New York: In a record for Indian art, a painting by Tyeb Mehta fetched $ 3,17,000 (over Rs 1.58 crore) at an auction organised.

The painting, "Celebration" which is owned by the 'Times of India' group, sold well above the floor price of $ 1,80,000 to $ 2,00,000 fixed by the famous auction house Christie's on September 19.

A spokesman of the 'Times' group, which owns a large collection of Indian art, said that they had been approached by Christie's to put some of the paintings on auction.

"We are delighted that the painting has set a new benchmark for contemporary Indian art," the spokesman said. The painting has the Santhal tribal festival as its theme.

Seventy-seven year old Mehta, who hails from Gujarat, is a product of the prestigious Sir J J School of Art in Mumbai and works in the Western metropolis.

The painting in three panels hinged together was done by Mehta in 1995 and measures nearly eight feet in height and nearly 17 feet in width.

Two other Indian paintings also fetched a record price at the auction. A Hussain painting "Mahabali" went under the gavel for $ 1,07,550 (over Rs 54 lakhs) while a Gaitonde fetched $ 65,725 (Rs 32 lakhs).

The price offered for these paintings was also well above the floor price.

PTI