A landmark 19th-century oil painting by Raja Ravi Varma has established a new record for the most expensive Indian artwork ever sold at auction. The piece, titled Yashoda and Krishna, was purchased for 1.67 billion rupees ($17.9m; £13.6m) during a Saffronart sale held in Delhi on Wednesday.
This transaction eclipsed the previous record of $13.8 million set last year by MF Husain’s Untitled (Gram Yatra), reports BBC.
The painting was acquired by Cyrus Poonawalla, the billionaire founder and managing director of the Serum Institute of India. In a statement issued through Saffronart, Poonawalla described the acquisition as a “national treasure” and expressed his commitment to ensuring the public has periodic opportunities to view the work.
Created in the 1890s during the peak of Varma’s career, the oil-on-canvas work depicts a tender scene from Hindu mythology. It portrays Yashoda milking a cow while a young, playful Krishna stands adjacent, holding a cup.
The Raja Ravi Varma Heritage Foundation noted that the artist’s skill lay in his ability to present the “sacred rendered through the familiar,” highlighting the meticulously detailed textures of jewellery and silk. Born in 1848 in Kerala, Varma is celebrated for bridging the gap between European academic techniques and traditional Indian subject matter.
His works are officially designated as “art treasure” under India’s Antiquities and Art Treasures Act. Consequently, they are prohibited from being exported and must remain with Indian buyers. Industry experts suggest the sale reflects a maturing market for South Asian art.
Minal Vazirani, president and co-founder of Saffronart, remarked that the valuation underscores the “enduring cultural and emotional resonance” of the nation’s artistic heritage. Ashish Anand, managing director and CEO of DAG, observed that this record-breaking sale signifies a shift in perception, with Indian art increasingly viewed as a “serious financial asset” beyond its aesthetic appeal.
He further noted that collectors are now willing to pay significant premiums for works possessing exceptional rarity, historical importance, and clear provenance. Anand also highlighted a rising global appreciation for mythology as a significant and sought-after genre.
