Cyrus S Poonawalla, industrialist and founder of the Serum Institute of India, recently created a record by buying the most expensive piece of modern Indian art – a painting of Yashoda and Krishna by Raja Ravi Varma. The painting was sold at auction on ₹$167.2 million (approx. $18 million) after an intense bidding war in the sale of Saffronart.
It got over it ₹$118 million was fetched by MF Husain’s Untitled (Gram Yatra), bought by Delhi-based collector Kiran Nadar last year.
Poonawalla said of the painting, “This national treasure deserves to be made available to the public on a regular basis.”
“And I’ll try to make it easier,” he added.
Everything you need to know about Ravi Verma’s Yashoda and Krishna
Painted in the 1890s—during the height of Raja Ravi Varma’s artistic brilliance—Yashoda and Krishna captures a deeply intimate moment of maternal affection through the mythological bond between Krishna and his foster mother. The painting depicts Yashoda milking a cow as the infant Krishna reaches for a cup of milk from behind, drawing the viewer into the scene and “transforming the domestic moment into an experience that suggests participation in a larger, sacred narrative.”
It is considered to be one of Varma’s most significant and evocative compositions.
The iconic image carried a pre-sale estimate ₹80 million crowns ₹120 crore, but eventually the hammer price soared to more than double that estimate.
Saffronart president and co-founder Minal Vazirani called it a defining moment. “Great art has a way of reasserting its timeless value. The record 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.”
“At Saffronart, we are proud to have made this watershed moment possible. It is not only a milestone for the market, but also a powerful reminder of the enduring cultural and emotional resonance of Indian art,” added Vazirani.
Some other notable artworks in the auction:
Another highlight of the auction is Husain’s untitled work depicting the holy city of Varanasi. The monumental work reflects Hussain’s engagement with the rhythms of daily life on the historic ghats of Varanasi, as strong, confident brushstrokes capture the spiritual and cultural complexity of the holy city.
Raza’s “Kundalini” (2001) demonstrates his effort to further refine his most enduring motif, the “bindu,” to its purest expression by moving from a palette of intense primary colors to a largely monochromatic palette of pale yellows and browns, whites, and grays.
Another important highlight is a rare early Kashmiri bronze Buddha statue, formerly in the collection of distinguished collectors Nalini and Haridas Swali.
The early 8th century sculpture depicts the Buddha seated in the meditative position of vajraparyankasana and represents one of the most refined traditions of Himalayan metal casting. The work is characterized by elegant modeling and well-preserved gilding and is an exceptional example of early Kashmiri craftsmanship.
