India Modern Art Boom Spreads Through Spring Auctions 
The “Chokubi” Crisis 
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By: John Elliott
Octogenarian Indian tycoons in the pharma and consumer industries are believed to have been not only the buyer but also the seller of an oil on canvas (below) by Raja Ravi Varma, a famous and stylish 19th century artist, that set an unexpectedly high record price of nearly US$18 million for Indian art last week at a Sa…