Raja Ravi Varma's Yashoda & Krishna sells for over Rs 167 crore. Buyer is global vaccine tycoon

Industrialist Cyrus S. Poonawalla has secured Raja Ravi Varma’s celebrated painting Yashoda and Krishna, setting a new benchmark for modern Indian art at auction.

The masterpiece fetched an extraordinary Rs 167.2 crore (approximately $18 million) at a Saffronart auction, following an intense bidding battle. This landmark sale comfortably surpasses the previous record held by M. F. Husain’s Untitled (Gram Yatra), which sold for over Rs 118 crore just last year.

A Landmark Moment for Indian Art

Poonawalla described the acquisition as both an honour and a responsibility.


He emphasised the cultural significance of the artwork, stating that such a national treasure should be made accessible to the public.

He expressed his intention to ensure that the painting is periodically available for viewing, allowing a wider audience to experience its beauty and heritage.

“This national treasure deserves to be made available for public viewing periodically,” he said.

This sale is being widely regarded as a turning point for the Indian art market.

Raja Ravi Varma: A Pioneer of Indian Art

Born in 1848 in the princely state of Travancore, Raja Ravi Varma remains one of India’s most celebrated artists. He is renowned for blending European artistic techniques with Indian themes, creating a unique visual language that resonated across cultures.

Varma’s influence extended beyond elite circles. In 1894, he established a lithographic press that allowed his artworks to be reproduced as affordable prints. This innovation brought depictions of Hindu deities into ordinary homes, shaping the visual imagination of generations. Even today, his portrayals continue to define how many people envision Indian gods and mythological figures.

The Timeless Appeal of Yashoda and Krishna

Painted during the 1890s, widely considered the peak of Varma’s artistic career, Yashoda and Krishna captures an intimate moment of maternal affection between the infant Krishna and his foster mother, Yashoda. The painting stands out for its emotional depth, delicate composition, and masterful use of light and detail.

Before the auction, the artwork carried an estimated value between Rs 80 crore and Rs 120 crore. However, the final sale price far exceeded expectations, underlining its immense cultural and artistic importance.

Saffronart president and co-founder Minal Vazirani described the sale as a defining moment. According to her, the record-breaking price is not merely about market value but reflects the enduring emotional and cultural resonance of Indian art.

"This is not just a milestone for the market, it is a powerful reminder of the enduring cultural and emotional resonance of Indian art,” he said.

This milestone signals a broader shift, where Indian artworks are gaining recognition not only as cultural treasures but also as significant investment assets.

As collectors increasingly seek pieces with historical depth and emotional appeal, works by masters like Raja Ravi Varma are likely to command even greater attention in the years to come.

Inputs from TOI