As an alternative investment to gold, art has over years proven to be a real solid investment

 Today’s global economic crisis (GEC) which has hit hardest most developed countries, and whose economic experts are trying hard to rectify it, are results of the sub-prime financial debacle and the near collapse of the United States of America automotive industry.

The governments of most affected countries managed to quickly and decisively avert an immediate global economic meltdown, by using stop-gap measures of huge financial bail-outs to avert an economic slow-down. But this was at the cost of the real effects of the GEC being felt in the near future. In essence, these governments took over the financial responsibilities of temporary funding economic growth.

The question that one should ask is where did the government get the massive funding to plug the black-holes in their economies? The answer is they went to the printing press and printed fresh currency which they used to inject into their economies, in order to fill up the black-holes.

These measures brought some form of short-term relief to these economies by averting massive industry closures, high unemployment and most importantly an economic depression.  But it’s well known in economic circles that such measures always come with a hidden cost, printing currency to stimulate an economy can only bring short-term relief.
Today the results of such measures are just starting to be felt, with a steady rise in unemployment, company closures, credit crunch and property fore-closures. In essence these economies are going through a period of economic slow-downs or stagnation, better known as recession.

These symptoms are just the beginning of what is still come, and that is inflation. At the moment those with a general understanding of economics have started to take precautious measures to ride the tide of tough times that are set to come, by hedging their wealth and or savings against inflation by investing in art or gold.
That should explain why prices of art and gold have been achieving record prices.If one opens up the business section of any newspaper, one will read about record prices that gold is fetching in the markets , what is driving these record prices is the fact that many investors are liquidating their currency holdings and are investing in what has always been a safe-haven against inflation that being gold.

The reason why gold is regarded a safe hedge against inflation, is because of its scarcity, just like true art-works. The only known time that gold prices have been low was during the period when many central banks in developed countries opted to dispose the bulk of their gold reserves.

For one to fully understand the current events occurring in the global economy and to have reliable information to choose investment options in order to ring-fence themselves against the effects of the GEC soon to come, one must understand how the current currency system works.

Historically countries currencies were backed by what was known as “the gold standard,” this meant that the real value of every dollar printed by a central bank was backed by gold reserves held by the central bank. This meant that a central bank could not print currency above the value of gold held in their possession. In 1971 the then United States of America president Richard Nixon ended the international gold standard. The gold standard system is a monetary system where currency backed by gold, that is to say, the currency simply represents the gold that you own and can be converted into fixed quantities of gold freely.

From 1971 up to 1973 the Smithsonian agreement was passed pegging world currencies to the USA dollar rather than gold as a fixed exchange. In 1973 the Basel accord established the current floating exchange of currency rates we use today, called the fiat currency system. In Fiat currency system money is not backed by a physical commodity, instead its value is based on its relative scarcity and faith placed in it by people use it.

However, when people loose faith or confidence in the money, it irreversibly becomes worthless , regardless of its scarcity Initially a rapid growth in availability of credit is often mistaken for economic growth, as spending and business profits grow rapidly, and a rapid growth in equity prices. In essence as there are no real control measures to prevent the over-printing of currency in a Fiat system, a fake illusion of well-being and prosperity is created when in reality people are actually digging themselves a deep hole.

In the long run the economy tends to suffer much more by following contraction than it gained from the expansion in credit. In plain English, the economy starts shrinking. Hence the reason why some economies are now witnessing massive job losses, company closures and property fore-closures. When an economy reaches this stage, the next stage is the terminal effects of printing currency in Fiat system that of hyper-inflation.Hyper-inflation is the terminal stage of any Fiat currency, which occurs when money looses its value practically overnight. It is often the result of increasing regular inflation to the point where all confidence in money is lost, life savings are wiped out overnight and prices rise faster than people’s incomes.

Current financial instability has brought about lots of talk about international financial reform, and even return to the gold standard as proposed by some. The gold standard stands in contrast to Fiat currency which has no intrinsic value, but governments declare it to be legal tender, meaning it must be accepted as a means of exchange. One of the main benefits of the gold standard is that it protects citizens from hyper-inflation and debasing of the currency through excessive government spending. With a fiat currency, a government can print as much new money as it likes spending, which leads to a gradual decline in value of currency and citizens’ savings. Under the gold standard, a free banking system stands as protector of an economy stability and balanced growth.

In the absence of the gold standard there is no way to protect savings from confiscation through inflation. Russia and China have suggested the establishment of a super-sovereign currency, while Brazil and India have suggested substituting other assets for their dollar holdings. Currently the U.S.A and China are embroiled in a currency dispute over the value of the Yuan. The U.S.A is claiming that the Yuan is under-valued, giving China an advantage over the U.S.A in global trade markets, as Chinese exports are deemed to be cheaper than the U.S.A. The currency stand-off between China and the USA seems to have no end in sight as under a Fiat currency system, any powerful economic country can determine the value of their own currency to ensure no set system or measures can determine the value of their currency. What is inevitable is many countries are to go through a phase of hyper-inflation and the Fiat monetary system will eventually die a natural death, and be replaced by the gold standard system.

The question one must ask them self is, if the wealthy investors are hoarding onto gold bullion's and if currencies will be backed by the gold standard in the near future, then how does art come into the equation as a safe hedge against inflation? Firstly before one considers investing in gold they must understand that they need deep pockets, as a kilo bullion bar is currently trading at $45 000. Even after parting with such a huge sum, one must realise they can’t keep a $45 000 gold bullion bar under their bed, so monthly storage charges must be taken into consideration. Historically art has always been the alternative to gold.

During the period of high hyper-inflation in Germany which occurred after the First World War those who had invested in art came through that period better off, as the return on their investment in art-works out-performed investments in options that were available during that period. Most importantly art managed to beat the extremely high inflation rate, which would explain why so many art-works were looted during the Second World War.

As an alternative investment to gold, art has over years proven to be a real solid investment. With these uncertain economic times that we are in, its time to seriously consider your future by taking prudent pre-cautions to ring yourself against the effects of the current economic upheavals and events that are soon to come. In times of economic instabilities you are better off investing in art or gold.
SOURCE

The Ashok Art Gallery is internationally known for one of its most important holdings: more than 2000 major works by the world's most significant Artists.Over the past years, as Ashok Art Gallery has become a major centre for contemporary visual art, the Gallery has built a strong collection of contemporary work of different artists, we became a sponsor of the STANDUP-SPEAKOUT Artshow, Organized by Art Of Living Foundation and United Nations.Organized an International Contenmporary Art Exhibition including artists from USA, The Nederlands, Pakistan and India.We have also participated at Art Expo India 2008, 09 Mumbai and India Art Summit 2008 New Delhi.

