Painted in the 1890s, when Raja Ravi Varma was at the height of his prominence, the canvas ‘Yashoda and Krishna’ sold for a remarkable Rs 167.20 crore at Saffronart’s Spring Live Auction, setting a new world record for the highest value a work of Indian art ever sold at an auction.

The sale that took place in Mumbai on April 1 saw an intense bidding of seven minutes for the work that came from a private collection in Delhi and had a pre-sale estimate of ₹80–120 crore (USD 8.6–12.9 million). It was acquired by Dr Cyrus S. Poonawalla, Managing director of the Serum Institute of India. In a release, he noted, “I am privileged to have the opportunity to acquire, preserve, and care for the iconic Raja Ravi Varma painting Yashoda and Krishna. This national treasure deserves to be made available for public viewing periodically, and it will be my endeavour to facilitate this going forward.”

Previously the record for the most expensive work of Indian art sold at an auction was held by MF Husain’s 1954 Untitled (Gram Yatra) that fetched Rs 118 crore at a Christie’s auction in March 2025.

Depicting Yashodhara milking a cow with an infant Krishna standing behind her, the oil on canvas is painted in Varma’s recognised realist style with chiaroscuro technique, contrasting light and dark. A note on the canvas on the Saffronart website quotes writer and collector Ganesh V Shivaswamy explaining how the work “… captures the scene of a stanza in the eighth discourse of the tenth book of the Shrimad Bhagavatam. It describes the moment when Yashoda is milking the cow and churning the butter and infant Krishna approaches her for milk.”

Commenting on the sale, Minal Vazirani, President and Co-founder, Saffronart, noted, “Great art has a way of reaffirming its timeless value. The record-breaking sale of Raja Ravi Varma’s work not only underscores the strength of the art market, but also sets a new benchmark as the highest-value work of Indian art ever sold. At Saffronart, we are proud to have facilitated this landmark moment. It is not just a milestone for the market, but a powerful reminder of the enduring cultural and emotional resonance of Indian art.”

Ashish Anand, CEO and Managing Director of DAG, noted, “This is a defining moment for the Indian art market. At ₹167.2 crore, Raja Ravi Varma’s Yashoda and Krishna—a universal subject reminiscent as much of Madonna and Christ, or of any mother and child, and arguably the most iconic and desirable work, the Mona Lisa of Indian art—has not only achieved a new world record, it has done so with conviction, more than doubling its lower estimate of ₹80 crore, exceeding it by ₹87.2 crore—an increase of over 100 per cent.”

Commenting on how the sale is also indicative of the broader market, Anand added, “What this result demonstrates is depth: depth of demand, depth of scholarship, and depth of confidence in works of true art-historical importance. Ravi Varma has long been central to India’s visual imagination; today, the market has aligned with that significance at the highest level… The impact of this world record will percolate down to the entire Indian art market giving rise to Indian art being viewed as a serious financial asset and beyond its value for aesthetics and personal delight.”

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