This week, Indian artist Amrita Sher-Gil's painting The Story Teller fetched a staggering $7.45 million at auction in New Delhi, becoming the most expensive piece of Indian art sold under the hammer.
Bought by an undisclosed buyer on September 16 at Saffronart auction house's Evening Sale: Modern Art, the 23in x 29in oil on canvas was among a clutch of more than 70 pieces that also featured MF Husain, VS Gaitonde, Jamini Roy and FS Souza.
Touted to be among the 12 works selected by Sher-Gil herself as her most important, The Story Teller is widely considered one of the artist's most honest and expressive compositions. The painting was first shown in November 1937 during her popular solo exhibition at Faletti's Hotel in Lahore.
It explores a scene from domestic life, with five women huddled together in a rural setting doing everyday tasks with cows milling around. It bears the quintessential Sher-Gil imprimatur – art spotlighting a feudal-feminine world. Sher-Gil’s other well-known portraits of women include Three Girls, Women on the Charpai, Hill Women and Young Girls.
"We are delighted to have set multiple artist records at our Evening Sale in New Delhi this September. Most significantly, the record price achieved by Amrita Sher-Gil's The Story Teller is an important milestone in the Indian art market and a testament to the artist's immense skill and enduring legacy as one of India's art treasures," said Dinesh Vazirani, chief executive of Saffronart.
Indian artist Subodh Gupta tells The National: "The Story Teller is one of Amrita Sher-Gil's most significant works. It portrays women, a common theme in her art, reflecting her indomitable spirit and dedication to her craft which has left an indelible mark on Indian art history. This makes her a cherished national treasure, a symbol of empowerment and someone whose work ushered in profound social change.”
Sher-Gil’s previous record was for The Ladies’ Enclosure, which sold at Saffronart in July 2021 for $5.14 million, including the premium. Known as the Indian Frida Kahlo, the artist is widely acknowledged as one of the greatest avant-garde women painters of the 20th century. She melded architecture and people to portray scenes of rural domesticity through a unique artistic vocabulary.
Sher-Gil was born in 1913 in Budapest, Hungary, to a Sikh aristocrat and scholar of Sanskrit and Persian languages, Umrao Singh Sher-Gil Majithia, and a Hungarian-Jewish opera singer Marie Antoinette Gottesmann. The erudite and creative atmosphere at home shaped Sher-Gil’s personality. She became non-conformist and rebellious, and was even expelled from her convent school.
In 1929, at the age of 16, she moved to Paris to study art at the Ecole des Beaux-Arts, her work being constantly enriched by early exposure to the impressionism of Paul Cezanne and Paul Gauguin in the French capital.
Tragically, she died when she was just 28 in 1941. In 1976, the Archaeological Survey of India recognised her as one of India's nine National Art Treasure artists, bestowing on her a special `rarity value’ internationally, meaning her works in India cannot leave the country.
Indian sculptor Neeraj Gupta calls Sher-Gil one of the greatest avant-garde artists of the early 20th century. “Her work defied time and society as reflected in her early portraits and nudes that are still considered among the best in contemporary Europe. This is reflected in The Story Teller as well which is an honest and empathetic portrayal much like the artist herself," he says.
As a pathbreaker and a trailblazer, Gupta adds, Sher-Gil altered the narrative of Indian art, her feminism being a remarkable trait to have in the 1930s when women were a neglected demographic, typically relegated to the background in all social settings. “Sher-Gil chose to put her women front and centre, deliberately showing them engaged in domestic chores to reinforce that such work needs to be celebrated and not derided,” explains multimedia artist Subodh Gupta.
Gupta says Sher-Gil’s prolificity reflects her commitment to art. “Everything about her work was unique, be it her use of colour, pigment, the subjects she chose or her treatment of them. And despite the commonality of her subject matter, her artwork provides a strong visual impact, and evokes deep emotional responses, making one want to view her pieces again and again, the hallmark of a great artist.”
Gupta adds that Sher-Gil kickstarted the movement that insisted that women mattered and were worthy muses for artists. “It takes rare courage to do this in a patriarchal era characterised by deeply entrenched mindsets, a quality that defined her and made her such a great artist.”
Over a short career of a decade, Sher-Gil was produced about 200 paintings, her early works mostly dwelling upon vibrant illustrations of Hungarian fairytales in watercolour and the later ones about domestic life in India. “I can only paint in India. Europe belongs to Picasso, Matisse, Braque ... India belongs only to me,“ Sher-Gil famously declared.
Even so, her work reflects strong international influences, including that of Paul Gauguin, a controversial French artist who produced Tahitian nudes and paintings. Sher-Gil was also heavily influenced by French and Turkish elements, as also Indian painter Raja Ravi Varma whose influence is unmistakable in some of her later works.
