The piece sold at an auction is an oil-on-canvas work which depicts four horses and a woman. Online auctioneer Saffronart who sold MF Hussain's work at a whooping price of Rs 2.01 crore said that it was the highest price paid at the spring sale.
Controversy or no controversy, the sale of MF Husain's 1970s work comes as an indicator of the renewed interest in and the growing collector base for Indian art.
"The results from the auction indicate a consistent demand from collectors for top quality and rare works with important provenance," said Saffronart CEO Dinesh Vazirani.
The work carried a pre-sale estimate of Rs 90 lakh to Rs 1.2 crore.
On the whole 75 per cent of the lots were sold for a total of Rs 20.82 crore in the auction. Other notable pieces included Subodh Gupta"s 'Doot', which was sold for Rs 1.75 crore, FN Souza"s 'Decomposing Head', sold for Rs 1.57 crore and S H Raza"s 'Prakriti Purush', which invited an attractive winning bid of Rs 95.7 lakh.