Raja Ravi Varma’s ‘Yashoda and Krishna’ oil painting sells for ₹167.2 crore, tops record held by MF Hussain’s untitled painting

‘Yashoda and Krishna’, an oil painting by renowned artist Raja Ravi Varma, has set a new record for Indian art at auction by selling for Rs 167.2 crore. The sale took place during Saffronart’s Spring Live Auction in Mumbai on Wednesday after a competitive bidding process.

The artwork was acquired by billionaire Cyrus Poonawalla, industrialist and founder of the Serum Institute of India. This price surpasses the previous record held by MF Husain’s ‘Untitled (Gram Yatra)’, which sold for over Rs 118 crore last year to collector Kiran Nadar.

According to PTI, the painting was initially estimated to fetch between Rs 80 crore and Rs 120 crore but eventually sold for nearly twice that amount. Poonawalla described the purchase as both an honour and a responsibility, stating, “This national treasure deserves to be made available for public viewing periodically. It will be my endeavour to facilitate this.”

Painted in the 1890s, ‘Yashoda and Krishna’ is considered one of Varma’s most accomplished works. The painting depicts Yashoda milking a cow while the infant Krishna reaches for a goblet of milk, inviting viewers to engage with a domestic scene that reflects a larger sacred narrative.

Before the auction, the artwork was part of a private collection in Delhi. Its sale has highlighted the growing appreciation and value of Indian art in global markets.

Raja Ravi Varma, born in 1848 into the Kilimanoor family of Travancore, is widely recognised as a pioneer of early modern Indian art. He popularised oil painting in India and was among the first artists to blend European academic realism with Indian mythological themes.

In 1894, Varma established a lithographic press to mass-produce affordable prints of his works. This initiative helped bring Hindu iconography into homes across the country, making his art accessible to a wider audience.

The record-breaking sale of ‘Yashoda and Krishna’ reflects the enduring legacy of Raja Ravi Varma’s contribution to Indian art and its significance in the cultural landscape.