Nirav Modi assets auction: MF Husain work fetches Rs 13 crore — his highest ever

His Battle of Ganga and Jamuna: Mahabharata 12 (1972) sold for Rs 13.44 crore (including buyer’s premium), making it the highest selling work by the artist.

• Written by Benita Fernando
• Mumbai | Updated: March 6, 2020 08:09 AM IST
2 min read

Amrita Sher-Gil’s work (left) fetched Rs 15.68 crore; M F Husain’s work (right) went for Rs 13.44 crore.

During his lifetime, M F Husain faced his fair share of trials and tribulations for his depiction of Hindu gods and goddesses. However, the auction of fugitive diamantaire Nirav Modi’s seized assets came as a definitive win for the late artist. His Battle of Ganga and Jamuna: Mahabharata 12 (1972) sold for Rs 13.44 crore (including buyer’s premium), making it the highest selling work by the artist.

The live auction was conducted on Tuesday evening by auction house Saffronart on behalf of the ED to recover part of the dues Modi owes to various banks. An online sale was conducted on March 3-4. The total recovery made by the ED from both sales is Rs 53.45 crore.

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Husain’s work shows a battle between the two rivers, but presents them as emerging from the same source. This painting was previously sold at Christie’s New York in 2008 for $1.8 million.

The auction included 15 rare paintings, including those painted by MF Hussain and Amrita Sher-Gil. (Express photo: Ganesh Shirsekar)

Art advisor Arvind Vijaymohan, CEO of art intelligence advisory firm Artery India, said, “This was an extremely important picture within Husain’s practice, one that was originally from the legendary Herwitz collection.”

The Boys with Lemons (1935) by Amrita Sher-Gil stood out as the highest selling work at Rs 15.68 crore.

Art works, once part of fugitive jeweller Nirav Modi’s collection, ahead of their auction at a gallery in Mumbai. (Express photo: Ganesh Shirsekar)

A major portion of the live auction was allocated to watches and bags, which saw competitive bidding. Several handbags, with makes such as Chanel and Hermès, sold well above their estimates. They have performed well partly owing to the fact that these categories don’t come for auction in India as often as fine art. A Girard-Perregaux ‘Opera One” triple bridge tourbillon wristwatch performed the best in the watch category, going at Rs 95.20 lakh.