NEW DELHI: A record $18 million ( ₹167.2 crore, including buyer’s premium) the sale of Raja Ravi Varma’s Yashoda and Krishna at Saffronart’s Spring Auctions in Mumbai late Wednesday set a new record for Indian art, surpassing the $13.75 million fetched by MF Husain’s Gram Yatra at Christie’s in New York last March.
The sale, in which every lot was sold, underscores the growing demand for rare Indian pieces and raises the question of whether the market is being structurally reassessed.
“The sale signals both the sophistication of India’s high-end art market and the growing financial strength of Indian collectors. This is a benchmark for both value and market strategy,” said independent art critic Uma Nair, who spoke to Mint about the auction.
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“This is a broader trend: the exuberant wave of wealth in the hands of Indian collectors and the country’s emergence as an indicator of economic prosperity. The question now is whether this is a one-off hit by rarity or the beginning of a re-evaluation of historically significant Indian artists. The auction house’s approach shows how a concentrated network of buyers and sellers can create world records,” said Nair.
The painting, sold to Cyrus S. Poonawalla, Director General of the Serum Institute of India, dates from the 1890s, when Varma was at the height of his career. Depicting the infant Krishna with his foster mother Yashoda, the work reflects the artist’s blend of realism and Indian mythology. Very few of his oil paintings remain in private hands, a rarity that contributed to the record price. The work is also a non-exportable national treasure and registered antiquity.
“I am honored to have the opportunity to acquire, preserve and care for Raja Ravi Varma’s iconic painting of Yashoda and Krishna. This national treasure deserves to be made available to the public on a regular basis and I will endeavor to facilitate this in the future,” Poonawalla said in a statement.
“Great art has a way of reasserting its timeless value. The record-breaking sale of a Raja Ravi Varma work not only underscores the strength of the art market, but also sets a new benchmark as the most valuable piece of Indian art ever sold. It is not only a milestone for the market, but also a powerful reminder of the enduring cultural and emotional resonance of Indian art.
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The sale builds on a number of high-value transactions in recent years, including Husain’s Gram Yatra and Amrita Sher-Gil’s The Story Teller, which sold for ₹61.8 million in 2023. Together, these results point to a market where scarcity, capital and curation are increasingly influencing outcomes.
The painting was shown at the India Art Fair by Ashish Anand of the Delhi Art Gallery. It also commemorates Varma’s presence in major exhibitions, including the National Gallery of Modern Art, Delhi’s 1994 “100 Years of NGMA Collection” show. Art historian Geeta Kapur has called Varma “the father of modern Indian art”, and his works continue to be highly prized by collectors.
Ashish Anand, CEO and MD of DAG (formerly Delhi Art Gallery), said, “This sale is a defining moment for the Indian art market. Yashoda and Krishna by Raja Ravi Varma ₹167.2 crore not only sets a world record but also shows that high-end Indian art is now a serious investment, with a sophisticated collector base driving demand and preserving the country’s cultural treasures.
For collectors, the appeal lies in the combination of rarity and historical weight. Varma’s technical prowess, emotive content and cultural resonance have long made his works blue-chip—qualities that are now translating into record prices in a tightening supply environment.
“Scarcity, relationships and strategy are as much a part of business as the artwork itself,” added Nair. “Ravi Varma has always been a blue-chip and this record underlines the growing professionalism and sophistication of the Indian market.”
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