Maqbool Fida Husain is more than alive in the Indian art market today; one year after his death he continues to rule the roost in the country. “The market for Husain will always be amazing because he’s the poster boy of Indian art. He made this art market as we know of it today. He has a massive volume of work but not all of it is up for sale. There will continue to be a market for his work because he is the most desirable artist in the country,” says Arun Vadehra of Vadehra Art Gallery in New Delhi.

LEADS IN INDIA, BUT GLOBALLY?
“In November 2011, we sold an untitled acrylic on canvas painting of the Horses and Moon series for `1.6 crore. Husain is top bill in the Indian auction world. The art market is unpredictable and during tough times even Husain’s paintings’ value decreases but not substantially, because, well Husain is Husain. The genius is for all to see, in vibrant colours on various mediums,” says Amanpreet Singh, CEO Art Bull India auction house.
Husain may be a popular artist internationally but he isn’t on top of the big bucks pack, like he is in India. “There are the Razas, Mehtas, Souzas ahead of him in terms of the price their artwork commands. But you can’t judge Husain’s value based on the price of his most expensive painting. You see it from the perspective of his contribution to the world of art in India. And that is unmatchable,” says Dadiba Pundole, director, Pundole Art Gallery, while speaking from London.
S.H. Raza’s Saurashtra sold for $3.5 million (`16 crore at that time) at a Christie’s auction in 2008, making Raza the costliest modern Indian artist even today. One of Husain’s most expensive paintings Battle of Ganga & Jamuna (Mahabharat 12) sold for $1.6 million (`6.4 crore then) in 2008. More recently, Jehangir Sabavala’s painting, Vespers I, was sold for £253,650 (`2.17 crore) at Bonhams annual summer sale of modern and contemporary South Asian art in London on Thursday. At the same auction Husain’s The Blue Lady was the second highest sale at the auction and was sold for £97,250 (`83 lakh) compared to its pre-sale estimate of £70,000 to £90,000
SPIDER & THE LAMP
Vadehra adds that it’s hard to quantify Husain’s work in terms of price but if some of his star paintings were to be put for sale, they would certainly fetch staggeringly high prices. “If The Spider and the Lamp painting were to be put on sale today, it would easily fetch between $5-10 million,” he says.
When this painting was shown, no one came forth to buy it for `800 though it created quite a buzz. It hangs at the National Gallery of Modern Art, New Delhi, on loan from the artist.
Neville Tuli, chairman of Osian’s Connoisseurs of Art Pvt. Ltd agrees that The Spider and the Lamp would be the crown jewel of Husain’s works. “His Horses or Mother Teresa series still dominate the mindset, though of course truly evocative and grand early works, such as The Spider & the Lamp can easily become India’s most expensive painting, simply because of its place in the mindset of the collector given the published references and critical historical significance attained over the years.”
Auctions can be good judges of an artist’s works since they clearly indicate the interest of the collectors. “In a primary market, when an artist is presenting a new body of work, the paintings can be priced uniformly. But in a secondary market, in the case of the death of an artist, each painting will come with a different price because you’re looking at it in retrospect.
It’s difficult to put a number to Husain’s market value because it all depends on the painting. Much of his work isn’t even open for sale,” says Pundole. He agrees that Spider and the Lamp, by virtue of being one of India’s most seminal works, if put on sale could be the most expensive Indian painting.

NOSTALGIA VALUE
The concept that prices of an artist rise upon his death because the supply of art becomes fixed and thus even small changes in demand lead to relatively greater price changes is an obvious trend, but in many cases a misleading practice. Tuli explains, “For example, in 1965, no works of 1964 or prior will ever be made again, so the supply of ‘1964 Husain artworks’ is thus already fixed. Further, by say 1967/69 critical acclaim should have made it obvious whether the works are significant or not compared to previous works. Technically speaking the supply becoming fixed is already a clear historical reality irrespective of death, and though time will change perspectives, no genuine, knowledgeable or respected collector will wait or consider death of an artist as anything but the saddest of moments, and their purchasing will not be affected in the slightest.” Tuli adds that despite his greatness, the prices of his lesser works have dipped. “Given the relatively large number of works created by him, especially mediocre small works, with many provenance and authenticity issues unresolved, it is a fact that his prices have indeed fallen for these lesser works. However, the great early rare works are more prized than ever before, simply because during his lifetime, especially the last decade or so, his personal non-artistic experiences dominated the aesthetic perceptions.
Today, it is clearer to most aesthetes, critics and collectors that the very best works of Husain, are truly some of the very best works of Indian art,”
Tuli adds.

INVESTORS CREATE DEMAND
Even while talking about genuine collectors, one can’t discount the role art investors play in increasing the demand for Husain’s works. “If an investor feels the price of the art work has matured and it’s time to liquidate it, the painting will reappear in the market; not out of popularity but of the private investor’s interest to sell it in the hope of getting a good price. Having said that, Husain’s works like that of Souza’s and Tyeb Mehta’s, have sustained the last three years without seeing a dip despite the art market being volatile. His best works have sustained 60 years. The market will always be buoyant for Husain. His works are going to get more scarce and therefore more valuable,” says Sunit Kumar, director, Kumar Gallery. Kumar adds that though investors play a role in making artists more popular, many of the greatest works are hard to come by and in terms of value are still underpaid.

FAKE MARKET & HUSAIN THE BUSINESSMAN
Scarcity is not always the trigger for piracy. The fake art market is existent but not quite big. “There are the one-off cases of fakes but it’s not as rampant as its being made out to be. Husain in fact was the smartest artist. He knew there were people making fakes of his work and he chose not to acknowledge that. Another contemporary painter’s value dipped when he cried foul about fakes, but Husain knew better than to give this underground scene any importance,” says art critic Alka Raghuvanshi. She adds that it isn’t quite difficult with technology today to make a fake painting but believes that the scene isn’t thriving yet.
His genius is unquestionable and his popularity is well documented, but no artist of his time understood the art market the way Husain did. He was an astute business and a passionate artist, a combination that Husain strategised well. “His conviction was phenomenal. He knew his works were priceless. He knew that art was about money and marketing. He discussed it openly and wasn’t some hypocrite. His honesty towards his approach was refreshing and actually quite rare,” Pundole says.
Kumar Gallery’s association with Husain go back five decades and Suneet can only think of him with fondness and awe. “Husain put value to the art he carried. He always thought there was no value for his art. If he was getting `2 lakh in the 70s for a painting, he’d say it’s worth a million. That’s how he was. He knew he was priceless and he died creating art. It was every breath of his life. No wonder he’s timeless…”