https://www.mauldineconomics.com/frontlinethoughts/the-tariff-recession
“Between 2000 and 2024, Germany’s trade balance as a share of its gross domestic product grew from a deficit of 1.5% to a surplus of 5.8%. During this same period, the country’s share of factory jobs fell from 20% to 16%. A 2021 study found that the decline in manufacturing job shares was similar in both US and German industrial hubs despite the stark differences in national trade balances.”
https://www.youtube.com/watch?v=-muvNFF88mw
Largely unseen for 70 years, M.F. Husain’s monumental painting Untitled (Gram Yatra) is an epic survey of Indian society — and global modern art
Detail of Maqbool Fida Husain (1913-2011), Untitled (Gram Yatra), 1954. Oil on canvas. 35½ x 166⅜ in (90.2 x 422.6 cm). Estimate: $2,500,000–3,500,000. Offered in South Asian Modern and Contemporary Art on 19 March 2025 at Christie’s in New York
Spanning nearly 14 feet, Maqbool Fida Husain’s Untitled (Gram Yatra) (1954) is a pivotal work of South Asian art. Across 13 vignettes, the mural-size painting by one of India’s most renowned artists reflects the country’s deep historical roots and evolving future, as well as Husain’s global dialogue with modernism. ‘If you’re looking for a single artwork that defines modern South Asian art, this is it,’ says Nishad Avari, Head of South Asian Modern and Contemporary Art at Christie’s. ‘The painting grapples with what it means to be both South Asian and a modern artist.’
Untitled (Gram Yatra) will be offered on 19 March as part of Christie’s South Asian Modern and Contemporary Art sale in New York. Opening 14 March, the pre-sale viewing at Christie’s Rockefeller Center galleries extends a rare opportunity for the public to view the work, which has remained unexhibited and, for most, unseen since its creation more than 70 years ago.
Maqbool Fida Husain (1913-2011), Untitled (Gram Yatra), 1954. Oil on canvas. 35½ x 166⅜ in (90.2 x 422.6 cm). Estimate: $2,500,000–3,500,000. Offered in South Asian Modern and Contemporary Art on 19 March 2025 at Christie’s in New York
‘Husain found inspiration across the globe’, Avari explains, citing the diverse references evident in Gram Yatra. ‘There’s a bold mix of European and East Asian influences throughout his work, but the theme and subject of his paintings are rooted in India.’
In 1952 Husain took his first international trip to China, where he was introduced to the painters Xu Beihong and Qi Baishi. The Indian artist was deeply impressed by the vitality of their paintings, as well as their calligraphic brushwork. Their influence can be seen in the third vignette from the right in Gram Yatra, where the open field is rendered in short expressive strokes.
Each of the 13 vignettes in Untitled (Gram Yatra) offers a glimpse into rural Indian life. The overall composition is anchored by a large central image of a man and woman riding a ox-drawn cart
A detail of the left side of the painting depicts the influences of 20th century European artists, including a Cubist-styled portrait and landscape
A year later, Husain travelled to Europe, where he encountered firsthand the works of Pablo Picasso, Henri Matisse, Paul Klee and Amadeo Modigliani. In Gram Yatra, Avari notes the Cubist-styled portrait and landscape in the lower left corner. The whimsical mastery of Klee is also present, the stylised fish near the top left recalling figures from the Swiss-German artist’s oeuvre.
Alongside these global influences, Husain remained deeply connected to India. In the decade following India’s independence in 1947, Husain’s work increasingly focussed on the country’s historical and visual culture, weaving together rural folk life, mythology and symbolism to capture India’s evolving identity.
Drawing from the tradition of Indian miniature painting, the present painting features a rich colour palette and framed vignettes. Each of the 13 scenes offer a glimpse into village life, reflecting key themes that recur throughout Husain’s visual lexicon.
Themes from Husain’s visual lexicon appear throughout the Untitled (Gram Yatra). On the right-hand side of the canvas a farmer extends his hand beyond his picture plane, physically and metaphorically holding up the land around him. Women also play a central role in the painting, symbolising creation and renewal of the newly independent country
Women play a central role within these vignettes — milking cows, milling grain, riding carts and caring for children — symbolising fertility, creation, and renewal. The depictions extend beyond the domestic sphere, resonating with the broader narrative of a newly independent India striving to define itself.
‘One of my favourite vignettes is the standing farmer,’ Avari says. ‘The farmer is the core element of Indian society, and here he is shown holding up the land — physically and metaphorically.’ By choosing to highlight the farmer, Avari explains, the artist ‘is forcing his viewers to focus on the foundational importance of rural India in the wake of the new nation, even as the country underwent urbanisation.’
Avari considers Gram Yatra ‘the most significant work by Husain to come to the public market in a generation’. He adds, ‘Husain was a very prolific painter, and we’ve encountered numerous works by him over the years — so, that’s saying quite a lot.’
Christie’s South Asian Modern and Contemporary Art team first learned of the painting over a decade ago when they received photographs of it hanging at Oslo University Hospital. ‘Our jaws dropped — we knew we had to see it in person.’
It grapples with what it means to be both South Asian and a modern artist
The painting, which left India the year it was completed, has remained largely unseen since its acquisition by the Ukrainian-born Norway-based doctor Leon Elias Volodarsky, who was in Delhi to establish a thoracic surgery training centre for the World Health Organization. Volodarsky bequeathed the painting to Oslo University Hospital in 1964. Proceeds from its upcoming sale will support the training of future generations of doctors at the institution.
The reemergence of Gram Yatra presents a rare opportunity for scholars, institutions and collectors to engage with a masterpiece that has long been distant from the public spotlight. ‘The work adds so much depth to our understanding of Husain’s early career,’ Avari says. ‘It highlights his commitment to defining what it meant to be a modern Indian artist — and, in turn, what modern Indian art meant to a nation that had only gained independence seven years earlier.’
In advance of the auction, Gram Yatra had something of a homecoming when it travelled to Delhi for pre-sale viewing. Visitors to the exhibitions found the painting ‘spellbinding’, Avari says. ‘Every time you look at this painting, you find a new story or new meaning in one of the vignettes. It’s a fantastic work, and it deserves to be in an institutional collection where more people can see it and gain a better understanding of the artist through it.’
