The Indian art world is witnessing a fascinating turn of events as 25 rare paintings by the iconic M.F. Husain are set to be auctioned on June 12 in Mumbai. These masterpieces, part of Husain's ambitious "Our Planet Called Earth" (OPCE) series, have been locked away in a bank vault for nearly two decades, shrouded in a legal battle following an alleged loan default. Their resurfacing offers a rare glimpse into a significant, yet largely unseen, chapter of the artist's creative journey, while also highlighting the complexities of the Indian art market.

Maqbool Fida Husain, often dubbed the "Picasso of India," remains one of the most influential and controversial figures in modern Indian art. His unique style, characterized by bold lines, vibrant colors, and a fusion of Indian mythology with modernist techniques, garnered him international acclaim. However, his depictions of Hindu deities sometimes sparked controversy, leading to periods of self-imposed exile. Despite the controversies, Husain's legacy as a pioneering force in Indian modernism remains firmly intact. He was a founding member of the Progressive Artists' Group, which broke away from traditional artistic norms to explore new forms of expression, blending Indian themes with Western techniques. His works are displayed in major museums worldwide, including the Victoria and Albert Museum, the Tate, and the National Gallery of Modern Art (India).

The 25 paintings going up for auction belong to the OPCE series, a project Husain began in the early 2000s. The series aimed to visually narrate the defining moments of the 20th century, encompassing themes of war, technology, cinema, and nature. Husain envisioned creating 100 works, but only a fraction materialized before his death in 2011. In 2004, these 25 paintings were sold to Swarup Srivastava, a Mumbai-based industrialist and art collector, as part of an agreement for the entire OPCE series. However, Srivastava became entangled in a financial scandal involving a loan default, leading to the seizure of his assets, including the Husain paintings, and their subsequent entombment in a bank vault since 2008.

Now, after years of legal wrangling, the Bombay High Court has approved the public auction of these works. Pundole's Auction House will host the event, titled "MF Husain: An Artist's Vision of the XX Century," offering a rare opportunity to view these unseen masterpieces. Gallery owner Dadiba Pundole recalls Husain's enthusiasm while working on the series, describing how the artist transformed the gallery into his studio, stretching massive canvases across the walls and working with a variety of materials.

The resurfacing of these Husain paintings coincides with a period of significant growth and recognition for the Indian art market. In March 2025, Husain's "Untitled (Gram Yatra)" sold for a record-breaking $13.75 million at a Christie's auction in New York, becoming the most expensive Indian artwork ever sold at auction. This sale, along with other strong performances by Indian artists, signals a rising confidence in the Indian art market. The Indian art market at auction was valued at over $144 million in 2023. Experts predict continued growth, fueled by a younger generation of collectors, increased disposable incomes, and a growing awareness of art as an investment.

While the global art market has seen fluctuations, the Indian art market demonstrates resilience and growth. Auction houses and galleries are expanding, both within India and internationally, capitalizing on the increasing interest in Indian art. The recent record-breaking sale of "Untitled (Gram Yatra)" and the upcoming auction of the OPCE series highlight the increasing value and global recognition of Indian modern art.

The story of how India's "biggest art deal" led to the burial of these M.F. Husain masterpieces in a bank vault is a complex tale of artistic ambition, financial intrigue, and legal battles. Now, as these paintings emerge from their long confinement, they offer not only a glimpse into Husain's artistic vision but also a reflection on the evolving landscape of the Indian art market and its place on the global stage.