Home / Companies / News /  Sotheby’s launches MF Husain’s work in ‘Phygital’ auction

Auction house Sotheby’s is launching a first ‘phygital’ auction of an Indian artist’s work along with a marketplace for NFT, Hefty Art, to offer ‘Fury’ by artist Maqbool Fida Husain. The collaboration will have both the physical painting, created by Husain in 2000, and an NFT of the work, along with the Modern and Contemporary South Asian auction next month.

The works, which are estimated around $1,20,000 will be sold as a single lot online using cryptocurrency and will be sold along with a live auction at the auction house in London. Since launching its first NFT sale in 2021, Sotheby’s said it has witnessed a rise in this category with approximately $100 million of sales, including the record for a single ‘CryptoPunk’ ($11.8 million) and a single ‘Bored Ape Yacht Club’ ($3.4million). Last year, it also launched The Metaverse - a dedicated NFT marketplace.

Husain, the auction house said, inspired a generation of artists with his output and enjoyed a highly successful career as one of India’s most celebrated artists of the 20th century. His work has been exhibited extensively and internationally at institutions including the Serpentine Gallery and V&A Museum in London and the Qatar Museum of Islamic Art, Doha.

“In his early years Husain grappled with homelessness on the streets of Mumbai before working his way to earning a sizable income as a furniture designer and then quitting his salaried job to pursue a career as an artist. ‘Fury’ can be seen as a manifestation of the raw passion that fueled Husain as an artist, his journey from rags to riches and the tribulations and triumphs of his profession. It is the first of a series of horse paintings by Husain – the most iconic and widely recognised image from his body of work – which he completed in Dubai. Showing his artistic process serves to preserve his body of work and working practices for successive generations to come," the company said.

India’s art market was estimated at around 14.6 billion, or around 1,460 crore, in 2017, as per a FICCI-KPMG report.

ABOUT THE AUTHOR

Varuni Khosla

Varuni Khosla is a journalist with close to 14 years of experience in writing business news stories for mainstream newspaper companies like Mint and The Economic Times. She reports and writes on luxury and lifestyle brands, hospitality and tourism news, the business of sports, the business of advertising and marketing and alcohol brands.
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