HC: Move MF Husain artworks worth Rs 25 crore from bank locker to art warehouse

An interim award was obtained by NAFED which allowed the securing of immovable and moveable assets of Swarup via the Deputy Sherrif. While NAFED got an assurance of recovering Rs 73 crore through the transfer of a large area inside a suburban mall owned by Swarup Group, the remaining amount was to be recovered after securing 25 valuable artworks of M F Husain purchased by the Swarup group at a price of Rs 1 crore each.

However, it was brought to the court’s notice by NAFED that the artworks are presently stored in a cupboard of IndusInd Bank Limited, Lokhandwala branch, and may suffer damage or degradation in value if stored in this manner. Hence, they sought transfer of the paintings from the bank to an art gallery or art warehouse where they can be stored and maintained properly without any damage and so that their value does not decrease.

Dissatisfied with the way the works had been stored, Justice G S Patel said, “Some of the canvases are of very large size (72 inches x 52 inches etc) At this stage, it is not known whether these artworks will fetch Rs 1 crore each.

Possibly, some may fetch much more, while others may fetch less. At some stage, arrangements will have to be made for a proper auction of these artworks. I have no manner of doubt that if left as they are in this improper storage at IndusInd Bank, these paintings and artworks are likely to suffer damage or a degradation in value. That is not in the interest of either side.”

The court said that galleries such as Jahangir and National Gallery of Modern Art do not offer art warehousing services. Thereafter, the court directed the transfer of these paintings to the Fine Art Warehouse in Wadala.

The court said, “The works need to be maintained in an environment that is controlled for humidity and temperature, among other concerns. The Deputy Sheriff will therefore, for the purpose of preservation of the property, immediately contact the Fine Art Warehouse. He will supply an authenticated copy of this order and request the warehouse to store these artworks till further notice. At a later stage, directions will have to be issued for the auction of these art works. That will have to await a clarification from the Appeal Court.”