MF Husain's Lost Masterpieces Set to Ignite Art Market Drama

Next week, a trove of 25 masterpieces by MF Husain, buried in bank vaults since 2008 due to a loan scandal, will be auctioned in Mumbai. The sale of these artworks, initially part of a billion-rupee deal, marks their first public appearance.

Next week, the art world will witness the long-anticipated auction of 25 rare paintings by MF Husain, one of India’s most esteemed modern artists, whose works encapsulate a transformative period of the 20th century. The auction, taking place at the Pundole Art Gallery in Mumbai, will feature these masterpieces for the first time since they were seized in 2008 amidst a financial scandal involving businessman Guru Swarup Srivastava.

These paintings, marked by Husain’s vibrant style, have remained locked away for over a decade, ultimately becoming assets in a complex legal battle initiated by India's Central Bureau of Investigation (CBI). The CBI alleged that Srivastava had misused funds from a government-backed agricultural body, which reportedly included the money used to finance his acquisition of the paintings. As of February this year, a court finally green-lit their auction as part of the effort to recoup lost funds.

Dadiba Pundole, the gallery director, expresses excitement over the return of these works to the public, indicating that the auction could reach a staggering $29 million. Up until now, Husain's works have drawn international attention, such as his recent painting that fetched an astounding $13.8 million at a Christie's auction, highlighting the ongoing demand for his artistry.

Husain's creative journey with these paintings began in the early 2000s when he felt immense excitement about this ambitious project. Often described as the "Picasso of India," his bold themes often stirred controversy, eliciting both admiration and criticism. Despite his passing in 2011, Husain’s legacy lives on through his artwork, reflecting significant historical and social themes, including calls for peace and dialogues between global powers.

The upcoming auction not only signifies the resurgence of these lost treasures but also serves as a profound moment of reflection on the intersection of art, legality, and cultural heritage in India. As the countdown to the auction continues, art enthusiasts and collectors alike await the chance to witness how these vibrant narratives, once hidden away, will now command the world's attention.