This is an art market that’s definitely gotten its swagger back

 Do the high prices fetched at auction always indicate artistic merit? Aren't they often the result of a fraught bidding war between two super-rich collectors? Doesn't the $25 million stumped up for Jeff Koons' giant balloon model say more about the power of hype than the merit of the work itself? What's more, the market itself can easily be rigged. When Damien Hirst's diamond encrusted skull was purportedly sold for £50 million in 2007, rumour had it that Hirst himself was part of the consortium that bought it in order to drum up publicity and raise the market value of his other work.

So does the art market tell us only about fads and fashion and the egos of multimillionaires? Or should we overlook the hype and remember that in the long run the market rights itself and reflects the consensus on what great art really is? If there were just two names to remember from the 20th Century Art market, they would be Pablo Picasso and Andy Warhol who were among the 10 most sought-after and most expensive artists for the seventh year running. In 2007, an unprecedented year for Contemporary Art prices, Warhol’s total even overtook Picasso’s by $100m ($420m for Warhol vs. $319m for Picasso).Since then, the cubist has recovered his first place on the podium, although Warhol is still only $50m behind Picasso. However,in 2010, Warhol was in fact relegated to third position in the annual revenue ranking by the Chinese artist Qi Baishi.The 21st Century Art market has changed. Its extension eastwards has allowed China to impose its artists in an incredibly short timeframe. Qi Baishi, Zhang Daqian, Xu Beihong and Fu Baoshi are now all members of the closed circle of the most expensive and most profitable artists in the world, and their names are worth remembering.

There are more wealthy buyers for modern and contemporary art where the supply is more regular and the investment potential appears to be more attractive.The mood of Art Market is considerably brighter than it was two years ago. Global economic concerns remain, for sure, but recent months have seen spectacular sales not only in modern and contemporary art but also in fields as diverse as Chinese ceramics, antiquities, photographs and Old Masters. This is an art market that’s definitely gotten its swagger back.The emergence of wealthy collectors from Asia, the Middle East and South America in recent years has deepened the pool of buyers, especially for top-end masterpieces, and many of them remained in the market during the recession. Americans, who had largely stopped spending, started to return last year and are now back in full force.
 
The Ashok Art Gallery is internationally known for one of its most important holdings: more than 2000 major works by the world's most significant Artists.Over the past years, as Ashok Art Gallery has become a major centre for contemporary visual art, the Gallery has built a strong collection of contemporary work of different artists, we became a sponsor of the STANDUP-SPEAKOUT Artshow, Organized by Art Of Living Foundation and United Nations.Organized an International Contenmporary Art Exhibition including artists from USA, The Nederlands, Pakistan and India.We have also participated at Art Expo India 2008, 09 Mumbai and India Art Summit 2008 New Delhi.

The death is generally Good for Artist's Prices

Paintings by Indian artists including Maqbool Fida Husain and Jehangir Sabavala, who both died this year, fetched $9.7 million in auctions by Sotheby’s (BID) and Christie’s International this week as U.S., European and Asian buyers bid above estimates.

A private U.S. buyer paid the top price of $1.1 million for Husain’s oil painting “Sprinkling Horses.” Husain, who began his career painting movie posters and had no formal training, died in June at the age of 95.

The painting was part of a Christie’s sale this week of South Asian modern and contemporary art that was worth $7.4 million, according to a statement from the auction house. A similar sale by Sotheby’s yesterday in New York was worth $2.3 million, the company said in an e-mailed statement.

Raja Ravi Varma’s picture of a “Himalayan Beauty” went to a private European buyer for $266,500, 78 percent more than its high estimate, Sotheby’s said. The painting passed though the family collection of Varma’s German printing technician. Varma was a self-taught artist who died in 1906.

Syed Haider Raza’s abstract work “Eglise” sold for $362,500 at the Sotheby’s sale. His “Saurashtra” sold for 2.4 million pounds in June 2010 in a Christie’s auction, a record for a modern or contemporary Indian work of art. Raza, 89, graduated from the Ecole Nationale des Beaux-Arts in Paris.

“The Cobweb Cloud” by Jehangir Sabavala, whose pictures feature subdued tones and dreamy landscapes, sold for $266,500 at Sotheby’s. The painter, who studied at the Heatherley School of Fine Art in London and Academie Julian in Paris, died on Sept. 2.

The Christie’s sale sold 13 of Husain’s works, which fetched a total of $4.2 million. His works sold for a total of $557,500 at the Sotheby’s auction.

In June, a painting of the Hindu goddess Kali by Tyeb Mehta, who died in 2009, sold for $1.3 million, more than three times its estimate, at a $4 million online auction by Mumbai- based Saffronart as demand for Indian artworks increased.


The Ashok Art Gallery is internationally known for one of its most important holdings: more than 2000 major works by the world's most significant Artists.Over the past years, as Ashok Art Gallery has become a major centre for contemporary visual art, the Gallery has built a strong collection of contemporary work of different artists, we became a sponsor of the STANDUP-SPEAKOUT Artshow, Organized by Art Of Living Foundation and United Nations.Organized an International Contenmporary Art Exhibition including artists from USA, The Nederlands, Pakistan and India.We have also participated at Art Expo India 2008, 09 Mumbai and India Art Summit 2008 New Delhi.

Forgery, hoax and theft are the three main crimes that regularly appear on the art market.

Fraud tends to exist wherever it can on the art market, which seems particularly susceptible to swindling, fakes and other illegal dealings. Few and far between are the weeks when the legal system is not busy dealing with some sort of theft, con or forgery.

The most recent affair is currently happening in Florida and has been reported by The Atlantic Wire. The article reveals how an art dealer has managed to sell various anonymous paintings for millions of dollars, passing them off as works by famous artists. Fearless when it came to using big names, Matthew Taylor proposed pieces by Monet, Van Gogh, Pollock and Rothko.

Arrested this week, American authorities put an end to Taylor’s five-year scam of duping collectors who, for the time being, remain unidentified. Explaining how the case involves approximately one hundred works that are circulating on today’s market, The Atlantic Wire outlines Taylor’s technique: he would buy pieces by unknown artists with similar styles to those of highly sought–after names, then erase the original signature with the new one. Finally, to pass off the perfect fake, Taylor would attach a museum certificate to the back of the work in order to reassure potential buyers.

Forgery, hoax and theft are the three main crimes that regularly appear on the art market. With the trade principally based on a system of confidence and no official regulatory body, the battle against such infractions is incredibly difficult and complicated. When looking at Interpol’s results, they are encouraging, but far from sufficient.

