BREAKING BARRIERS: New Indian artists fetched the highest prices Rasa by Paresh Maity (top, left); Bidders at the Bonhams auction in London

Amidst the clink of champagne flutes and glittering expensive adornments at London's Bonhams-the venue of an auction of Indian art-a voice suddenly cried out, "Nude paintings!" Lowry McLean, former chairperson of the Confederation of British Industry (CBI), went on to declare: "I didn't know Indian art was into that." The magnitude of his disbelief was matched only by the wit of Meena Hingorani, the organiser of the auction. "Oh, but haven't you heard of the Kamasutra and the Ajanta?" she smiled.

Indeed, the high-profile Indian art auction at leading auctioneers Bonhams near Harrods in London, attracted Indians and Europeans in equal numbers-some of them coming in from Italy, Switzerland and Singapore to bid. The auction also busted several myths associated with Indian art, especially that it is established artists who hold the market. Not true. As the evening of seafood and style progressed, it became evident that it is a clutch of new Indian artists who are making waves in the British and European contemporary Indian art market.

The evening had plenty of surprises in store. Though M.F. Husain's paintings were expected to fetch the highest prices, it was F.N. Souza's Christ and Evangelists that turned out to be the show stopper. Outbidding the Church of England, an Indian businessman from Italy quoted an astounding sum of £12,500 to walk off with the painting.

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Tate Modern, one of the leading art galleries in London, bought Atin Basak's Legacy of Birth while Swiss bankers Christoff Von and Graffen Ried bought Atul Dodiya's watercolour on printed paper from the body wash series. Ganesh Payne's painting went for £7,500-again plucked by a Swiss banker, Zeannette Pometaniee, who also bought Bikash Bhattacharjee's And Goat and a Suhas Roy painting for £3,500.

As auctioneer Malcon Barber, director of Bonhams, steadily brought the hammer down, Hingorani couldn't control her excitement at the revelation brought forth by the auction: unlike the Indian set, which generally goes for decorative paintings and celebrity arts, the Europeans have shown a keen interest in contemporary and abstract art by young artists with little fascination for figurative art. "Indians mainly go for figures-pretty figures-that are more decorative," she said.

Atul Dodiya's work from the body wash series; (from left) Christie's Alison Adnit, Meena Hingorani and ghazal singer Karuna Loomba are all smiles "Europeans prefer the abstract while figurative art is an Indian inclination," Meena Hingorani on differing tastes

It was an observation that was underlined by the euphoria surrounding Satish Gupta's The Camel. What captured the attention of art aficionados was the camel owner and his kohl-lined penetrating eyes. "I am quite seduced by his eyes. I will definitely bid for that painting," chuckled fundraiser Surina Narula, who, along with socialites Nina Pillai and Ramola Bachchan, and the Princess of Bikaner, brought oodles of glamour to the event. Narula did bid but lost out the coveted painting to an Italian buyer. A water colour and ink on paper titled Roof Top by Lady Catherine Young, wife of British ambassador to India Rob Young, also fetched a fancy sum.

Paresh Maity's vibrant frames added to the informality of the evening. While one painting captured a storm, another depicted the stillness of an uninhabited lake view. Jayasri Burman's paintings stood out from the rest for their Hellenic take on Indian figures. "She paints nature and women power," explained Hingorani.

Throwing light on the need for an eclectic mix of paintings, she said, "We take a mix of celebrity artists and new artists. In an auction the mix has to be good as it should appeal to all buyers." In fact, it was not just the paintings that created a flutter. Moghul jewellery, too, attracted substantial interest with even Hingorani joining in the bidding race.

It was all for a cause. The proceeds will be given away as scholarships to students of the International Institute of Fine arts (IIFA) in Modinagar near Delhi. Abha Modi, IIFA co-founder, was delighted by the interest generated by the auction. "A lot of people have come and we have got a tremendous response," she gushed, while Satish Modi, founder of IIFA, was happy that the auction crowd attracted not just the party set but also an extremely discerning crowd. "Gunalan Natarajan, dean of Lassalle-Sia, Singapore, also attended. In the last 50 years this is the only college that teaches visual art in India," said Modi.

In the end, it turned out to be more than just academic. Encouraged by the show, the institute is planning to hold another next year. Tate Modern is exploring avenues to have an exhibition of Indian paintings as are Zurich art enthusiasts. Moreover, Nick Bonhams, owner of Bonhams, promised to extend support to any organisation that promotes Indian art. As if that isn't enough, Alison Adnitt of Christie's complimented the excellent show by a non-professional organisers. Clearly, the greatest beneficiary was Indian art.