer’s premium significantly, returning more value to both consignors and successful bidders. Jiwarajka told Open that the rarest works deserve their own space and focus because they are not easily found in the market. A statement from Jiwarajka added that the team was thrilled to present the Mehta painting to serious global collectors in intimate private settings.
Tyeb Mehta, who lived from 1925 to 2009, produced only around 200 paintings in his career, favouring intensity over volume in his output. The artist frequently returned to themes such as the rickshaw puller throughout his oeuvre, with the 2002 example coming from the final decade of his life. Mehta’s limited production has contributed to rising values for his works over time, a trend visible in auction data from recent years.
India’s secondary art market reached a decade-high turnover of ₹2,543 crore in 2025, more than tripling from ₹792 crore in 2015 with an 80 percent sell-through rate across 4,057 sold lots, a 360 ONE report titled The Collector’s Guide showed. Post-war artists including Mehta generated substantial value that year, with his works contributing ₹307.5 crore in auction turnover behind only M.F. Husain. Global fine art auctions totalled $11.11 billion in 2025, up 12 percent year on year, placing additional context around the domestic surge in high-value Indian sales.
The single-lot format at Volte Una represents an evolution in how premier Indian artworks are presented, moving away from crowded auction slates toward individual events that build anticipation. Jiwarajka noted in the Open Magazine piece that this method ensures the best outcome for exceptional pieces by focusing attention fully on them. Volte Una plans to continue with a sale at the end of November featuring an M.F. Husain work from the Herwitz Collection.
Established modern and contemporary Indian artists continue to anchor the market’s upper end even as entry-level and mid-tier segments expand participation, according to the 360 ONE assessment. Paintings accounted for nearly half of all lots sold in 2025 while generating the majority of value at ₹2,279 crore. The Mehta record arrives as domestic collectors and high-net-worth buyers drive sustained demand for blue-chip works amid broader economic interest in art as an asset class.