Created in the mid–90s, the international database lists 37,000 objects, antiques and artworks stolen within 123 countries. The system allows public authorities to retrieve 5 – 10% of the works registered. To improve these percentages, art market professionals unanimously underline the importance behind the speed with which information is transmitted: the faster one announces a work missing, the better one’s chances of retrieval.

Given the art market’s secretive and non–transparent tendencies, the fight against fraud is extremely complicated. If the circulation of information is a key point for any victim of theft, it is just as important for potential buyers to do their homework and seek advice from reliable sources concerning the artworks that they are looking to purchase.

The Ashok Art Gallery is internationally known for one of its most important holdings: more than 2000 major works by the world's most significant Artists.Over the past years, as Ashok Art Gallery has become a major centre for contemporary visual art, the Gallery has built a strong collection of contemporary work of different artists, we became a sponsor of the STANDUP-SPEAKOUT Artshow, Organized by Art Of Living Foundation and United Nations.Organized an International Contenmporary Art Exhibition including artists from USA, The Nederlands, Pakistan and India.We have also participated at Art Expo India 2008, 09 Mumbai and India Art Summit 2008 New Delhi.

The Gentleman Artist and Padma Shri Jehangir Sabavala is no more

Mr. Sabavala’s 62-year career started with his first solo exhibition at the Taj Mahal Hotel in Mumbai, put up with the help of fellow artist M F Husain and some carpenters. His last exhibition was in 2008.Beginning his career in the mid 60s, Jehangir Sabavala has always tried to find his own individual style, from the trends being portrayed by his contemporaries. He is one of the first artists in India to organize traveling exhibits, taking his works to different cities.The work of Jehangir Sabavala is heavily influenced by his spiritual affiliation with nature.

His canvases capture the open and majestic changeability of a landscape, reflecting his own liberation of spirit, freed of repression through the process of his work. Sabavala’s visual depiction of nature are the visual equivalent of his emotions; an outlet for his sensationalist subject matter. In Sunflower, Field Vinchurni I, Sabavala creates a vista from a series of sketches made during a visit to a farm in rural Satara, set in the shadow of the Sahyadri Mountains. The yellow dots of flowers stand out amidst the painting’s gentle hue, indicative of the artist’s ability to merge both impressionist and semi-cubist style with subtle grace and charm.

Far from sentimental, Sabavala’s paintings depict the ambivalence of nature with its transcending beauty and sublime magnitude masking, in comparison, the terrifying inconsequence of humankind. His paintings of figures and faces often poignantly mirror the tragic destiny of man. In the subdued They Seek but do not Find (a negative connotation of the teachings of Christ) the viewer comes upon two boys, tired and downcast, sitting among rocks, drawing attention to the mottled gradation of tones that unifies stone, shadows, the leached desert soil, and the hint of vegetation.

Jehangir Sabavala prefers veiled light and middle tones to pure colours and loud imagery, creating geometric wedges out of paint, which he puts together to form vast tranquil scenes.

His art is a mixture of academic, impressionist and cubist texture that plays with form and colour to create a quiet rendering of the scene’s atmosphere. Having acquired a distinct style by the mid 60s, Sabavala has continued to carry reoccurring themes forward into new works yet also touching on unfamiliar territory, breaching new frontiers so that the spirit of adventure and discovery is not fossilized, but remains alive and vital.

Jehangir Sabavala was born in Mumbai in 1922. He studied in the best known art colleges of the world. After receiving his diploma from the J J School of Arts in 1944 he went to Europe and studied in the Heatherley School of art, London from 1945 to 1947, the Academic Andre Lhote from 1948 to 1951 Paris, the Academic Julianfrom 1953 to 1954 and the Academic de la Grande Chaumiere in 1957.

He has held a number of one man shows across India and abroad, and participated in prominent exhibitions all over the world. These include the ’Art Now in India’ Exhibition, the Venice Biennale, the exhibition of the Arts Council of Great Britain, the 7th Triennale, India, the Masters of India Art Show, Mumbai, the Southebys Islamic & Indian Art show, London and the Christies Indian Contemporary Paintings, London. He has participated at the Salon National Independent, Paris 1950, the Venice Biennial, 1954; the Commonwealth Arts Festival' London 1965; Contemporary Art ftom India, Washington 1975; Asian Artists Exhibition, Fukuoka Art Museum Tokyo, 1979 and Modem Indian Painting, Hischhorn Museum Washington 1982. Apart from several international auctions he has also participated in 'Chamatkar-Fantasy in Indian Art' presented by CIMA Gallery at Whiteleys' London 1966

Three monographs have been published on him already, by eminent art publishers including Tata- McGraw-Hill and the Lalit Kala Academy, New Delhi. ‘Colours of Absence’ - a film on his life, won the national award in 1994.

Jehangir Sabavala has also been felicitated with many prestigious awards for his unique and sustained contribution to the field of contemporary Indian Art with a global perspective, one of these distinctions include the Padma Shri, presented bt the Govt. of India to him in 1977.

This grand son of Sir Cawasjee Jehangir is no more, it's a great loss to India and Art World, may his soul rest in peace.

The Ashok Art Gallery is internationally known for one of its most important holdings: more than 2000 major works by the world's most significant Artists.Over the past years, as Ashok Art Gallery has become a major centre for contemporary visual art, the Gallery has built a strong collection of contemporary work of different artists, we became a sponsor of the STANDUP-SPEAKOUT Artshow, Organized by Art Of Living Foundation and United Nations.Organized an International Contenmporary Art Exhibition including artists from USA, The Nederlands, Pakistan and India.We have also participated at Art Expo India 2008, 09 Mumbai and India Art Summit 2008 New Delhi.

Art Market trends detected in the practice of fine arts in India

Indian art market started truly maturing. The buyers now started showing lesser reliance on galleries and investments started based on more informed choices.The recent ArtTactic Indian Art Market Confidence Indicator is up by 19.2% from October 2010, helped by a strong confidence in the Indian economy. Despite a below-par auction season in New York in March 2011, experts in the Indian art market believe the positive economic sentiment will start filtering into the Indian art market, which has been troubled since the speculative boom in 2008. With economic growth set to out-pace China, the survey experts believe India’s economic growth will help fuel the Indian art market. The Economic component of the ArtTactic Indian Confidence Indicator has increased 21% from October 2010.

Three primary trends are now being detected in the practice of fine arts in India. Firstly a search for a distinctly Indian identity continues to dominate artists’ minds. Often it leads to the use of materials and objects which are distinctly Indian.

The second important trend that is being observed is the use of computer graphics, photography, modern technology and a host of other media in the creation of art works.

The third trend is the search for an individualist language of expression. The most important new style that fits this new trend is ‘Pseudorealism’, an art-genre which has originated solely in India. Only six years since inception, Pseudorealism has already a huge following among the new generations of India.



