Pioneering Indian artist Raja Ravi Varma’s iconic painting Yashoda and Krishna was purchased by billionaire industrialist Cyrus Poonawalla following a short yet highly competitive bidding contest, setting a new record in the Indian art market.
The oil painting achieved a historic sale price of Rs 167.2 crore (approximately $18 million) at Saffronart’s Spring Live Auction held in Mumbai on Wednesday. The final amount significantly exceeded expectations and established a new benchmark for Indian artworks sold at auction.
The winning bid came from Cyrus Poonawalla, founder of the Serum Institute of India, after an intense round of bidding. This sale surpassed the earlier record held by M.F. Husain’s Untitled (Gram Yatra), which had fetched over Rs 118 crore the previous year when acquired by art collector Kiran Nadar.
According to estimates before the auction, the painting was expected to sell for somewhere between Rs 80 crore and Rs 120 crore. However, the final hammer price was nearly double the upper estimate, reflecting both the rarity of the work and its cultural significance.
Speaking about the acquisition, Poonawalla described it as both a privilege and a responsibility. He emphasized that the artwork is a national treasure and expressed his intention to make it accessible to the public at intervals, ensuring that more people can experience its historical and artistic value.
Created in the 1890s during the peak of Raja Ravi Varma’s artistic career, Yashoda and Krishna is regarded as one of his finest masterpieces. The painting portrays a tender domestic scene in which Yashoda is shown milking a cow while the young Krishna playfully reaches out for a vessel of milk. The composition draws viewers into the moment, elevating an everyday scene into one imbued with spiritual and narrative depth.
Before being auctioned, the artwork was part of a private collection based in Delhi.
Raja Ravi Varma, born in 1848 into the royal Kilimanoor family of Travancore, is widely celebrated as a trailblazer in Indian art. He played a crucial role in popularising oil painting in India and was among the earliest artists to merge European academic techniques with Indian mythological themes. His work brought a new visual language to Indian art and gained immense popularity.
In 1894, Varma further expanded his influence by establishing a lithographic press, which enabled the mass production of his artworks. This initiative helped bring depictions of Hindu deities and mythological narratives into ordinary households, making art more accessible to the general public.
