'Picasso of India' Works Unveiled After 20 Years... Auction Price Up to $39 Million

MF Husain's Works to Be Auctioned at Indian Art Gallery
Collector's Illegal Loan Kept Art Locked in Bank Vault for 20 Years
Previously Set Record for Highest Price Ever Paid for Indian Artwork

The works of Maqbool Fida Husain, known as the 'Picasso of India,' are being unveiled for the first time in over 20 years. According to Yonhap News on June 8 (local time), citing the BBC in the UK, 25 pieces by Husain, a master of modern Indian art, will be auctioned at the Pundole Art Gallery in Mumbai, India, on June 12. The collection, titled 'MF Husain: The Vision of a 20th Century Artist,' consists of works that are over 20 years old and have been kept in a bank vault until now, being revealed to the public for the first time.

MF Hussein during his lifetime. Christie's Instagram

According to Yonhap News, Husain entered into an art transaction agreement worth 1 billion rupees (approximately 15.8 billion KRW) in 2004 with Mumbai entrepreneur Guru Swarup Srivastava. Of the 100 pieces involved in the deal at the time, the 25 works now being revealed were the first to be sold to him. Local media described this as 'India's largest art transaction,' and Srivastava instantly rose to prominence as a renowned collector.

However, two years later, the Central Bureau of Investigation (CBI) in India claimed that Srivastava had inappropriately used loans obtained from a government-supported agricultural institution to purchase real estate and Husain's artworks. In 2008, the agency obtained court approval to seize Srivastava's assets worth 1 billion rupees, which included the 25 Husain works now being made public. These works were confiscated by the government because Srivastava failed to repay the loans.

In February of this year, however, an Indian court allowed the auction of Husain's works so that Srivastava could repay the loans from the agricultural institution. A representative from the Pundole Art Gallery told the BBC, "At the time, Husain did not care who the collector was, as long as the artwork was sold," adding, "It feels as if his works have finally returned to their rightful place." The auction price for these pieces is estimated to be as high as $29 million (approximately 39 billion KRW).

On the 2nd, an employee is looking at Hussein's artwork Untitled (Seven Horses of the Sun) at an auction house in the UK. Photo by AP

Husain, who became a painter after starting his career painting theater signs, passed away in 2011 at the age of 95. During his lifetime, he was one of India's most famous yet controversial artists. Notably, in 2006, he created a painting depicting 'Mother India' to aid tsunami victims, portraying the goddess as nude with her traditional sari removed, which sparked controversy. Hindu groups even placed a bounty of 510 million rupees (about 12.4 billion KRW at the time) on his life. Subsequently, Husain went into exile, renounced his Indian citizenship in 2010, and acquired Qatari citizenship.

Among the works being unveiled, some are said to reflect his perspective on a period marked by rapid political and technological change. One painting delivers a message urging peaceful dialogue and coexistence among global powers, while another addresses social and economic inequality and the need to prepare for large-scale national expenditures. In March, another of Husain's works, Untitled (Gram Yatra), was sold at Christie's auction in the United States for $13.8 million (about 18.7 billion KRW), setting a new record for the highest price ever paid for an Indian artwork.