He studied engraving while also following courses in theory at the École Pratique des Hautes Études, the Sorbonne and at the École du Louvre. In 1984 he was awarded the Drouant-Cartier Prize. Karavousis is considered to be one of the main representatives of contemporary Greek metaphysical painting. His work references Morandi, Giorgio de Chirico, Carlo Carra and the legacy of Greek history.
Karavousis held many solo shows in Greece, such as at the Ora Cultural Center, 1971 and 1976, Galerie Zygos, 1978, Galerie Hyacinthe, 1984, in France, such as Galerie Coard, and Galerie Nicola Deman in Paris and participated in many prestigious group exhibitions such as: the 1974-1990 Salon Comparaisons, Paris, the 1975-1987 Salon de la Société National des Beaux Arts, Paris, the 1977 and 1978 FIAC, Paris, the 1979 Sao Paolo Biennale, the 1990 Bibliothèque Nationale, Paris and the 1993 ‘Art & Patrimoine’ exhibition in Paris, just to name a few.
He was a member of the Greek Chamber of Artists and of the Société Nationale des Beaux-Arts. His work can be found in many public and private collections, notably: The National Gallery, Athens, The Athens Municipal Gallery, The Pinakothiki Kouvoutsakis, The V. and E. Goulandris Museum, The Averoff Gallery, The National Bank of Greece, The Musée d’Art Moderne, Paris and the Bibliothèque Nationale, Paris.