Raja Ravi Varma’s ‘Yashoda and Krishna’ Sells For ₹167 Crore, Breaking All Modern Indian Art Records

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This 1st of April 2026, Indian art made history. Raja Ravi Varma's Yashoda and Krishna was sold for ₹167.2 crore (around $18 million) at Saffronart's Spring Live Auction in Mumbai, setting a record for modern Indian artwork. It's a celebration of India's rich artistic heritage, a moment that reminds us how our stories, our legends, and our talent continue to captivate the world.

What Happened

Photo Credit: Instagram@ravi_varma_heritage_foundation/art_in_scapes

The auction was charged with excitement as collectors and art enthusiasts watched the bidding unfold. The final price of ₹167.2 crore far exceeded the pre-auction estimate of ₹80-120 crore, making it one of the most talked-about moments in India's art scene. This sale also set a new benchmark for modern Indian artworks, signaling a shift in how the global market values Indian masters.

Record-Breaking Sale Of The Raja Ravi Varma Painting

Before this, the record for a modern Indian artwork was held by M. F. Husain's Untitled (Gram Yatra), which sold for over ₹118 crore at Christie's in 2025. Yashoda and Krishna didn't just break the record-it shattered it, reflecting both the artwork's timeless appeal and the growing appetite for Indian masterpieces on the world stage.

Who Bought The Raja Ravi Varma Painting

The buyer is none other than Cyrus S. Poonawalla, the industrialist and founder of the Serum Institute of India. Speaking about the acquisition, Poonawalla called it a "privilege and a responsibility," hinting at his plans to allow public access to the painting periodically. For him, it's not just a purchase, it's a way to share India's artistic heritage with a wider audience.

About The Raja Ravi Varma Painting

Painted in the 1890s, Yashoda and Krishna captures a tender, intimate moment from Hindu mythology-the infant Lord Krishna in the care of his foster mother, Yashoda. The piece exemplifies Varma's skill at blending European realist oil techniques with Indian themes, a combination that helped define modern Indian art. Its emotional depth and technical mastery make it one of Varma's most beloved works.

What Makes This Sale Historic

Experts say this sale signals strong demand for Indian masters, attracting both domestic and international collectors. The price reflects not only financial value but also the deep cultural significance of the work, reinforcing Varma's enduring legacy in Indian art. For the Indian art market, this could be a defining moment, one that inspires confidence and curiosity among a new generation of collectors.

Raja Ravi Varma's Yashoda and Krishna is a piece of history, a symbol of artistry, and now, a record-setting icon in the world of modern Indian art. With collectors like Cyrus Poonawalla bringing such works into the spotlight, Indian art continues to claim its place on the global stage, proving that its beauty, significance, and value are truly timeless.