• 'A Malabar Giant Squirrel in an Almond Tree', from the Impey album, signed by Shaykh Zayn Al-Din, Company School, Calcutta, dated 1778 (est £200,000-£300,000). Photo: Sotheby's
    'A Malabar Giant Squirrel in an Almond Tree', from the Impey album, signed by Shaykh Zayn Al-Din, Company School, Calcutta, dated 1778 (est £200,000-£300,000). Photo: Sotheby's
  • 'A Botanical Study of a Silk Cotton Tree (Bombax Ceiba)', Company School, Calcutta, circa 1800-20 (est £20,000-£30,000). Photo: Sotheby's
    'A Botanical Study of a Silk Cotton Tree (Bombax Ceiba)', Company School, Calcutta, circa 1800-20 (est £20,000-£30,000). Photo: Sotheby's
  • 'A Great Indian Fruit Bat or Flying Fox', from the Impey album, signed by Bhawani Das, Company School, Calcutta, circa 1778-82 (est £300,000-£500,000). Photo: Sotheby's
    'A Great Indian Fruit Bat or Flying Fox', from the Impey album, signed by Bhawani Das, Company School, Calcutta, circa 1778-82 (est £300,000-£500,000). Photo: Sotheby's
  • 'A Bay Racehorse with a Groom', signed by Shaykh Muhammad Amir Of Karraya, Company School, Calcutta, circa 1842 (est £30,000-£50,000). Photo: Sotheby's
    'A Bay Racehorse with a Groom', signed by Shaykh Muhammad Amir Of Karraya, Company School, Calcutta, circa 1842 (est £30,000-£50,000). Photo: Sotheby's
  • 'A View of the Taj Mahal', signed by Qudratullah, Company School, Lucknow, dated 15th February 1880 (est £20,000-£30,000). Photo: Sotheby's
    'A View of the Taj Mahal', signed by Qudratullah, Company School, Lucknow, dated 15th February 1880 (est £20,000-£30,000). Photo: Sotheby's
  • 'A Painted Stork Eating a Snail', from the Impey album, signed by Shaykh Zayn Al-Din, Company School, Calcutta, dated 1781 (£200,000-£300,000). Photo: Sotheby's
    'A Painted Stork Eating a Snail', from the Impey album, signed by Shaykh Zayn Al-Din, Company School, Calcutta, dated 1781 (£200,000-£300,000). Photo: Sotheby's

Renowned collection of Company School paintings from India head to Sotheby's auction


Alexandra Chaves
  • English
  • Arabic

In the 18th and 19th centuries, a new genre of painting emerged in India as British imperialists expanded their scope in the subcontinent.

The country’s flora, fauna, people and places became the subjects of what is called Company School, or Patna paintings, made by Indian masters and commissioned by the East India Company.

A collection of these paintings, owned by a single collector for decades, will go on auction at Sotheby’s on October 27 for its In an Indian Garden: The Carlton Rochell Collection of Company School Paintings sale.

It is the first time Sotheby’s has dedicated an auction to paintings from the Company School.

The works are offered by American collector and art dealer Carlton C Rochell, Jr, who worked at Sotheby’s for 18 years, founding its Indian and South-East Asian Art Department in 1988.

“I first began to collect these lesser-known masterpieces over two decades ago simply for my personal enjoyment, my imagination having been captured by their ‘East meets West’ aesthetic. When they were painted, these works were the principal way in which India could be revealed to those in Great Britain, who otherwise could only hear stories about this sumptuous land,” he said.

As employees of the colonial East India Company travelled around India, they wanted to capture scenes of the country and commissioned Indian painters to produce works for the European eye. They were intended for viewers in Britain, hence the adoption of European palettes and styles, and they presented an exoticised view of India, its nature and its inhabitants.

Cities in India began to develop their own style, with artists drawing from their local traditions, including techniques from miniature painting. However, the Company School paintings fused the fine detailing of miniatures with the realism preferred by the West, producing a unique style of its own and in a larger format. The works are often characterised by their linear perspective and the use of watercolour.

There was also a shift in the subject matter. Miniature painting flourished during the Mughal period, with rajas and nawabs commissioning artists to create royal portraits and depict courtly scenes, as well as historical and divine subjects. British patrons, on the other hand, wanted to focus on animals, nature and architecture.

'A Great Indian Fruit Bat or Flying Fox', from the Impey album, signed by Bhawani Das circa 1778-82 (est £300,000-£500,000). Photo: Sotheby's
'A Great Indian Fruit Bat or Flying Fox', from the Impey album, signed by Bhawani Das circa 1778-82 (est £300,000-£500,000). Photo: Sotheby's

“The meticulous miniature style was scaled up to depict birds, animals and botanical studies with remarkable lifelike detail, with the results rivalling any western artists who recorded natural history and travel," said Rochell Jr.

