An oil painting by Raja Ravi Varma has become the most expensive work of modern Indian art ever sold at an auction after fetching Rs1.67bn (£13.4m) at a sale.
The 19th-century work, Yashoda and Krishna, was sold at Saffronart’s Spring Live Auction in the city of Mumbai following competitive bidding, surpassing its pre-sale estimate of Rs800m–Rs1.20bn (£6.5m -£9.78m).
It broke the previous record of over Rs1.18bn (£9.62m) set by MF Husain’s Untitled (Gram Yatra).
Painted in the 1890s at the height of Varma’s career, the composition depicts a domestic scene drawn from Hindu mythology.
Yashoda, the foster mother of the infant god Krishna, is shown milking a cow while the child reaches for a goblet of milk behind her.
The scene has been described as transforming an everyday moment into something that suggests participation in a larger sacred narrative, and is widely regarded as one of the artist’s most significant works.
The painting was acquired by Cyrus S Poonawalla, managing director of the Serum Institute of India, who said in a statement: “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,” he was quoted as saying by NDTV.
Despite that pledge, questions remain about how frequently the work will be accessible to the public. Reflecting this uncertainty, a member of the Travancore royal family, Pooyam Thirunal Gouri Parvathi Bayi, told The Hindu: “It remains to be seen how the collector will ensure that this work is able to be seen and appreciated by art lovers.”
The sale marks a sharp escalation in valuations for Indian art, with the final price significantly exceeding expectations.
Minal Vazirani, president and co-founder of Saffronart, told the outlet: “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.”
Varma, born in 1848 in Kilimanoor in present-day Kerala, is often described as a foundational figure in modern Indian art.
Known for combining European techniques of oil painting with Indian themes, he produced thousands of works, many inspired by epics such as the Mahabharata and Ramayana. His portrayals of deities such as Lakshmi, Saraswati and Vishnu helped shape widely recognised visual representations of Hindu mythology.
Although he gained prominence among aristocratic patrons across India, Varma also sought to broaden access to art. In 1894, he established a lithographic press in Bombay to reproduce his paintings as oleographs, allowing wider circulation of his work. These prints remained influential well into the 20th century and inspired later popular visual culture, including illustrated comic series.
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