In a significant development poised to captivate the international art community, a collection of 21 seminal paintings by the iconic artist M.F. Husain is slated for public auction under the direct supervision of the Honourable Mumbai High Court. This highly anticipated sale is meticulously structured around comprehensive valuation reports dated April 28, 2017, and May 2, 2024, meticulously prepared and submitted by Mr. Dadiba Pundole of the esteemed Pundole's Art Gallery and Auction House, acting under explicit court directives.
This judicial oversight stems from a long-standing and complex financial matter. Over a decade ago, between April and August 2004, the National Agricultural Cooperative Marketing Federation of India (NAFED) had extended a substantial sum of Rs 235 crore to the Swarup Group for the export of iron ore. Crucially, this significant financial transaction was undertaken without the customary provision of collateral, a detail that has been a subject of ongoing scrutiny and has now intersected with the disposition of these invaluable artworks.
M.F. Husain, universally revered as the "Picasso of India," left an indelible and profound impact on the global art landscape through his distinctive style, characterized by vibrant palettes and deeply evocative narratives. The impending auction of these rare and significant works is expected to generate intense interest from a diverse array of collectors, institutions, and art enthusiasts worldwide, a testament to Husain's unparalleled stature and the enduring scarcity of his original creations.
The meticulous valuation reports, diligently compiled by Mr. Pundole, provide a detailed and authoritative assessment of each painting's intrinsic and market worth. This exhaustive process underscores the Mumbai Court's unwavering commitment to upholding principles of transparency, fairness, and due diligence in the liquidation of these highly valuable assets. The comprehensive nature of these valuations aims to ensure that the auction accurately reflects the true market value of these artistic treasures.
This upcoming auction is widely anticipated to be a landmark event, not only for its substantial financial implications but equally for its profound cultural resonance. It presents a truly unique and extraordinary opportunity for discerning art connoisseurs to acquire authenticated pieces from one of India's most celebrated and globally recognized artists. Furthermore, this event prominently highlights the pivotal role of the judicial system in overseeing and facilitating high-profile transactions involving assets of significant cultural and financial value.
Art collectors, gallerists, and enthusiasts are keenly awaiting the auction date of 12th June 2025, which promises to mark a historic occasion in the Indian and global art markets. The successful sale of these 21 masterpieces will undoubtedly contribute to the continued appreciation and reinforcement of M.F. Husain's towering legacy, while simultaneously reaffirming the enduring value and global appeal of his artistic oeuvre.
Auction will be held at Pundoles Art Gallery, Hamilton House, Fort, Mumbai. Interested parties are encouraged to visit pundoles website for official announcements for this momentous sale.
NAFED in recent times has pepped up its efforts to recover its legitimate dues through due process of law and bring defaulters to justice. This would also send a signal to other defaulters to come forward to settle their outstanding dues with NAFED quickly.
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