A first-of-its-kind legal arbitration over an art work- Raja Ravi Varma's ‘Jatayu Vadham' showing Ravan carrying off Sita- has finally concluded that the painting worth Rs. two crore is not a fake. This was decided in a recent ruling by retired Justice R Gururajan, who was appointed by the Bangalore High Court as arbitrator.
The arbitration ruling, a copy of which is with dna, says, “The issuance of Certificate of Registration by the Archaeological Survey of India, therefore, tantamounts to explicit proof that the painting in question was indeed by the artist Raja Ravi (Varma).” The ruling adds, “The respondents are due in a further sum of Rs.79,72,598/- together with interest at 18% p.a. from the date of invoice.”
It will be recalled that the painting, auctioned on 30 November 2010, had been caught in a war of words between the bangalore-based auction house Bid & Hammer and SKN Investments headed by Delhi-based Kiran Nadar, which sought to buy it.
Nadar asked for the work to be sent across so that it could be verified and thereafter exhibited at the Kiran Nadar museum of art.
SKN Investments paid Rs 79.72 lakh, half of the bid amount, but later said it wanted its money back, and refused to pay the remainder. It alleged that an expert had found the painting was a fake. This led to a huge furore in the national and international art scene.
Speaking to dna, Bid & Hammer said its stand that the painting was authentic had been vindicated by the arbitration. Ankush Dadha of the auction house said they had always been confident of the arbitration going in their favour. “Our family has been dealing with antiques and paintings for a long time. Bid & Hammer has an international clientele which wouldn't have been possible without us painstakingly vetting every work possible before putting it up for auction.”
dna contacted Kiran Nadar, who said, “I have no comments to offer. As far as I'm concerned this matter is still sub-judice.” Many experts in the art world watching this tussle say the last word on it is still to be heard.
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