Raja Ravi Varma’s Yashoda and Krishna painting sells for ₹167.2 crore at Saffronart, setting a new record for Indian art

In Raja Ravi Varma’s iconic painting, Yashoda and Krishna, a quiet, intimate moment unfolds: an infant Krishna, rendered in luminous soft tones, leans into his mother Yashoda — a tender scene embodying both protectiveness and divinity. Painted in the 1890s at the height of his career, the iconic painting has now made history. 

At a recent auction by a Mumbai-based auction house, Saffronart, Yashoda and Krishna fetched a staggering ₹167.2 crore ($17,978,495), setting a new benchmark as the highest-value work of modern Indian art ever sold. The sale far exceeded its pre-auction estimate of ₹80–120 crore, showcasing the living value of Indian art among collectors. 

The buyer, Cyrus S Poonawalla, chairman and managing director, Serum Institute of India, described the acquisition as both a privilege and a responsibility. “This national treasure deserves to be made available for public viewing periodically, and it will be my endeavour to facilitate this going forward.” 

Born in 1848, in Kilimanoor, Kerala, Ravi Varma is one of India’s most celebrated artists known for his depiction of Indian mythological subjects through oil paintings. Some of these female characters , such as Shakuntala, Sita, Damayanti, and Draupadi, have had a lasting influence, continuing to inspire a generation of artists.

Pooyam Thirunal Gouri Parvathi Bayi, who belongs to the erstwhile royal family of Travancore, says she is happy that Cyrus Poonawalla has been able to retain the work in India. “I am proud that my great-grandfather is getting the recognition he deserves. If you remember, at one time in the 20th Century, he was ridiculed as a poster painter. But now, he is honoured for his artistic legacy and skill… He did not paint to please critics or buyers. One must remember his contribution in popularising the sari and in preserving exquisite jewellery.”

The record-breaking sale surpassed the previous high set by MF Husain’s Untitled (Gram Yatra), which fetched over ₹118 crore ($13.8 million). “It remains to be seen how the collector will ensure that this work is able to be seen and appreciated by art lovers,” adds Pooyam Thirunal Gouri Parvathi Bayi. 

“Great art has a way of reaffirming its timeless value… It is not just a milestone for the market, but a powerful reminder of the enduring cultural and emotional resonance of Indian art,” says Minal Vazirani, president and co-founder, Saffronart.

In many ways, the journey of Yashoda and Krishna from Varma’s studio to a 21st-Century auction house reflects the evolving nature of Indian art itself.