Art market in a 'crazy boom': Gallerists as MF Husain's 'Gram Yatra' shatters records

New Delhi: The record-breaking auction of legendary painter MF Husain's work has thrilled gallerists, art collectors and emerging artists alike, as excitement grows over the "crazy boom" in the art market and the much-awaited entry of Indian artworks into the 100-crore club.

Husain's Untitled (Gram Yatra), billed as one of his most important and sizable works from the 1950s, went for $13.8 million (over Rs 118 crore) at a Christie's auction in New York on March 19, setting the new record for the most expensive work of modern Indian art.

The artwork, according to industry sources, is bought by Indian art collector and philanthropist Kiran Nadar. However, the Kiran Nadar Museum of Art (KNMA), where Nadar is a trustee, has declined to comment on the acquisition.

The milestone event has sparked widespread enthusiasm across the art community, some even calling it as a transformative moment for Indian art on the global stage.

“It is an absolute delight to see this world record being achieved for M F Hussain, this was long overdue and the world is finally waking up to the glory of Indian talent. For many years now from the modern and even contemporaries, there's so much talent that's emerging that had not previously found a world stage.

"With this milestone, we would bring attention to what can be achieved with talent that is present in the land of India, M F Hussain has been at the forefront of attention," said Arjun Sawhney, avid art collector and co-founder of Delhi-based Gallery Pristine Contemporary.

Pooja Singhal, founder of Pichvai Tradition & Beyond, echoed Sawhney's sentiments and said the art market is going through a crazy boom, reminiscent of the period between 2000 and 2008, when the sales peaked in 2006 and 2008.

Similarly, buoyed by the over-118-crore sale of Husain's masterpiece, Mohit Jain of the Dhoomimal Art Centre said the staggering figure would undoubtedly impact the market—and the Indian art scene as a whole—which he believed is on an upward trend.

"Fortunately, since 2005, the Indian art market has seen a very positive trend and will continue so. This will also attract new collectors globally, where they can trust Indian Modern Art and also get inspired to acquire. But, I believe the effect of this figure will still be limited to the era, the strength, the subject and the size of each artist," he explained.

Comprising 13 unique panels spanning nearly 14 feet on a single canvas, "Gram Yatra" - meaning 'village pilgrimage' - is widely regarded as a cornerstone of Husain's oeuvre. The work celebrates the diversity and dynamism of a newly independent nation.

The momentous sale nearly doubled the previous record-holder, Amrita Sher-Gil's 1937 "The Story Teller", which fetched around $7.4 million (Rs 61.8 crore) at an auction in Mumbai in 2023.

The 1954 painting, which left India the same year, remained largely unseen since its acquisition by the Ukrainian-born Norway-based doctor Leon Elias Volodarsky, who was in Delhi to establish a thoracic surgery training centre for the World Health Organization (WHO).

Volodarsky bequeathed the painting to Oslo University Hospital in 1964. The sale proceeds will support the training of future generations of doctors at the institution.

Born on September 17, 1915 in Pandharpur in Maharashtra, Husain remains one of India’s most important and sought after artists whose oeuvre inspires art and conversations across the globe.

With FIRs and persistent death threats, Husain was forced into self-exile, staying in Dubai and travelling to New York and London, where he died on June 9, 2011 at the age of 95, leaving behind a prodigious body of work.

Most gallerists unanimously hope that Husain breaking the 100-crore ceiling would pave the way for other artists to finally have their moment in the sun. And it appears the list is endless – right from emerging talents to established maestros.

"There are so many more that have perhaps been denied their places under the sun. For example, Arpita Singh now has a show retrospective - and they deserve as much attention as any artist in the world.

"There are many more - Ram Kumar is another artist that comes to mind. Among the contemporary artists, Shilpa Gupta is doing exceptional work, Jitish Kallat, Subodh Gupta and Bharti Kher have also created a mark and a niche for themselves globally," said Sawhney.

So, it's not surprising that the mind-boggling figure has put a smile on budding artist Narayan Biswas's face, who acknowledges that emerging artists are now empowered to confidently price their work, thereby ensuring a sustainable future.

“Indian Modern Art is gaining global traction, attracting collectors and securing a strong presence in the international market. This shift benefits emerging artists, who previously struggled for financial stability," he added.

Previously, Husain's most expensive painting, Untitled (Reincarnation), was sold for $3.1 million (approximately Rs 25.7 crore) in London last year.