Raja Ravi Varma’s Yashoda and Krishna goes under the hammer ₹167.2 crore setting a new auction record for Indian art

Painted in the late 19th century, Raja Ravi Varma’s Yashoda and Krishna is one of the artist’s most iconic works—a portrait of the infant Hindu deity perched on his foster mother’s shoulders as she milks a cow. It is a portrait of playfulness and maternal love, dipped in earthy and jewel-toned colours. More than a century since it was created, the oil painting has set a new record, testifying to the artist’s enduring appeal. Auction house Saffronart has announced the sale of Yashoda and Krishna for ₹167.2 crore (approximately US$18 million), making it the highest-value work of modern Indian art ever sold at auction.

Offered at a pre-sale estimate of ₹80–120 crore (US$ 8.6–12.9 million) and far exceeding it, Varma’s work has been acquired by Cyrus B Poonawala. In a press statement shared by Saffronart, Poonawalla said that he is “privileged to have the opportunity to acquire, preserve, and care for the iconic Raja Ravi Varma painting.” Minal Vazirani, President and Co-founder, Saffronart added that the sale reaffirms the timeless value of great art and serves as a “reminder of the enduring cultural and emotional resonance of Indian art.”

This sale surpasses a record set last year when MF Husain’s Untitled (Gram Yatra) sold for over ₹118 crore (USD 13.8 million) at a Christie’s auction. In tandem with a booming art market in the country, the valuation of Indian Modern art has steadily risen. Seasoned gallerists and collectors often warn against appreciating art solely for investment value, yet the works of Indian Moderns such as Husain, SH Raza and VS Gaitonde among others are firmly establishing themselves in the high-value, blue-chip asset class. Besides Varma and Husain, a number of other works in recent years have commanded high prices, periodically exceeding record valuation. Take for instance, The Story Teller by Amrita Sher-Gil which sold for ₹61.8 crore at a Saffronart auction in 2023. Two years later, Tyeb Mehta’s Trussed Bull sold for the same price at Saffronart's 25th Anniversary live auction in April 2025. At the same auction, an oil on canvas painted by Gaitonde in the 1970s went under the hammer for ₹67.8 crore; the artist’s abstract works have steadily seen their prices rise over the past few years. Varma’s Yashoda and Krishna has topped this rising curve but, in the current market, it will not be entirely surprising if another Indian artist soon exceeds this sale figure.

Varma is a new entrant in this high-value category, though he is certainly one of India’s most ubiquitous artists, with an appeal that extends beyond art lovers and collectors. The Lukshmi Vilas Palace in Vadodara, where the Gaekwad family lives, has the world’s largest private collection of Raja Ravi Varma Paintings. Some are framed in the walls of the palace’s coronation rooms but most are on display at the Maharaja Fateh Singh Museum housed within the palace grounds. Yet, Varma’s art—filled with deities and mythological figures—has been splashed across calendars and Bazaar art, making its way into Indian households over decades. They have adorned handloom saris (notably those created by Hyderabad based designer Gaurang Shah) and designer clothing.

Varma has long been regarded as an artist for the masses, his works deeply embedded in Indian popular consciousness and visual culture. Poonawalla, a seasoned collector, is seemingly aware of this. Describing Yashoda and Krishna as a national treasure, he has added that in future, he will facilitate opportunities for the painting to be showcased for the public.