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Record-breaking sale in Delhi
A 19th-century masterpiece by legendary Indian artist Raja Ravi Varma has become the most expensive Indian artwork ever auctioned, fetching 1.67 billion rupees ($17.9 million; £13.6 million) at a Saffronart sale in Delhi on Wednesday.
The oil-on-canvas painting, Yashoda and Krishna, surpassed the previous record held by M.F. Husain's Untitled (Gram Yatra), which sold for $13.8 million last year.
Who bought the painting?
The winning bid came from billionaire Cyrus Poonawalla, founder of the Serum Institute of India, the world's largest vaccine manufacturer. In a statement released by Saffronart, Poonawalla called the work a "national treasure" and pledged to make it available for public viewing periodically.
"It will be my endeavour to facilitate this going forward."
Cyrus Poonawalla, Serum Institute of India
Why the painting is significant
Created in the 1890s at the peak of Varma's career, Yashoda and Krishna depicts a tender moment between the Hindu deity Krishna as a child and his foster mother, Yashoda. The scene shows Yashoda milking a cow while Krishna stands nearby, holding a cup with a playful expression.
The Raja Ravi Varma Heritage Foundation, which preserves the artist's legacy, described the work as a masterful blend of the sacred and the familiar. "The textures of silk, the gleam of jewellery, the softness of skin, and the gentle stillness of the cow together create a scene that is both devotional and intimate," the foundation wrote on Instagram ahead of the auction.
Varma's legacy and market impact
Born in 1848 in present-day Kerala, Varma is celebrated as a pioneer of modern Indian art. His realistic portrayals of Hindu epics and mythology broke from traditional iconography, making deities like Krishna feel more relatable. Art historians credit him with bridging the gap between divine figures and everyday emotions.
Under India's Antiquities and Art Treasures Act, Varma's works are classified as "art treasures," prohibiting their export and restricting sales to Indian buyers. This exclusivity, combined with growing demand, has driven prices to new heights.
What this means for Indian art
Minal Vazirani, president of Saffronart, called the sale a "powerful reminder of the enduring cultural and emotional resonance of Indian art." Ashish Anand, CEO of DAG (formerly Delhi Art Gallery), noted that the record would elevate perceptions of Indian art as a serious financial asset, not just an aesthetic indulgence.
"The best works-those with provenance, rarity, and historical significance-are now commanding extraordinary prices, reflecting the maturing of the market."
Ashish Anand, DAG
Experts also point to mythology as an increasingly desirable genre in the global art market. However, many masterpieces by Varma and other icons like Amrita Sher-Gil and V.S. Gaitonde remain in private collections or rarely appear at auction, further fueling competition.
Auction details
The painting was consigned by a private collector, according to Saffronart's catalogue. The sale underscores a broader trend of rising demand for South Asian art, with collectors willing to pay premiums for works with deep cultural roots.
