M.F. Husain dominates the Indian auction scene

Late M.F. Husain’s famous work, entitled ‘Sprinkling Horses’, went for an impressive $1.14 million at the latest Christie’s auction. It was one of the highest price marks ever attained for a work of the Indian master, clearly a positive sign for the overall art market.

A sales estimate for the work was not made public. It was one of 13 works by Husain presented at Christie’s auction of South Asian modern & contemporary art that took place in New York. All paintings were sold, for of $4.2 million. A post by Margherita Stancati in The Wall Street Journal mentioned: “The subject of ‘Sprinkling Horses’– a dynamic depiction of horses paired with a human figure – is one of the hallmarks of Husain’s art.

Among other paintings included in the sale was 'Yatra' (1955), a representation of rural India. It sold for over $920,00, more than twice the average sales estimate. All of his other works either beat or met estimates. Christie’s sale results are a first sign that, after his death, Mr. Husain’s works are likely to command even higher prices. Mr. Husain, an artist who, despite the controversy he stirred, was widely seen as one of the country’s greatest, passed away in June.

Christie’s is the first of three auctions of Indian art in quick succession offering a wide selection of works by Mr. Husain. These are the first major sales to take place since his death, an important market test for his artistic production. The results at Christie’s raise expectations for the upcoming auctions at Sotheby’s and Saffronart.

MF Husain has long been in the “one million dollar club,” artists who sold a single piece for that sum or more. His “Empty Bowl at the Last Supper,” sold for $2 million in 2005 –at the time the highest sum ever paid for a work of modern Indian art.

More recently, in 2008, his ‘Battle of Ganga and Jamuna: Mahabharata’ a diptych inspired by the ancient Hindu epic, sold for $1.6 million. His record-breaking sales figures remain behind those of artists Tyeb Mehta and Raza, Margherita Stancati pointed out, but they soon might catch up…