The Ashok Art Gallery is internationally known for one of its most important holdings: more than 2000 major works by the world's most significant Artists.Over the past years, as Ashok Art Gallery has become a major centre for contemporary visual art, the Gallery has built a strong collection of contemporary work of different artists, we became a sponsor of the STANDUP-SPEAKOUT Artshow, Organized by Art Of Living Foundation and United Nations.Organized an International Contenmporary Art Exhibition including artists from USA, The Nederlands, Pakistan and India.We have also participated at Art Expo India 2008, 09 Mumbai and India Art Summit 2008 New Delhi.

Art Market: Top 10 Best Selling Lots, Top 10 Most Disappointing Lots and Top 10 Most Surprising Lots

Last week Sotheby’s reported consolidated sales of a record $3.4 billion in the first half of 2011, up 54% from last year in the 2nd quarter. Christie’s previously released its six-month total of $3.2 billion, up 15% from last year.

As the art world now anxiously awaits to see how severely the global market downturn will affect its recent re-stabilization, MutualArt took the chance to look back and get caught up for the fall auction season. Gear up for September with a review of the top lots, steepest flops and biggest shocks so far of the year.

Top 10 Best Selling Lots

Francesco Guardi managed to overcome the supremacy of Picasso and capture the top slot, achieving the highest hammer price so far this year. Picasso’s buying power held strong though in second place and with two lots in the top ten. The only other artist with more than one lot here is Francis Bacon, whose work enjoyed a remarkable market comeback this year.

1) £26,697,250 - Francesco Guardi, Venice, a view of the Rialto Bridge, Looking North, from the Fondamenta del Carbon, (pictured below) oil on canvas, executed in the late 1760s. World auction record for Venetian view painting; World auction record for the artist; Highest price paid at an international auction house in 2011; Second highest price paid ever for an Old Master painting. (Sotheby’s London, 7/6/2011)

2) £25,241,250 - Pablo Picasso, La Lecture, oil on panel, 1932. (Sotheby’s London, 2/8/2011)

3) £24,681,250 - Egon Schiele, HÄUSER MIT BUNTER WÄSCHE (VORSTADT II), oil on canvas, 1914. World auction record for the artist. (Sotheby’s London, 6/22/2011)

4) $38,442,500 - Andy Warhol, Self-Portrait, in four parts, acrylic and silkscreen on canvas, 1963-64. Highest price ever paid for a portrait by the artist. (Christie’s NY, 5/11/2011)

5) £23,001,250 - Francis Bacon, Three Studies for Portrait of Lucian Freud, oil on canvas, 1964. (Sotheby’s London, 2/10/2011)

6) £22,441,250 - George Stubbs, Gimcrack on Newmarket Heath, with a trainer, a jockey and a stable lad, oil on canvas, circa 1765. World auction record for the artist. (Christie’s King Street, 7/5/2011)

7) $33,682,500 - Mark Rothko, Untitled No. 17, oil on canvas, 1961. (Christie’s New York, 5/11/2011)

8) $29,202,500 - Sir Lawrence Alma-Tadema, The Meeting of Antony and Cleopatra: 41 BC, oil on panel, 1883. (Sotheby’s New York, 5/5/2011)

9) £17,961,250 - Pablo Picasso, Femme assise, robe bleue, oil on canvas, 1939. (Christie’s King Street, 6/21/2011)

10) £17,961,250 - Francis Bacon, Study for a Portrait, (auction video below) oil on canvas, 1953. Second-highest price for any work in this category at Christie’s London. (Christie’s King Street, 6/28/2011)

Top 10 Most Disappointing Lots:

Monet was noticeably absent from the best-selling list, and unfortunately appears here twice for unsold lots. Other lots by blue-chips artists failed to sell or sold below their low estimates as buyers remained cautious, ignoring often over-enthusiastic auction house catalogs and paying close attention to the artworks’ condition.

1) Andy Warhol’s Self-Portrait, (above left) sold below the $30,000,000-40,000,000 estimate for $27,522,500 (Christie’s New York, 5/11/2011)

2) Claude Monet’s Nymphéas, Not sold against an estimate of £17,000,000-24,000,000 (Christie’s King Street, 6/21/2011)

3) Pablo Picasso’s Femmes lisant (Deux personnages), sold below the $25,000,000-35,000,000 estimate for $21,362,500 (Sotheby’s New York, 5/3/2011)

4) Jeff Koon’s Pink Panther, (above middle) sold below the $20,000,000-30,000,000 estimate for $16,882,500 (Sotheby’s New York, 5/10/2011)

5) Claude Monet’s Iris mauves, Not sold against an estimate of $15,000,000-20,000,000 (Christie’s New York, 5/4/2011)

6) Robert Rauschenberg’s The Tower, Not sold against an estimate of $12,000,000-18,000,000 (Christie’s New York, 5/11/2011)

7) Pablo Picasso’s Couple à la guitare, sold below the $10,000,000-15,000,000 estimate for $9,602,500 (Sotheby’s New York, 5/3/2011)

8) Francis Bacon’s Untitled (Crouching Nude on Rail), sold below the $10,000,000-15,000,000 estimate for $9,602,500 (Christie’s New York, 5/11/2011)

9) Paul Gauguin’s Nature morte à "L'Espérance", Not sold against an estimate of £7,000,000-10,000,000 (Christie’s King Street, 2/9/2011)

10) Thomas Gainsborough’s Portrait of Colonel John Bullock, (above right) Not sold against an estimate of £3,500,000-5,000,000 (Chrsitie’s King Street, 7/5/2011)

Top 10 Most Surprising Lots

Old Master and Asian artists enjoyed relative success these six months, fetching enthusiastic bidding in their categories. At Christie’s alone, sales in Asia totalled £296 million ($482.5 million), up 48% while sales in America remained down. The trend towards Asian art and increasing buying power from Asian collectors is clearly evident from this list.

