Industrialist Cyrus S Poonawalla has set a new benchmark in the Indian art market by purchasing Yashoda and Krishna, a celebrated work by Raja Ravi Varma, for ₹167.2 crore at a Saffronart auction. The deal makes it the most expensive piece of Indian art ever sold.
The acquisition surpasses the previous record of ₹118 crore set last year by M F Husain’s Untitled (Gram Yatra), bought by collector Kiran Nadar, underscoring the growing strength and global appeal of Indian art.
Poonawalla, founder of Serum Institute of India, said the painting would be made available for public viewing periodically, calling it a national treasure.
Painted in the 1890s, widely regarded as the peak of Raja Ravi Varma’s artistic career, Yashoda and Krishna captures an intimate moment between the child Krishna and his foster mother Yashoda. The composition portrays Yashoda milking a cow while the young Krishna reaches out for a vessel of milk, blending domestic life with mythological depth.
The work is considered one of Varma’s most evocative compositions, reflecting his mastery in bringing Indian mythology into a naturalistic, accessible form.
The painting carried a pre-sale estimate of ₹80 crore to ₹120 crore, but the final bid soared well beyond expectations, highlighting robust demand for rare, museum-quality Indian works.
The record sale marks a defining moment for the Indian art market. It signals rising investor confidence and renewed interest in culturally significant works, particularly those by iconic masters such as Ravi Varma.
Saffronart described the sale as a milestone that not only sets a new price benchmark but also reinforces the enduring emotional and cultural resonance of Indian art.
The auction also featured notable works across categories:
A major MF Husain painting depicting Varanasi, reflecting the artist’s engagement with the spiritual and everyday life of the ghats
SH Raza’s Kundalini (2001), which refines his signature ‘bindu’ motif through a subdued, near-monochromatic palette
A rare early 8th-century Kashmiri bronze sculpture of Buddha, noted for its refined craftsmanship and well-preserved gilding
Together, the results underline both the depth of India’s artistic heritage and the increasing willingness of collectors to pay a premium for rare and historically significant works.
