Varma's oil on canvas painting, estimated between Rs 12-18 crores, features the Maharaja and his younger brother welcoming Richard Temple-Grenville, the third Duke of Buckingham and Chandos, Governor-General of Madras (1875-80), on his official visit to Trivandram.
Also part of the sale will be Akbar Padamsee's "Grey Nude"(1960), estimated between Rs 1.5 - 2 crore.
In the 1973 work, Gaitonde creates a deep, smouldering crimson surface, interspersed by dark horizontal bands that appear palpably dynamic.
Two yellow orbs punctuate the painting in the middle, while a larger dark circle emerges from the lower half. The artist is believed to have conjured a "deeply spiritual world evoking associations of nature and philosophy through this delicate balance between colour, space, light and texture".
"The selection and appointment of Saffronart as the official auctioneer on behalf of the Tax Recovery Officer, Central-3, Mumbai, Income Tax Department, Government of India, is a distinct honour for us.
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