1) Rome, The Castel Sant'Angelo and the river Tiber from the south by Gaspar van Wittel. Sold for £718,850 - 3,494% above estimate (Sotheby’s London, 7/7/2011)

2) 1985-4 by Yu Youhan. Sold for HK$14,100,000 - 2,720% above estimate (Sotheby’s Hong Kong, 4/3/2011)

3) Appearance of Crosses 90-6 by Ding Yi. Sold for HK$17,460,000 - 2,394% above estimate (Sotheby’s Hong Kong,

4/3/2011)

4) GRAYGROUND by Ronald Ventura. Sold for HK$8,420,000 - 2,306% above estimate (Sotheby’s Hong Kong, 4/4/2011)

5) Spring Calling by Wu Guanzhong. Sold for HK$17,460,000 - 1,646% above estimate (Christie’s Hong Kong, 5/31/2011)

6) Sans Titre by Wols. Sold for £2,617,250 - 1,645% above estimate (Sotheby’s London, 2/10/2011)

7) Autumn in the Village by Lin Fengmian. Sold for HK$23,060,000 - 1,318% above estimate (Christie’s Hong Kong, 5/31/2011)

8) Series "X"? No. 3 by Zhang Peili. Sold for HK$23,060,000 - 1,153% above estimate (Sotheby’s Hong Kong, 4/3/2011)

9) Lotus and Landscape along Highway Hengguan by Zhang Daqian. Sold for HK$56,660,000 and HK$52,180,000, respectively - 809% and 745% above estimate (Christie’s Hong Kong, 5/31/2011)

10) The Meeting of Antony and Cleopatra: 41 BC by Sir Lawrence Alma-Tadema (pictured below). Sold for $29,202,500 - 484% above estimate (Sotheby’s New York, 5/5/2011)

Written and Compiled by MutualArt.com Staff

The Ashok Art Gallery is internationally known for one of its most important holdings: more than 2000 major works by the world's most significant Artists.Over the past years, as Ashok Art Gallery has become a major centre for contemporary visual art, the Gallery has built a strong collection of contemporary work of different artists, we became a sponsor of the STANDUP-SPEAKOUT Artshow, Organized by Art Of Living Foundation and United Nations.Organized an International Contenmporary Art Exhibition including artists from USA, The Nederlands, Pakistan and India.We have also participated at Art Expo India 2008, 09 Mumbai and India Art Summit 2008 New Delhi.

One of the questions that surround art as an asset is how to quantify an income stream from any sort of collection

The art business is its proprietary nature. Artists, art dealers, and retail buyers prefer that sales figures stay private, and go to great lengths to keep them that way. Artists don't want other artists knowing how well they do; dealers don't want other dealers knowing how well they do; collectors don't want other collectors knowing what they buy or how much they pay for it. Furthermore, one of the most important rules of the art game is that the more you know about art prices and what's selling where, and the less your competition knows, the more money you make and the less money they make buying and selling art.

Art is not a commodity that can be regulated. Anyone can call him or herself an artist, anyone can call anything that they create "art," and anyone can be an art dealer or own an art gallery. Anyone can sell art wherever, whenever and under whatever circumstances they please, and price or sell whatever they call "art" for whatever amounts of money they feel like selling it for, as long as that art is offered without committing fraud or misrepresentation. And they do. To further complicate matters, art is sold everywhere all the time-- at individual artist websites, gallery websites, websites where artists pay fees to show their art, secondary market websites , auction sites, outdoor art shows, art galleries, art fairs, flea markets, estate sales, big city auctions, museum sales and rental galleries.

New art work sells in all price ranges; much of it passes through chains of wholesalers, distributors, and other resellers on its way to retail galleries, and ultimately to retail buyers. This includes paintings, sculptures, etchings, lithographs, photographs, serigraphs, wood carvings, ceramics, weavings, tapestries, watercolors, drawings, mixed media works, and so on. And that's just the brand new art; older art sells over and over and over again all the time, often changing ownership in secret private transactions. In all, countless millions of pieces of "art" are bought, sold, and traded worldwide every year.

Old-Master values have struggled to keep pace with those of more fashionable works by 20th-century and living artists. Traditional paintings have a smaller pool of collectors, and while buyers still fight for museum-quality discoveries, less desirable, previously-offered works attract less demand.

One of the questions that surrounds art as an asset is how to quantify an income stream from any sort of collection. But a recent report from Colin Gleadell suggests that art—in this case, 580 paintings and drawings assembled lightning quick over a three-year period—can produce revenue on an indirect basis. After a dull 2010 for global art sales, the Artprice Global Index bears testament to a rapid improvement in the market this year. The index, which is updated quarterly, shows that sales in the past three months have delivered prices that were last seen before the recession took hold in 2008.

One thing is certain – the big-time buyers of art are people in the financial sector who are weathering troubled times a lot better than high street businesses.And yet, for the last couple of decades, contemporary art has flourished through an alliance of the rich and the not-so-rich. It is the same educated, probably public-sector-employed middle class that enthusiastically visit galleries and art fairs. It is these fans of modern art who have helped, by their acclaim, to generate the charisma that makes it apparently worth so many millions. 

The Ashok Art Gallery is internationally known for one of its most important holdings: more than 2000 major works by the world's most significant Artists.Over the past years, as Ashok Art Gallery has become a major centre for contemporary visual art, the Gallery has built a strong collection of contemporary work of different artists, we became a sponsor of the STANDUP-SPEAKOUT Artshow, Organized by Art Of Living Foundation and United Nations.Organized an International Contenmporary Art Exhibition including artists from USA, The Nederlands, Pakistan and India.We have also participated at Art Expo India 2008, 09 Mumbai and India Art Summit 2008 New Delhi.

Western world have suffered from many of the same biases and prejudices that have infected analyses of Indian philosophy and culture.

Every culture must find a way to grasp the horns of polar opposites – male/female, good/bad, sky/earth, birth/death – which epitomize so much of the human condition. Additive cultures, like Egypt and India, accept these contradictions as imperfectly perceived parts of a greater unity. 

Unlike the Western religions, which have little philosophical content and belief in the "One God" is mandatory, many of India's ancient religions were not religions in the narrow sense in which religion is construed today. India's early Buddhists were predominantly atheists, the early Jains were agnostic, and within the broad umbrella of Hinduism, there was space for considerable philosophical variety. In the Upanishads, god is described in an extremely abstract and metaphysical way. The philosophical content is essentially secular and spiritual ideas emerge from debate and speculation - not immortal revelations that cannot be challenged or modified with time. In the Nyaya-Sutras, the overwhelming focus is on rational and scientific thinking and analysis, on human understanding of natural phenomenon and physical processes occurring in nature. 

 

This rich tradition of philosophy - both rational and spiritual - found it's way into Indian art and architecture as well. Stupas and temples incorporated a profound symbolic language based on visual representations of all the important philosophical concepts. These included the Chakra - the revolving wheel of time which symbolized the cyclical rhythms of the cosmos;  the Padma - or the lotus symbol which embodied the prime symbol of creation - of the universal creative force that springs from the bosom of the earth; the Ananta (represented as a snake) symbolized  water - the most important life-giving force and the infinite ocean from which all life emerged, got differentiated and then got re-merged and redissolved; the Swastika - representing the four-fold aspects of creation and motion; the Purnakalasa - or the overflowing flower pot - a symbol of creativity and prosperity; the Kalpalata and Kalpavriksha -  the wish-fulfillment creeper or tree that were also symbols of imagination and creativity; Gavaska - sometimes understood to be the third eye; Mriga - or deer - symbolic of erotic desire and beauty; and lingam and yoni - the male and female fertility symbols. 

