Osian Art Fund, the charismatic Neville Tuli’s brainchild, has come under a lot of pressure as it struggles to return capital to investors and fend off lawsuits from auction houses. Forbes India takes the opportunity to delve deeply into the tale of Tuli, his rise and dance along the precipice, as he borrowed money from a Dubai hedge fund, Abraaj and tries to stay one step ahead of a liquidity crunch:

In June 2006, just when the stock market was down but the art market peaked, Neville Tuli announced the launch of an art fund amid an economic boom. All markets were awash with liquidity. The art market was estimated to be growing at nearly 100 per cent. A clutch of banks led by BNP Paribas and ABN Amro referred their wealthy clients to buy units in Osian’s Art Fund and in return got hefty fees of up to 20 per cent in some transactions, according to a person who was involved with the issue. The banks together earned nearly Rs. 5.5 crore. The fund raised an unprecedented Rs. 102 crore. Continue Reading