Yashoda and Krishna, the 1890s painting by Raja Ravi Varma, set a new record as the most expensive work of Indian art ever sold, fetching Rs 167.2 crore.
The Delhi-based private collection piece went under the hammer at Saffronart's Spring Live Auction in Mumbai and was sold after a relentless seven-minute bidding session on Wednesday.
According to The Times of India, Serum Institute founder Cyrus S Poonawalla's purchase of the masterpiece has revitalised the Indian art market. Poonawalla viewed his purchase as more than a private acquisition, calling it a public responsibility, "This national treasure deserves to be displayed to the public periodically, and I will make it my endeavour to ensure that happens."
Previously, the record for the most expensive Indian painting was held by MF Husain's 1954 Untitled, Gram Yatra, which sold for Rs 118 crore at a Christie's auction in March 2025.
The Saffronart website's catalogue, citing the observations of Ganesh Shivaswamy, a collector and writer, describes the painting as bringing to life a specific stanza from the tenth book of the Shrimad Bhagavatam. It portrays an intimate moment in which Krishna's mother, Yashoda, busy milking and churning butter, is approached by the infant form of the divine seeking her milk. Rendered in Varma's signature realist style, the oil on canvas masterfully employs chiaroscuro to create a dramatic interplay of light and shadow.
"This is a defining moment," stated Ashish Anand, managing director of DAG. He described Yashoda and Krishna as the "Mona Lisa of Indian art", noting its resonance with universal themes like the Madonna and Child. The masterpiece did not just break the world record, it did so with conviction, securing Rs 167.2 crore-surpassing its lower estimate by Rs 87.2 crore and marking an increase of over 100%.
Reflecting on the sale's implications for the wider industry, 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 through the entire Indian art market, giving rise to Indian art being viewed as a serious financial asset, beyond its value for aesthetics and personal delight."
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