I have always considered the work of MF Husain, especially his oils on canvas, the currency of contemporary Indian art to be invested in. So, I have taken three of Christie?s sales of September 2000, September 2001 and September 2002 as a base for my analysis of the pricing of his works. Twenty five of his paintings that came up for sale actually sold (4 in 2000; 11 in 2001 and 10 in 2002). What is interesting is that none of these works came up a second time. It is evident that a Husain buyer is a long-term investor as a rule. That is what makes Husain?s work function more or less like a unit of currency in the world of contemporary art.

Mahabali (228.6 cm X 165 cm) a work of 1964 from Husain Ki Sarai, that sold for Rs 52,69,950 this year

And it is a stable currency. In 2000, the highest priced painting of his that sold went for $12925 (Rs 5.82 lakh). Three works that once belonged to a former Philippines ambassador to India all sold at the price mentioned above.

In 2001, four works sold at above $20,000 each (around Rs 9 lakh) the highest being for $41,125 (Rs 18.5 lakh), a powerful work of 1967 featuring both female nudes and horses. In 2002, the price of his work topped the $100,000 mark for lot 299, an exquisite female torso from Husain Ki Sarai that went for no less than Rs 52.7 lakh. This represents a 10 times increase for outstanding work over a three-year period. This makes Husain?s works a very good investment indeed.

When we look at the peak price per sq cm, in 2000, a relatively small nude achieved a high of Rs 155.97. In 2001, there was a sharp rise to Rs 259.19 per sq cm for a work of the mid-1960s of a female nude figure. In 2002, lot 303, consisting of a Krishna figure cavorting among female figures, went for no less than Rs 134.05 per sq cm. This shows us that the sudden support that came together to ensure the rise in the 2001 auction has reached a plateau now that buyers have bought what they wanted and are on the lookout for what they consider works of quality.

This is even clearer when we look at the price averages for these three sales. For the 2000 auction, the average was Rs 97.90 per sq cm. For 2001, it rose to Rs 124.07 and for 2002, it rides at Rs 104.68 per sq cm. This reflects a remarkable stability of price for even the Husain signature. How has he managed it? The most important element in it is that the artist has prolific production. This allows his work to be bought and sold like any other product. Artists who produce too little may get higher prices for single works but they can never become an index for investors as Husain is today.

The quality of the works too does not escape the buyer?s eye. The peak works, with the exception of the odd fluke, all date back to Husain?s ?middle period? of the mid-1960s. There are a considerable number of works of high quality in the market for this period and they have buyers.

The other advantage is that the artist has evolved an efficient machinery of authentication over the years so that fake Husains are weeded out even if the odd real one suffers sometimes. This has bred unprecedented confidence in the buyers of his works.

Finally, what have they bought? It is evident from these sales that it is the figurative works of Husain that command the best prices. In this too, it is his female nudes that command the highest prices. The erotic nude of Husain has become the half-mark of the artist as far as the buyer is concerned.

Along with it, we have the now-famous Husain horse. There was a time when the horses commanded the highest prices. Now, however, it is the female nude, often with the premium of an animal tacked on to it, be it a horse, an elephant or a goat.

Also, only those works sell well that carry Husain?s powerful treatment of colour. There are works in black and white, of his horse series, of the Mother Teresa series and others, but they, generally, command lesser prices than works where the artist has blended his considerable skill in drawing with that in painting. And in painting too, oils score over acrylics. When it comes to size, I note that the larger paintings get to reach the peak easier. This is for two reasons. First, the artist shows considerable facility with large works, developed in his hoarding painting days. Secondly, the price per square centimetre is lower, giving the buyer a ?good value for money? which Husain?s art definitely is. Ultimately, this is what the investor is looking for. And this is what he gets when he invests in Indian contemporary art.