 

Rules were also evolved to provide additional symbolic content through hand gestures (mudra) of sculptured deities.  Deities were sometimes given multiple arms to signify energy or power or to suggest movement and as symbolic of the celestial dance.  Different arm positions embodied different virtues such as wisdom, strength, generosity, kindness and caring. Multiple arms could thus be used to  signify multiple virtues. 

 

Western analysts have often had difficulty understanding the complex cultural and philosophical systems that gave birth to India's artistic tradition. For many, Indian sculptural panels appeared to be nothing more than a random collection of strange or arbitrary juxtapositions of  primitive beliefs and superstitions. This is not to say that Indian spirituality was always free from superstition or arbitrary constructs, but in the best of the sculptural panels, there was a conscious and knowledgeable attempt to convey powerful philosophical ideas. 

Once Indian painting is freed from externally imposed standards, and the motivations of the Indian artist are better understood - a whole new world of visual delight can open up. From the quixotic 15th C illustrations of  Jain texts in Gujarat to the deeply expressive miniatures of Malwa, one can move on to the colorful whimsy of 16th C Mewar, the striking elegance of the Kishangarh school, and the refined beauty of later Kangra miniatures. One can appreciate  the earnest lyricism of the Orissa palm-leaf miniatures, the decorous elan of the Bundelkhand wall paintings, the bold and dark colors of  Lepakshi, and the vivacious renditions in the palaces and temples of Madurai, Thanjavur and Ramanathapuram. In all these varied traditions of Indian painting, an important element that infused Indian painting with charm and vivacity was the folk idiom that unabashedly found it's way in the art of the regional kingdoms who were less infected by formal Mughal tastes.

When the European world began to experience a renaissance in the realm of art and sculpture, exactly the opposite processes were at work in India. After the renaissance, much of the new patronage for European sculpture came from the urban areas, and this is why European sculptors infused their creations with an urbane  sophistication. The strong shadow of Islamic prudery prevented such a development from taking place in India. The great wealth of  Indian sculpture was created during Europe's Christian era, in a society where the divide between the city and the countryside had not yet sharpened as much. This is why so much of Indian sculpture retains such a strong link to nature and seems less urbane and cosmopolitan, and hence less meritorious to the Western eye. 

 

The Ashok Art Gallery is internationally known for one of its most important holdings: more than 2000 major works by the world's most significant Artists.Over the past years, as Ashok Art Gallery has become a major centre for contemporary visual art, the Gallery has built a strong collection of contemporary work of different artists, we became a sponsor of the STANDUP-SPEAKOUT Artshow, Organized by Art Of Living Foundation and United Nations.Organized an International Contenmporary Art Exhibition including artists from USA, The Nederlands, Pakistan and India.We have also participated at Art Expo India 2008, 09 Mumbai and India Art Summit 2008 New Delhi.

Fine art is confidently viewed by financial experts as one of the best performing asset categories

The art market is thriving. Fine art is confidently viewed by financial experts as one of the best performing asset categories of 2010-11. The international Modern and Contemporary art markets are up by an average of 25%, against FTSE's 11% and Dow Jones 9%, and by all accounts this trend will continue through 2011- said ArtLyst.

London Contemporary and Modern Sales Break Records:A successful fortnight of Impressionist, modern and contemporary auctions in London outshone all expectations for the annual summer sales. They realised £516.2 million, the third highest on record for the combined group of London power-players. This was a fraction behind  £520 million achieved in February 2008 at the height of the market peak. The Impressionist and modern art sales, were dominated by the later modern works realising around £280 million. This is similar to the figures achieved in London in June 2008 where the series achieved £298 million.

The post-war and contemporary art, that took the brunt of the recession, having lagged far behind the Impressionist and modern art market during 2010, has made a miraculous recovery. Contemporary art is genuinely catching up with sales of just over £236 million, a 102 per cent increase on last summer. Against all odds Sotheby’s achieved the highest total for a single contemporary art auction outside New York of £109 million. 

Figurative painting,was the biggest winner with Christie’s portrait by Francis Bacon reaching £18 million and a landscape by Peter Doig £6.2 million. Sotheby’s also faired well for German artists  Sigmar Polke who died last year £5.7 million, and the ever popular Georg Baselitz £3.2 million. European, art from the collection of Count Duerkheim also faired well.

The Ashok Art Gallery is internationally known for one of its most important holdings: more than 2000 major works by the world's most significant Artists.Over the past years, as Ashok Art Gallery has become a major centre for contemporary visual art, the Gallery has built a strong collection of contemporary work of different artists, we became a sponsor of the STANDUP-SPEAKOUT Artshow, Organized by Art Of Living Foundation and United Nations.Organized an International Contenmporary Art Exhibition including artists from USA, The Nederlands, Pakistan and India.We have also participated at Art Expo India 2008, 09 Mumbai and India Art Summit 2008 New Delhi.

While celebrating harmony in diversity, this is the miracle of love: The World Cultural Festival a review

Marking the 30th anniversary of the organization, around 50,000 people from across 151 countries, 6000 artists and 804 dignitaries including ministers, members of parliament and ambassadors were present. The program began with vedic chants followed by the German national anthem and the European anthem – Ode to Joy.Fascinating yoga performances, melodious music, dazzling cultural programmes and colourful costumes took thousands of participants on an unforgettable journey of India and the world as the World Cultural Festival ended in the German capital Sunday. Thousands of people, including Indian Tourism Minister Subodh Kant Sahai and BJP President Nitin Gadkari , braved showers and chilly winds in the German capital to attend yoga performances and riveting Indian dance and music shows as part of the World Cultural Festival. 

The event is celebrated as a "peace festival" at the historic Olympic Stadium that hosted the 1936 Olympics and 1974 World Cup football matches. The stadium turned 75 this year. The festival also marks 30 years of spiritual guru Sri Sri Ravi Shankar's Art of Living organisation.

The function started with playing of nadaswaram, a south Indian musical instrument, by artists from Indian and Sri Lanka. The beats of the barrel-shaped drum filled the stadium with energy as people clapped along, forgetting the chilly winds. On D Day, everything was ready. But that was not counting the vagaries of the weather: that morning, it started to rain, hard and steady. 40.000 disciples of the Art of Living prayed silently to their Master so that the rain stopped before the performance. But another miracle happened.

First 50 Indian singers smiled though the rain while reciting ancient Sanskrit slokas.

