Giving an example of artist Ram Kumar's "Untitled" painting from 1958 that would go under the hammer at the upcoming auction, Klein explained how "rarity" too plays a pivotal role in putting a price tag to a piece.

"This work is a part of his short-lived oeuvre and we kept that in mind as well as its excellent condition," said Klein, adding the oil on canvas painting is estimated at $366,800-$448,300. "Even though it is smaller in size than some others, it has been estimated at a higher price because of its rarity," she added.

Apart from this, Tyeb Mehta's "Untitled" - that is leading this year's sale with an estimated price of $1,385,500-$1,956,000 - Nobel laureate Rabindranath Tagore's hand-written pocket book that carries mundane land transactions, a few poems and songs and 10 works by contemporary artists will be auctioned at the sale. However, Klein admitted that prices should be "real" and "genuine" so that chances of being sold are bright.

But one of the most challenging aspect of this grueling exercise is to "convince" personal collectors to let go of their prized possessions. "Emotional sentiments are associated with these works and many collectors refuse to part ways with them. This part is extremely tricky and can be achieved only with persuasion, goodwill, trust and passion," Klein concluded.