"It will be my endeavour to facilitate this going forward."
A 19th-century painting by iconic artist Raja Ravi Varma has set a new auction record, becoming the most expensive Indian artwork ever sold.
The painting, Yashoda and Krishna, fetched Rs. 1.67 billion rupees (£13.6 million) at a Saffronart auction in Delhi.
It surpassed the previous record held by MF Husain’s Untitled (Gram Yatra), which sold for £10.6 million in 2025.
Varma, born in 1848 in present-day Kerala, is widely regarded as a pioneer of modern Indian painting. He remains one of the subcontinent’s most influential artists.
The painting was bought by billionaire businessman Cyrus Poonawalla, founder and managing director of the Serum Institute of India.
In a statement released by Saffronart, Poonawalla described the work as a “national treasure”, adding that it “deserves to be made available for public viewing periodically”.
He added: “It will be my endeavour to facilitate this going forward.”
Varma’s works are classified as “art treasure” under India’s Antiquities and Art Treasures Act. They cannot be exported and can only be sold to Indian buyers.
Minal Vazirani, president and co-founder of Saffronart, said the valuation was a “powerful reminder of the enduring cultural and emotional resonance of Indian art”.
Ashish Anand, CEO and managing director of DAG (formerly Delhi Art Gallery), said the record sale would influence the wider art market.
He said it was “giving rise to Indian art being viewed as a serious financial asset and beyond its value for aesthetics and personal delight”.
According to Saffronart’s catalogue, the painting was put up for auction by a private collector. Varma’s realistic depictions of Hindu epics are widely recognised in India. Prints of his works are often found in household shrines.
Yashoda and Krishna is an oil-on-canvas painting from the 1890s. It shows a tender moment between the Hindu deity Krishna as a child and his foster mother Yashoda.
In the painting, Yashoda is milking a cow while Krishna stands beside her holding a cup. The child has a mischievous look, while Yashoda’s face reflects warmth and care. Their ornaments are minimal but intricately detailed.
The image of Krishna and Yashoda has inspired artists across South Asia, in songs, temple carvings, and local painting traditions. Varma portrayed them more naturally, art historians note.
The record sale highlights growing collector interest in Indian art with historical and cultural significance.
Anand said there is a “clear shift in how Indian art is being perceived”.
He explained: “As the market matures and benchmarks rise, collectors are recognising both its cultural and financial value.
“The best works – those with provenance, rarity and historical significance – are now commanding extraordinary prices, reflecting the maturing of the market.”
Experts note exclusivity is also pushing prices higher. Many masterpieces by Varma, Amrita Sher-Gil, and VS Gaitonde are either privately held or rarely auctioned.
Anand added that there is also a growing recognition of mythology as a serious and desirable genre in the global art market.
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