Raja Ravi Varma’s 1890s masterpiece "Yashoda and Krishna" has set a new record for the most expensive Indian artwork ever sold at auction. During Saffronart’s Spring Live Auction, the painting fetched Rs 167.2 crore (approximately $18 million), far exceeding its pre-sale estimate of Rs 80–120 crore. The work was acquired by billionaire Dr. Cyrus S. Poonawalla, chairman of the Serum Institute of India, who has pledged to make the national treasure available for periodic public viewing.
This landmark sale signals a robust upward trajectory for the Indian art market, surpassing the previous record held by M.F. Husain’s "Untitled (Gram Yatra)." By establishing a new price ceiling for modern Indian art, the transaction underscores the growing global and domestic demand for blue-chip Indian masters. It also highlights the role of high-net-worth Indian collectors in repatriating and preserving significant cultural heritage within the private sector.