Nafed’s new canvas: Windfall from Husain paintings

CO-OPERATIVE SELLS 25 PAINTINGS FOR 268.5 CR TO REDUCE BAD LOANS

- SANDIP DAS

APART FROM STICKING to its core objective of promoting marketing and storage of agricultural produce, state-run National Agricultural Cooperative Marketing Federation of India (Nafed) has also learnt the “art” of making money.

It has just made a windfall by selling 25 MF Husain paintings for %68.5 crore.

A host of high-net worth individuals bought the prized pieces of art from Nafed, which has been waging a long legal battle for their ownership & sales rights.

Apart from the delayed legal victory, an unexpected boon for the farm cooperative was that the transactions closely followed a record-breaking sale of Husain’s Untitled (Gram Yatra) ata Christie's auction in New York in March this year for over $118 crore. The auction has helped artist's works jump in value.

Tobe sure, in May last year, the Nafed paintings were valued at 25 crore by art specialist Dadiba Pundole in a submission to the Bombay high court.