Step 1: Determine the birth years of the artists to establish their chronological order (from earliest to latest).
(A) Somnath Hore: Born 1921
(B) Satish Gujral: Born 1925
(C) P. V. Janakiram: Born 1930
(D) Ved Nayar: Born 1933
(E) Mrinalini Mukherjee: Born 1949
Step 2: Arrange the artists by birth year.
The correct order from oldest to youngest is Somnath Hore, Satish Gujral, P. V. Janakiram, Ved Nayar, Mrinalini Mukherjee. This corresponds to the sequence (A), (B), (C), (D), (E), which matches option (2).