According to Sunny Chandiramani, senior vice president of client relations at AstaGuru Auction House, Sher-Gil's significance in the history of Indian art is profound and enduring. “Her legacy transcends mere artistic prowess; it is a testament to her role as a trailblazer and an icon of inspiration for women in the field of art. Through her remarkable fusion of western techniques and Indian subjects, her works had a universal appeal bridging the gap between traditional and modern art.”
The specs: 2018 Nissan 370Z Nismo
The specs: 2018 Nissan 370Z Nismo
Price, base / as tested: Dh182,178
Engine: 3.7-litre V6
Power: 350hp @ 7,400rpm
Torque: 374Nm @ 5,200rpm
Transmission: Seven-speed automatic
Fuel consumption, combined: 10.5L / 100km
The specs
Engine: 4-litre twin-turbo V8
Transmission: eight-speed PDK
Power: 630bhp
Torque: 820Nm
Price: Dh683,200
On sale: now
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
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A list of the animal rescue organisations in the UAE
KILLING OF QASSEM SULEIMANI
Nayanthara: Beyond The Fairy Tale
Starring: Nayanthara, Vignesh Shivan, Radhika Sarathkumar, Nagarjuna Akkineni
Director: Amith Krishnan
Rating: 3.5/5
Ten tax points to be aware of in 2026
1. Domestic VAT refund amendments: request your refund within five years
If a business does not apply for the refund on time, they lose their credit.
2. E-invoicing in the UAE
Businesses should continue preparing for the implementation of e-invoicing in the UAE, with 2026 a preparation and transition period ahead of phased mandatory adoption.
3. More tax audits
Tax authorities are increasingly using data already available across multiple filings to identify audit risks.
4. More beneficial VAT and excise tax penalty regime
Tax disputes are expected to become more frequent and more structured, with clearer administrative objection and appeal processes. The UAE has adopted a new penalty regime for VAT and excise disputes, which now mirrors the penalty regime for corporate tax.
5. Greater emphasis on statutory audit
There is a greater need for the accuracy of financial statements. The International Financial Reporting Standards standards need to be strictly adhered to and, as a result, the quality of the audits will need to increase.
6. Further transfer pricing enforcement
Transfer pricing enforcement, which refers to the practice of establishing prices for internal transactions between related entities, is expected to broaden in scope. The UAE will shortly open the possibility to negotiate advance pricing agreements, or essentially rulings for transfer pricing purposes.
7. Limited time periods for audits
Recent amendments also introduce a default five-year limitation period for tax audits and assessments, subject to specific statutory exceptions. While the standard audit and assessment period is five years, this may be extended to up to 15 years in cases involving fraud or tax evasion.
8. Pillar 2 implementation
Many multinational groups will begin to feel the practical effect of the Domestic Minimum Top-Up Tax (DMTT), the UAE's implementation of the OECD’s global minimum tax under Pillar 2. While the rules apply for financial years starting on or after January 1, 2025, it is 2026 that marks the transition to an operational phase.
9. Reduced compliance obligations for imported goods and services
Businesses that apply the reverse-charge mechanism for VAT purposes in the UAE may benefit from reduced compliance obligations.
10. Substance and CbC reporting focus
Tax authorities are expected to continue strengthening the enforcement of economic substance and Country-by-Country (CbC) reporting frameworks. In the UAE, these regimes are increasingly being used as risk-assessment tools, providing tax authorities with a comprehensive view of multinational groups’ global footprints and enabling them to assess whether profits are aligned with real economic activity.
Contributed by Thomas Vanhee and Hend Rashwan, Aurifer
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Starfield
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Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
Tailors and retailers miss out on back-to-school rush
Tailors and retailers across the city said it was an ominous start to what is usually a busy season for sales.
With many parents opting to continue home learning for their children, the usual rush to buy school uniforms was muted this year.
“So far we have taken about 70 to 80 orders for items like shirts and trousers,” said Vikram Attrai, manager at Stallion Bespoke Tailors in Dubai.
“Last year in the same period we had about 200 orders and lots of demand.
“We custom fit uniform pieces and use materials such as cotton, wool and cashmere.
“Depending on size, a white shirt with logo is priced at about Dh100 to Dh150 and shorts, trousers, skirts and dresses cost between Dh150 to Dh250 a piece.”
A spokesman for Threads, a uniform shop based in Times Square Centre Dubai, said customer footfall had slowed down dramatically over the past few months.
“Now parents have the option to keep children doing online learning they don’t need uniforms so it has quietened down.”
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
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