(via BBC) It has been reported that the painting of the Maharaja of Travancore and his younger brother welcoming Richard Temple-Grenville, governor-general of Madras, on an official visit to what is now the southern state of Kerala in 1880, was bought by Neville Tuli, who correspondents say represents one of the top art dealers in Mumbai (Bombay). The painting by Indian artist Raja Ravi Varma in 1880 was sold for £602,400 ($1.24m). It was sold by the London auctioneer, Bonhams, on Friday for a price which dwarfed the estimated sale price of £50,000-70,000. Raja Ravi Varma (1848-1906) was one of the most admired academic painters of colonial India, and was often invited to state occasions by British and Indian high officials.
I think there are many rich Indians who are investing in paintings, especially if it has an Indian link. Good news for the auctions houses and art dealers.
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