A Bangalore auction will bring under the hammer paandaans, portrait-holders and Pashminas worth crores.
With India’s growth story in the doldrums, it’s not only the middle class, but also the rich and famous royalty that have to tighten belts. And what better way to raise resources than auctioning off age-old heirlooms and collectibles?
A first-of-its-kind auction of “unusual jewellery” by Bid & Hammer tomorrow in Bangalore will see 138 lots of such items going under the hammer. While estimates for the pieces sourced from Rajasthan, Central India (MP and Chhattisgarh), and the old Nizamshahi (AP and some parts of Karnataka and Maharashtra) start from Rs15,000 and go up to Rs75 lakh, many expect the auction to collect many times over.
“I can’t take specific names, but it is true that many royal families find it increasingly tough to carry on in these changing times, and want to sell items which can get them a good return,” said Maher Dadha, CMD of Bid & Hammer. “Apart from being cumbersome to maintain, they also find the old items out-of-sync with their contemporary Western styles.”
A member of the Shekhawati royal family in Rajasthan told DNA, “Most people assume royals are well-off. But nothing could be further from the truth. With the abolition of the privy purse and the absence of any income in the form of revenue, maintaining palaces, temples and their lifestyles has become very difficult.”
According to her, even the ones who switched over to contesting elections find it difficult. “Even parties want their pound of flesh for tickets,” she smiles, chiffon pallu firmly in place.
Interestingly, while the royalty are relying on these heirlooms to tide them out, India’s nouveau riche seem to be most interested in acquiring what they see as status symbols. “We have got many enquiries from well-placed software professionals, some of whom have never been to an auction. For them an acquisition will mean that they have arrived,” says Dadha. “While the collectors throng to auctions hoping to pick up something for its investment quotient, there are others who simply want something for the joy of owning it.”
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