Raja Ravi Varma's iconic oil painting, 'Yashoda and Krishna', recently sold for a record ₹167.2 crore, approximately $18 million, at a Saffronart auction in Mumbai. The sale of the masterpiece sets a new benchmark for modern Indian art, making it the most expensive work in this category ever sold at auction. Industrialist Cyrus S. Poonawalla, founder of the Serum Institute of India, acquired the historic artwork after an intense bidding war on Wednesday, April 1, 2026.[thehindu+7]
A New Benchmark for Indian Art
The sale price of ₹167.2 crore far exceeded the painting's pre-auction estimate, which ranged from ₹80 crore to ₹120 crore. This final figure more than doubled the lower estimate, highlighting the strong and growing value of Indian art among global collectors. The previous record for modern Indian art was held by M.F. Husain's 'Untitled (Gram Yatra)', which fetched over ₹118 crore, or about $13.8 million, last year.[thehindu+5]
Minal Vazirani, president and co-founder of Saffronart, called the sale a "defining moment" for the Indian art market. She emphasized that the record-breaking price reflects more than just market value. It shows the deep emotional and cultural importance of Indian art. Ashish Anand, CEO and Managing Director of DAG, also noted the significance, calling 'Yashoda and Krishna' the "Mona Lisa of Indian art". He stated that its universal subject, reminiscent of a mother and child, resonates widely.[thehindu+10]
The Vision of Raja Ravi Varma
Raja Ravi Varma, born in 1848 in the princely state of Travancore, is considered a pioneer of modern Indian art. He was celebrated for his unique ability to blend European academic realism with traditional Indian mythological themes. His oil paintings brought Hindu gods and goddesses to life in a way that had not been seen before, shaping how millions of Indians envision their deities even today.[timesofindia+4]
The painting 'Yashoda and Krishna' was created in the 1890s, a period when Varma was at the peak of his career. It captures a tender and intimate scene: infant Krishna, rendered in soft, glowing tones, leans into his foster mother Yashoda. The artwork skillfully portrays maternal love and divinity, transforming a simple domestic moment into a sacred narrative. This particular piece is one of the artist's most celebrated compositions.[m+13]
A National Treasure for Public Viewing
Cyrus S. Poonawalla expressed his honor and responsibility in acquiring the painting. "This national treasure deserves to be made available for public viewing periodically," Poonawalla stated. He added that it would be his goal to ensure this happens going forward. Poonawallais known for his extensive art collection, which includes both European and Indian masterpieces.[timesofindia+10]
The painting was part of a private collection in Delhi before the Saffronart auction. Works by Raja Ravi Varma are classified as national treasures in India, which means they cannot be exported. This classification ensures that such significant cultural artifacts remain within the country, further underscoring their importance to India's heritage. The acquisition by Poonawalla, a prominent Indian industrialist, reinforces the commitment to preserving and celebrating the nation's artistic legacy.[theartnewspaper+4]
This record-breaking sale highlights the strong and ongoing demand for high-quality Indian art globally. It also reaffirms Raja Ravi Varma's enduring legacy and his pivotal role in shaping modern Indian artistic expression. The acquisition by a private collector who intends to share it with the public ensures this masterpiece will continue to inspire for generations to come.[m+2]
