Raja Ravi Varma's iconic painting sets a new benchmark for Indian art sales at $17.9 million.
A 19th-century oil painting by Indian artist Raja Ravi Varma, titled Yashoda and Krishna, sold for 1.67 billion rupees ($17.9 million) at a Saffronart auction in Delhi, establishing a new record for Indian artwork.
The painting surpassed the previous record set by MF Husain's Untitled (Gram Yatra), which sold for $13.8 million last year, highlighting the rising value of Indian and South Asian art in auctions.
About the Artist and the Work
Raja Ravi Varma, born in 1848 in what is now Kerala, is recognized as a pioneer of modern Indian painting, blending European techniques with Indian traditions to depict scenes from Hindu mythology.
The artwork portrays a tender moment between the child deity Krishna and his foster mother Yashoda, with Yashoda milking a cow while Krishna waits holding a cup, capturing intricate details in their expressions and ornaments.
Billionaire Cyrus Poonawalla, founder of Serum Institute of India, bought the painting and described it as a 'national treasure' in a Saffronart statement, pledging to make it available for public viewing periodically.
Under India's Antiquities and Art Treasures Act, Varma's works are classified as art treasures, restricting them to Indian buyers and prohibiting export, which adds to their exclusivity.
Saffronart's president Minal Vazirani noted that the sale underscores the cultural and emotional value of Indian art, while Ashish Anand of DAG stated it positions Indian art as a serious financial asset beyond aesthetics.
The painting was offered by a private collector, and its high price reflects growing collector interest in historically significant Indian pieces, as per Saffronart's catalogue.