The winter auction will also feature works of stylistic and historic significance by artists like S H Raza and Rameshwar Broota.
"The interest in India's modern art has grown with the country's booming economy and young Indian collectors are now aggressively bidding for it," said Minal Vazirani, co-founder of Saffronart.
"For many, acquiring a work of modern Indian art is essentially acquiring a piece of culture that reflects ones personal perspective or growth, but also offers a chance to be part of that indefinable, but palpable development that characterises India today," Vazirani adds.
The Indian art market is following close in the footsteps of its Chinese counterpart. Today Indian art, like Chinese art, is attracting new buyers.
Besides, galleries specialising in Indian contemporary art are booming all over the globe, from New York to New Delhi. Similar to the development of the Chinese art over the past several years, Indian artists today are the rising stars in the $6 billion art market.