Then 500 Polish dancers hopped, skipped and bowed in the mud and puddles. The ancient science of yoga came indeed alive with hundreds of adepts going though asanas. The Art of Living performers seemed to transcend the rain: standing for a long time in flimsy clothing, in 13° centigrade, under sheets of rains, while waiting for their turn, they exploded in joy, grace, rhythm and sometimes power.

The sheer joy, energy, enthusiasm of not only the performers, but also of the nearly 40.000 spectators who had braved the rain, was something to watch. Nobody, even amongst the ministers, presidents and MP's who sat with Sri Sri Ravi Shankar on the dais, was indifferent.

And finally, that was what the miracle was about: not some cheap stunt of the rain stopping, by some power, or just a freak chance, which would have had many in religious ecstasy. But thousands of performers transcending adversity — which that day took the shape of unexpected cold and rain — through their devotion and love of their Master, and in the process, attaining heights of performance, which they might not have achieved in perfect conditions.

And in this union of their minds and bodies, not only were they forgetful of the rain, but different people from different countries, religions, cultures, some of them even hostile to each other, blended, naturally. And the message, which this gathering was to give, went through effortlessly: that the whole world can come together, while celebrating harmony in diversity. This is the miracle of love, this is the miracle of the rain. And even the sceptics rose as one man as the laser show and thousands of cheering spectators.
Mr. Subodh Kant Sahay, Minister for Tourism, Govt of India, Mr. Nitin Gadhkari, President, Bharatiya Janta Party represented India. “Humanity needs the wisdom of ancient India to heal the wounds of terrorism. Sri Sri Ravi Shankar is the ambassador of peace, a modern rishi who has come to unite the world”, added Mr. Nitin Gadhkari.

“I congratulate The Art of Living and Sri Sri for the truly transforming work being done in over 150 countries which has touched the lives of millions of people and of the younger generation in particular.” added Mr. Sahay.Sheikh Fahad from Kuwait, Minister for Information and Cultural Affairs of Bangladesh, Mr Abul Kalam Azad and Deputy Minister for Development from Israel Mr Ayoub Kara were also present on the dias.

Lauding the organization for its humanitarian work, congratulatory messages poured in from various dignitaries across the world such as Nancy Pelosi, Minority Leader of the United States House of Representatives and the President as well as the Prime Minister of India. “I hope that the festival will be able to spread the values of various cultures while celebrating harmony in diversity.” said a message by Mr. Manmohan Singh. The President of India smt. Pratibha Devi Singh Patil also congratulated by sending message.

Sri Sri also received the prestigious Human of the World Award from General Major Alexander Stephanov, President of the Academy of National Security, Russia.
Dignitaries from India and abroad including Monika Griefahn Co-Chair Right Livelihood Award, Elmar Brok German Member of the European Parliament and the former Chairman of the European Parliament Committee on Foreign Affairs, Mr. Nirj Deva, Member, The European Parliament, Prof. Peter Eigen founder of the advisory council of Transparency International along with several Congressmen,  Members of the European and German Parliament, ambassadors, business leaders, academicians and NGO representatives attended the festival.
Sri Sri spoke both in German and English to the cheers of the local population.

Excerpts of Sri Sri Ravi Shankar’s speech at the World Culture Festival, Berlin, July 2-3.

I am so happy to be here in this city where the walls came down between people, it is time walls come down between cultures and civilizations. We all should remember we are a one world family. We need to bring everyone together in a spirit of love compassion, service.

When we started, we had this idea, the theme song was rainbow colors and the rains have come! Singing in times of difficulty shows that we have achieved something. Whatever the circumstances are, we will continue to serve the world as one human family with differences.

It is time to celebrate the differences and celebrate life on this planet. With all the volunteers, we are sure we can create a stress-free, violence-free society for our children. Poverty eliminated, differences celebrated and connection to the inner Divinity. One Divinity, one humanity, celebrating differences, this is our sacred duty.

The Ashok Art Gallery is internationally known for one of its most important holdings: more than 2000 major works by the world's most significant Artists.Over the past years, as Ashok Art Gallery has become a major centre for contemporary visual art, the Gallery has built a strong collection of contemporary work of different artists, we became a sponsor of the STANDUP-SPEAKOUT Artshow, Organized by Art Of Living Foundation and United Nations.Organized an International Contenmporary Art Exhibition including artists from USA, The Nederlands, Pakistan and India.We have also participated at Art Expo India 2008, 09 Mumbai and India Art Summit 2008 New Delhi.

Celebrating Diversity for a Peaceful Tomorrow, the World Culture Festival at the Olympiastadion Berlin!

“Thirty years of The Art of Living: a milestone has been achieved. We are inspired to continue with more enthusiasm and greater speed to realize the dream, where life becomes a celebration and the world will become one family. The World Culture Festival is a celebration of achievements and a vision to do better,” said Sri Sri Ravi Shankar, Art of Living founder.

630 dignitaries from India and abroad including the deputy foreign minister of Russia, past Presidents and Prime Ministers, Ministers, Congressmen, several Members of the European Parliament, the German Parliament, ambassadors, business leaders, academicians, NGO representatives, religious and spiritual leaders will attend the festival. Mr. Subodh Kant Sahay, Minister for Tourism, Government of India; Mr. B S Yeddyurappa, Chief Minister of Karnataka, India will be representing India.

The festival, with a theme of ‘Celebrating Diversity and Enriching Life’ will see over 70,000 people from across continents, religions, traditions, backgrounds sit together. Sri Sri will lead a meditation for world peace. One of the highlights will be the Grand Guitar Ensemble for Peace - an enchanting symphony of 2,000 guitarists, 30 Grand pianists and 3000 choir singers. Other than the German and the European National Anthems, Vande Mataram will also be sung.

The festival will also have shows featuring classical music from India and America, contemporary music from Malta, Shaolin Monks from China, traditional flutes from Turkey, folk dances from Russia and Bulgaria and a variety of performances by German artistes. Lotus dance from Japan, Aboriginal dance from Canada and Swiss groups, Austrian Alpine Horns will vie for the eyeballs during the two-day jamboree.

Four continent-based pavilions from Africa, Asia-Pacific, Americas and Europe, will showcase the cultural heritage, food, dance, music, poetry and literature from many countries. The stadium will be transformed into Europe’s biggest participative Yoga Park where visitors can experience yoga workshops from different countries and explore the effect of it on physical and mental health and inner peace. A unique Yoga Museum will chart the evolution of Yoga from ancient sages to its global application in the 21st century and also illustrate the societal impact of Yoga in peace building and its application in humanitarian projects around the world.

