Raja Ravi Varma’ ‘Yashoda and Krishna’ Shatters Records with ₹167.2 Crore Auction Sale

April 4, 2026 — In a historic moment for the global art market, Raja Ravi Varma’s masterpiece, “Yashoda and Krishna,” has set a new benchmark for Indian art. The iconic oil painting was sold for a staggering ₹167.2 crore ($17.97 million) at Saffronart’s Spring Live Auction in Mumbai, making it the most expensive work by an Indian artist ever sold at auction.

The sale, which took place on April 1, 2026, saw intense bidding that far surpassed the initial pre-sale estimate of ₹80–120 crore. The winning bid was placed by billionaire industrialist and founder of the Serum Institute of India, Dr. Cyrus S. Poonawalla, who described the acquisition as a “privilege and a responsibility.”

A New Milestone for Indian Art

This landmark transaction eclipses the previous record held by M.F. Husain’s Untitled (Gram Yatra), which sold for approximately ₹118 crore last year. The jump of nearly ₹50 crore signals a robust and growing appetite for Indian modern and classical art among high-net-worth collectors.

Minal Vazirani, President and Co-founder of Saffronart, hailed the event as a defining moment.

“This is not just a milestone for the market; it is a powerful reminder of the enduring cultural and emotional resonance of Indian art,” she stated.

The Masterpiece: Yashoda and Krishna

Painted in the 1890s during the pinnacle of Varma’s career, the artwork captures a tender, intimate moment between the infant Lord Krishna and his foster mother, Yashoda.

• The Scene: The painting depicts Yashoda milking a cow while a playful young Krishna stands beside her, holding a small golden cup.
• The Technique: Varma is celebrated for his unique ability to blend European academic realism with traditional Indian sensibilities. In this work, the meticulous detail of the silk garments, the gleam of the jewelry, and the lifelike textures of the skin showcase why he is often called the “Father of Modern Indian Art.”
• Cultural Impact: While Varma originally painted for royalty, his legacy is defined by his effort to make art accessible to the masses through his lithographic press, which brought images of Hindu deities into millions of Indian homes.

Preserving a National Treasure

As a “National Treasure” under Indian law, the painting cannot be taken out of the country. Dr. Poonawalla has expressed his commitment to ensuring the public can still appreciate the work.

“This national treasure deserves to be made available for public viewing periodically, and it will be my endeavour to facilitate this,” Poonawalla said in a statement following the auction.

The Rising Value of the “Indian Masters”

The record-breaking sale of Yashoda and Krishna follows a trend of rising valuations for “blue-chip” Indian artists. In recent years, works by Amrita Sher-Gil, V.S. Gaitonde, and Tyeb Mehta have also seen significant price surges, reflecting a shift where Indian art is increasingly viewed not just as a cultural artifact, but as a high-value global asset.

As the Indian art market continues its upward trajectory, experts believe this ₹167.2 crore record may soon be challenged, further cementing India’s position on the international art stage.