Short read: Indian mural that spent decades on Norwegian hospital wall sells for record $13.8m

One of the most interesting aspects of a country’s art & literature is that when the country is “discovered” by the world as having merit, its art & literature are then seen in new – more positive – light by the global cognoscenti. MF Hussain’s ‘Gram Yatra’ selling for $14mn in New York last week is yet another affirmation of the rise of Indian art. ‘Gram Yatra’ broke the previous Indian record which was set in 2023 by Amrita Shergill’s ‘The Story Teller’.

The history of Mr Hussain’s Gram Yatra mirrors the history of independent India: “It was purchased in 1954 for just $295 by Ukrainian doctor Leon Elias Volodarsky, who was in India on a World Health Organization (WHO) mission.

After he took it to Norway, the piece adorned the walls of Oslo University Hospital for nearly half a century, largely unnoticed by the art world.

It stayed that way for several decades until auction house Christie’s was alerted to it in 2013 – two years after Husain’s death – leading to its global exhibitions before this record-smashing sale.

Ashish Anand, CEO of DAG (formerly the Delhi Art Gallery), believes this will elevate the value of Husain’s entire body of work and “lead to Indian art being viewed beyond just its aesthetic value to a tangible and serious financial asset”…

“If you’re looking for a single artwork that defines modern South Asian art, this is it,” said Nishad Avari, head of South Asian Modern and Contemporary Art at Christie’s.”

If you want to see Gram Yatra and don’t have $14mn in your bank account, you can see it here.

If you want to read our other published material, please visit https://marcellus.in/blog/

Note: The above material is neither investment research, nor financial advice. Marcellus does not seek payment for or business from this publication in any shape or form. The information provided is intended for educational purposes only. Marcellus Investment Managers is regulated by the Securities and Exchange Board of India (SEBI) and is also an FME (Non-Retail) with the International Financial Services Centres Authority (IFSCA) as a provider of Portfolio Management Services. Additionally, Marcellus is also registered with US Securities and Exchange Commission (“US SEC”) as an Investment Advisor.