How an Art Deal gone Wrong Unlocked MF Husain's Hidden Masterpieces

A landmark auction set for next week will unveil 25 masterpieces by MF Husain, reflecting on a transformative 20th century, after being locked away in vaults for nearly 15 years.

Nearly two dozen exquisite paintings by one of India’s most revered modern artists, MF Husain, are set to make their debut on the auction block next week, after being locked away in bank vaults since 2008. On June 12, art enthusiasts will have the first opportunity to see 25 rare artworks by the artist, who is often referred to as the "Picasso of India." The paintings, which were previously part of a record-breaking billion-rupee deal, were seized by authorities from businessman Guru Swarup Srivastava after alleged loan default issues arose.

"The paintings have come full circle," remarks Dadiba Pundole, director of Pundole Art Gallery, where the upcoming auction will take place. Husain, who used the gallery as his studio for many of these works, created the pieces as part of an ambitious series he was never able to complete. Known for their provocative themes, Husain’s paintings often sparked controversy even as they commanded significant market value. The esteemed artist passed away at the age of 95 in 2011.

The auction, aptly titled "MF Husain: An Artist's Vision of the XX Century," features these 25 paintings, which evoke a transformative era defined by significant technological and political changes. Pundole estimates that the auction could yield as much as $29 million (£21 million). This sale follows the recent record-setting auction for another Husain masterpiece, "Untitled (Gram Yatra)," which fetched a staggering $13.8 million at Christie's in New York.

Husain began creating the latest works in the early 2000s, a period marked by excitement and concentration. "When he was painting, nothing could disturb him," recalls Pundole, emphasizing Husain's undisturbed creative process. In 2004, Husain sold a set of 25 paintings to businessman Srivastava as the initial phase of a monumental deal, shortly after competition in the art market surged when Tyeb Mehta's “Kali,” sold for a whopping 15 million rupees.

However, troubles arose when the Central Bureau of Investigation (CBI) began its inquiry into Srivastava, alleging that he misappropriated loan funds for personal ventures, including investment in Husain’s artwork. The case remains under judicial observation amidst denials of wrongdoing from Srivastava and his affiliates. In 2008, a tribunal authorized the seizure of assets, including the prized Husain paintings.

A recent court ruling has since paved the way for the auction, finally pulling the artworks from obscurity. In a 2018 interview, Srivastava expressed his frustrations with the legal entanglements that prevented him from finalizing his arrangement with Husain, who reportedly was unfazed by his choice of business partner.

The forthcoming auction not only presents financial prospects but also memorializes an intriguing chapter in Husain’s storied career. These vivid acrylic and canvas works encapsulate his distinctive style while addressing critical historical themes, including poverty, conflict, and the pursuit of social harmony. One painting strikingly portrays an eclectic assemblage engaging in dialogue, epitomizing Husain's belief in the necessity for peace among nations, while others critique the stark contrasts in wealth and power observed globally.

In essence, the unveiling of these masterpieces signifies a reconnection with the past, inviting collectors and art lovers alike to explore the visionary essence of MF Husain.