More details of the festival at: www.artofliving.org, www.worldculturefestival.org

LIVE Webcast on www.artofliving.org: Jul 2nd at 8 pm IST, Jul 3rd at 1.30 pm IST

The Ashok Art Gallery is internationally known for one of its most important holdings: more than 2000 major works by the world's most significant Artists.Over the past years, as Ashok Art Gallery has become a major centre for contemporary visual art, the Gallery has built a strong collection of contemporary work of different artists, we became a sponsor of the STANDUP-SPEAKOUT Artshow, Organized by Art Of Living Foundation and United Nations.Organized an International Contenmporary Art Exhibition including artists from USA, The Nederlands, Pakistan and India.We have also participated at Art Expo India 2008, 09 Mumbai and India Art Summit 2008 New Delhi.

M F Hussain, the legend is no more, India has lost its Picasso, and not even on its own soil

Maqbool Fida Husain, 95, the renowned contemporary and progressive artist who put India on the world's art map, died today in London's Royal Brompton hospital, after a month of illness. Husain died of a heart attack at the Royal Brompton Hospital in London.
Husain's art made him a legend. He was undoubtedly India's best known painter who presided over a cult following for more than six decades. However, his contribution to the Indian art goes beyond his numerous celebrated works. In many ways, his life, turbulent in its twilight, was a reflection of the churning that India faces through polarised debates on religion, personal freedom and art.

The man who graduated from painting hoardings for films to becoming India's most celebrated painter was born on Sept 17, 1915 at Pandharpur in Maharashtra. His mother, Zunaib, died in his infancy and his father, Fida, remarried and moved to Indore, where Husain went to school. As a child, Husain learnt the art of calligraphy and loved to read poetries while he resided with his uncle in Baroda. He joined the J J School of Arts and started to earn his living by painting billboards for feature films. In 1947, Hussain won an award for his paintings at the annual exhibition of the Bombay art society and this marked the beginning of a distinguished career ahead waiting for this art maestro.

Husain's creativity, style and innovation in paintings have made him reach the pinnacle in Indian art. In the 1947 annual exhibition of the Bombay Art Society, his painting Sunhera Sansaar was shown. This was his first exhibition. After the Partition later that year, Husain decided to stay in India. Soon the Progressive Artists' Group was formed. F N Souza, a member of The Progressive Artist's Group, invited Hussain to become a member of it in 1948. Through it, Husain was exposed to, and strongly influenced by, the work of Emil Nolde and Oskar Kokoschka.

From 1948 to 1950 a series of exhibitions all over India brought Husain's work to the notice of the public. In 1951 Husain travelled to China. In 1952, had his first solo exhibition in Zurich, and over the next few years his work was widely seen in Europe and the USA. In 1966 Husain was awarded the Padmashree by the Government of India. In 1967, he made his first film, 'Through the Eyes of a Painter' which was shown at the Berlin Festival and won a Golden Bear. Husain went on to make two more films: 'Gaja Gamini' (2000) with his muse Madhuri Dixit and later 'Meenaxi: Tale of 3 Cities' (2004).

In 1971, Hussain was invited along with Pablo Picasso at the Sao Paulo Biennial. Apart from the several solo exhibitions, Hussain has many studios in major metropolitans of the country. In 1973, he was awarded the Padma Bhushan, in 1989, the Padma Vibhushan and was also nominated to the Rajya Sabha in 1986.

Some of his best known works are called the Sufi paintings, and were first exhibited at the Pundole Gallery in 1978. During these years Husain slowly grew into a public figure, often embroiled in controversies. His Shwetambari exhibition at the Jehangir Art Gallery consisted of two halls shrouded in white cloth, whorls of which also shared the floor with torn newspapers. Later, he gave a public performance at the Tata Center in Calcutta. For several days a crowd watched as he painted pictures of six goddesses. On the last day of the exhibition he destroyed his paintings by painting the whole thing white.

Husain had become a photogenic icon, and the newspapers loved him. The stuffy Calcutta Club was pilloried when it refused admission to a barefoot Husain on the grounds that he violated their dress code. He was nominated to the Rajya Sabha in 1987, and during his six year term he produced the Sansad Portfolio. In the early '90s, several collections of his paintings were made accessible to the public in exhibitions of permanent galleries. The most interesting of these is the Husain-Doshi Gufa in Ahmadabad, collaboration between the painter and an architect in the construction of a gallery.

Soon, Husain went on to become the highest paid painter in India. His single canvases have fetched up to $2 million at a recent Christie's auction. The Peabody Essex Museum (PEM) (Massachusetts, USA) showed a solo exhibition from 4 November 2006 to 3 June 2007. It exhibited Husain’s paintings inspired by the Hindu epic, Mahabharata. In early 2008, Husain’s Battle of Ganga and Jamuna: Mahabharata 12, a large diptych from the Hindu epic, fetched $1.6 million, setting a world record at Christie's South Asian Modern and Contemporary Art sale.

His name was also included in the list of the 500 Most Influential Muslims in the World, issued by the Royal Islamic Strategic Studies Center in Amman, Jordan. At the age of 92, Husain was to be given the prestigious Raja Ravi Varma award by the government of Kerala. The announcement led to controversy in Kerala and some cultural organisations campaigned against the granting of the award and petitioned the Kerala courts. The Sabarimala Trust went to the Kerala High Court and it granted an interim order to stay the granting of the award until the petition had been disposed of.

With the rise of Hindutva in the 1990s, some of Husain's works became controversial because of their portrayal of Hindu deities in the nude or in an allegedly sexual manner. The paintings in question were created in 1970, but did not become an issue until 1996, when they were printed in Vichar Mimansa, a Hindi monthly magazine, which published them in an article headlined "M.F. Husain: A Painter or Butcher". In response, eight criminal complaints were filed against Husain. In 2004, Delhi High Court dismissed these complaints.

In 1998 Husain's house was attacked by Hindu groups like Bajrang Dal and art works were vandalised. Shiv Sena endorsed the attack. There were also reportedly death threats. In January, 2010, he was offered the citizenship of Qatar, which he accepted. He was living in Dubai and London since, and breathed his last at a London hospital on 9th june 2011.

The Ashok Art Gallery is internationally known for one of its most important holdings: more than 2000 major works by the world's most significant Artists.Over the past years, as Ashok Art Gallery has become a major centre for contemporary visual art, the Gallery has built a strong collection of contemporary work of different artists, we became a sponsor of the STANDUP-SPEAKOUT Artshow, Organized by Art Of Living Foundation and United Nations.Organized an International Contenmporary Art Exhibition including artists from USA, The Nederlands, Pakistan and India.We have also participated at Art Expo India 2008, 09 Mumbai and India Art Summit 2008 New Delhi.