"Many years on, as they are beginning to take their rightful place in world art, these pieces can now inspire a new generation of collectors who I hope will cherish them as I have.”

The auction will also includes works that were presented in Forgotten Masters: Indian Painting for the East India Company exhibition at the Wallace Collection in London. Seven of the works in the auction were loaned for the show in 2019 and 2020.

Curated by writer and historian William Dalrymple, the show was recognised for highlighting Indian painters who produced works on paper during the late Mughal period, including Shaykh Zayn al-Din, Ram Das, Bhawani Das and Ghulam Ali Khan, whose works are also included in the auction.

Albums commissioned by famous patrons in Calcutta – Sir Elijah Impey, who served as chief justice of the High Court from 1777 to 1783, and Lady Impey – will also be up for sale. The Impey family had a menagerie in their garden and hired local artists to paint the surroundings. Their collection includes 300 paintings, more than half of which are of birds.

In 1810, the Impey Collection was sold at auction in London, some of which was acquired by institutions such as the Metropolitan Museum of Art and the V&A.

Other works from the Impey Collection were owned by figures such as Jacqueline Kennedy Onassis, who had in her collection A Painted Stork Eating a Snail, a 1781 work signed by al-Din in Calcutta. The piece has an estimate of £200,000-£300,000.

Company School painting 'A Stork Eating a Snail', from The Impey Album, signed by Shaykh Zayn al-Din in Calcutta, and dated 1781. Photo: Sotheby's
Company School painting 'A Stork Eating a Snail', from The Impey Album, signed by Shaykh Zayn al-Din in Calcutta, and dated 1781. Photo: Sotheby's

Another work, A Great Indian Fruit Bat or Flying Box, which shows the animal with its dark wings outstretched, is estimated at £300,000-£500,000. Created around 1778-1782 by Das, it was once owned by scholar Stuart Cary Welch and later Qatari prince Sheikh Saud bin Mohammed Al Thani.

The two works are the top lots of the auction.

Apart from paintings of animals, the auction also includes botanical studies of fruits and plants, such as A Botanical Study of a Silk Cotton Tree, dated circa 1800-1820 and created by a Company School in Calcutta. Previously in the collection of Joseph Verner Reed, Jr, the US ambassador to Morocco from 1981-1985, the work carries an estimate of £20,000-£30,000.

There are also architectural drawings and portraits of individuals, giving glimpses of life in India, particularly from the perspective of the British colonisers who commissioned the pieces. Influenced by the fine detailing of miniature works, the paintings of the Company School are noted for the precision and characterisation of the subjects, brought to life by the artists.

A number of pieces from the In An Indian Garden auction will go on view at Sotheby’s galleries in New York, Hong Kong and London in the coming weeks, before the auction on Wednesday, October 27.

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

The National Archives, Abu Dhabi

Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.

Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en

THE BIO

Bio Box

Role Model: Sheikh Zayed, God bless his soul

Favorite book: Zayed Biography of the leader

Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet

Favorite food: seafood

Favorite place to travel: Lebanon

Favorite movie: Braveheart

Gifts exchanged
  • King Charles - replica of President Eisenhower Sword
  • Queen Camilla -  Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
  • Donald Trump - hand-bound leather book with Declaration of Independence
  • Melania Trump - personalised Anya Hindmarch handbag
Gender pay parity on track in the UAE

The UAE has a good record on gender pay parity, according to Mercer's Total Remuneration Study.

"In some of the lower levels of jobs women tend to be paid more than men, primarily because men are employed in blue collar jobs and women tend to be employed in white collar jobs which pay better," said Ted Raffoul, career products leader, Mena at Mercer. "I am yet to see a company in the UAE – particularly when you are looking at a blue chip multinationals or some of the bigger local companies – that actively discriminates when it comes to gender on pay."

Mr Raffoul said most gender issues are actually due to the cultural class, as the population is dominated by Asian and Arab cultures where men are generally expected to work and earn whereas women are meant to start a family.

"For that reason, we see a different gender gap. There are less women in senior roles because women tend to focus less on this but that’s not due to any companies having a policy penalising women for any reasons – it’s a cultural thing," he said.

As a result, Mr Raffoul said many companies in the UAE are coming up with benefit package programmes to help working mothers and the career development of women in general. 

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.”

Updated: September 02, 2021, 9:02 AM