This portrait of the imposing figure of Rawat Gokal Das celebrating 'holi' with his consorts (fl. 1761-1814) was consigned by a collector who bought the piece two decades ago for a modest $125, according to New York auction house Bonhams.

Dated 1808 and measuring 16 x 22 inches this work is a rare representation of Bagta's larger scale depiction.

Bagta was featured in the landmark exhibition which opened at the Museum Rietberg, Zurich, and was on display at the Metropolitan Museum of Art, New York's 'Wonder of the Age, Master Painters of India, 1100-1900' exhibition until recently.

"It was truly incredible to witness the sale of this work come to fruition. Bringing in a lot of this calibre has proven to be not only a highlight of my career but also a highlight for Bonhams and for this 2012 Asia Week," said Edward Wilkinson, Bonhams department specialist.