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"There is a Christie’s auction in Bombay next week, are you going?” Russi Mody, a friend and colleague, was telephoning from Jamshedpur. "Yes,” I replied, "I am.” "Have you been to an auction before?” "Yes, but my only experience of an auction is that I once bid at Sotheby’s in London.” "What did you bid for?” Russi asked. "I was interested in a Stradivarius and I have never ceased to regret that I missed it. I went up to my limit of £ 20,000 but it went for £ 24,000. It would be worth at least £ 250,000 now. But we all have these regrets after the event.”

Russi was not interested in such frivolous talk. He had a more serious agenda. "I want to bid for the Husain. He has done a painting of Mother Teresa,” he told me. I fancied myself an expert, because I owned two Husains. "OK, I will go and see it and tell you whether it is a good work and if so what it is worth. Have you seen it yourself?” I asked. "No, I have not. Husain has been a good friend and he has done a couple of paintings for me free, including one called Bundahishn for our movie about the Parsis. I must buy his painting, especially as he told me about it. In Calcutta, Mother Teresa is regarded as a saint, and we would get some public sympathy out of acquiring and exhibiting it. Mother Teresa has done much for our company in Jamshedpur, providing relief to the adivasis living in and around our city.”

Next day I saw the painting and telephoned Russi. "It is a very good work, very dramatic. You will love it. I think it is worth Rs 1,00,000. I guess in view of the special favors done to you, you could go up to Rs 1,50,000.”

Russi replied, "I want you to do me a favor, Minoo. I cannot travel to Bombay for this auction. Can you bid for me? You could bid more if you wish.”

"Give me a limit,” I said. Russi replied, "Carte blanche! Come hell or high water I want the painting, Half a million! Million!”

"Russi,” I cautioned, "You are out of your mind — you are way over the market price. No need to go overboard. It will not fetch anything over Rs 2,00,000. But listen, if you are so keen, you should come and bid for it yourself. I do not want to take the responsibility of acting on your carte blanche.” However Russi insisted that I bid for him and I reluctantly agreed to go.

Although I liked the painting I had mixed feelings about Husain. I admired his talents, but was disappointed with him because of the manner in which he had supported Indira Gandhi during the Emergency. In particular I recall having been disgusted with a large mural he displayed at the Cricket Club of India showing Indira as the goddess Durga.

Auction day. Everyone turned out in dazzling attire — especially society ladies who turned up in full force in their regalia. It was the first art auction in India by an international auction house. There were more than 30 paintings by contemporary Indian artists. It was a special occasion and the chandeliered ballroom of the Taj Mahal Hotel was filled to capacity. There must have been over a thousand people. A publicity blitz by Christie’s had preceded the auction — a part of their effort to establish a presence in India which was not legally permitted. But at least for this their first auction, and India’s first, there was a frenzy of excitement. Everyone wanted to be seen there and if you did not get an invitation, or could not wangle one, you did not belong.

I planted myself in the first row. There was such a rush to get to the front that my wife was unable to get a seat and had to go to the back of the hall. She, however, enjoyed the position as she was able to see who was bidding, and for what, which I could not do because the bulk of the participants were seated behind me. I acquired a Gaitonde for Rs 20,000, and thought it was an excessive price and way beyond what I could afford. Husain’s Mother Teresa was the last painting in the auction — to create dramatic impact. No one had any doubts that it would fetch a higher price than any other painting.

I was rather upset that my wife was not sitting with me, especially because a very charming lady friend had ensconced herself next to me. Tall and graceful, she was always fashionably dressed and bedecked with jewelry. She did not bid for any of the paintings but kept track of who bought what, and at what price. Curious to know what I was going to bid for, she kept me entertained with her chatter.

At last, the Husain came under the hammer. The limit of Rs 2,00,000 was quickly passed. Sitting in the front row I could not see who was bidding against me. But it was clear to my wife at the back of the hall that I was bidding against Harsh Goenka. A businessman who was building up his corporate art collection. Rs 2,50,000… Rs 3,00,000… Rs 4,00,000. I was beginning to lose my nerve. This was a ridiculous price to pay, even though I had carte blanche. How long will this crazy man bid against me? Who is he, anyway? Stretch me to half a million? A million? Were Christie’s playing a game with me, putting up a bogus bidder to jack up the price? I had always suspected such underhand dealings although, at that time, Christie’s had a clean reputation. Finally I knocked down the painting for Rs 5,00,000. Undoubtedly, an excessive price. I hoped Russi would not disapprove. I had not anticipated what a sensation this would create. The charming lady friend sitting next to me was transported into the heavens, finding herself next to a nonentity who had suddenly turned into a celebrity. I immediately became the cynosure of all eyes and was photographed beside the painting. I was on the front page of all the newspapers the next morning. The charming lady who appeared in some of the photographs with me was erroneously identified as my wife, which of course did not go down well with the authentic one. For weeks thereafter, the magazines ran stories about the auction and no one quite believed me when I said that I had bought the painting for a friend. Few realized then that this auction launched Husain’s reputation into the stratosphere and his prices assumed an upward trajectory from that day. Until this auction few artists’ works were priced above Rs 1,00,000. Russi himself was very pleased with the purchase, which is now the property of the Tatas.

Former Tata directors, Russi Mody was managing director of Tata Iron and Steel Company while Minoo Mody was chief executive of Tata Sons.