Saffronart.com is an innovative online auction firm started by Minal and Dinesh Vazirani in 2000 who are both alumni of Harvard Business School. It is one of the first of its kind of auction website in India and it focuses on auction of modern and contemporary Indian art. The company started off with selling arts in the Indian market but later expanded geographically and extended its offerings including the prime real estate which is the latest addition. It is considered to be the pioneer and has created a market for modern and contemporary Indian art in the world of arts. From the beginning, the revenue of the company are constantly increasing and in 2006, there revenue touch $45 million.
Saffronart held various auctions both online and live accompanied by…show more content… Thus, Saffronart has managed not to compete with the existing auction houses but complementing them. Art galleries contacts Saffronart which then arranges for the catalogue preparation and post that on its website for the auction which happens in lot. The sold goods are then shipped by Saffronart to the buyer. Saffronart takes commission from the art galleries to provide this service, whereas the auction of the buyers are free in which they have to register themselves for an upcoming auction, the Saffronart team then recognize that buyer as a genuine buyer and the login is created. The buyer then bid for the artifacts either using the website of the mobile bidding platform that the Saffronart is providing. Until recently, Saffronart was focusing on the online medium for selling the artifacts but now it has also opened several art galleries itself for the art exhibitions in places like Mumbai and Delhi. Now, they are following both the medium, the online and brick and mortar