Record Sale of Raja Ravi Varma’s Painting at $17.9 Million
By Darren Smith, Arts Reporter
April 4, 2026, 8:05 PM PST
MUMBAI — A 19th-century oil painting by Raja Ravi Varma has shattered the auction record for Indian art, selling for $17.9 million (₹167.2 crore) at Saffronart’s Spring Live Auction and underscoring growing global demand for modern Indian masters.
Titled Yashoda and Krishna (ca. 1890s), the work depicts the Hindu deity Krishna as a child in a tender domestic scene with his foster mother Yashoda as she milks a cow. The painting hammered for $15 million after intense bidding, with buyer’s premium bringing the final price well above its pre-sale estimate of $8.6 million to $12.9 million.
The buyer is Cyrus S. Poonawalla, the Indian pharmaceutical billionaire and founder of the Serum Institute of India, known for his pivotal role in global vaccine development. Saffronart confirmed the acquisition, describing it as the highest price ever achieved by an Indian artist at auction worldwide.
Raja Ravi Varma (1848–1906), widely regarded as the “Father of Modern Indian Art,” pioneered a distinctive style that fused European academic realism with Indian mythological themes. His original oil paintings are classified as national treasures in India and are legally prohibited from export, making high-quality works exceptionally rare on the open market.
This sale more than quadrupled Varma’s previous personal record of $4.5 million, set in 2023 for another depiction of the same subject. It also surpasses the prior benchmark for any Indian painting, held by M.F. Husain’s Untitled (Gram Yatra), which realized approximately $13.8 million in 2025.
The result reflects surging confidence in modern Indian masters amid a recovering global art market. A Saffronart representative stated that the strong bidding “underscores the increasing cultural and financial recognition of India’s artistic heritage both domestically and internationally.”
Poonawalla has indicated plans to share the painting periodically with the public, acknowledging its status as a national treasure.
Art historians note that Varma’s technically accomplished yet accessible style helped popularize Indian mythology through affordable lithographs during his lifetime, while his rare original oils have long commanded elite prices among serious collectors. The painting’s rich narrative, luminous palette, and deep cultural resonance continue to drive its appeal.
The record arrives as India’s contemporary and modern art scene gains further prominence on the world stage, with historical works by pioneering figures increasingly competing alongside Western blue-chip names. It also highlights the role of high-net-worth Indian collectors in shaping market dynamics for cultural heritage.
Darren Smith is an Arts Reporter at Art Chain News covering contemporary art, digital art and NFTs, body art, and the intersections between these fields.
This article is based on auction house statements, direct reporting, and institutional analysis.
