The historic painting of Raja Ravi Varma, Yashoda and Krishna, has made history becoming the highest bid painting of 167.2 crore at an auction cementing its position as the most expensive modern Indian painting to be ever sold. This was a blockbuster sale at the Spring Live Auction of Saffronart in Mumbai on April 1, 2026, indicating the soaring world value of the artistic heritage of India.
The auction took place in the high-end Jio World Convention Centre in Mumbai, attracting intense bidding by collectors all over the world. The masterpiece, which was an oil-on-canvas painting and was created in the year 1890s and was signed by the artist, greatly surpassed its estimate of 80-120 crore when it went under the hammer in 35 x 28.25 inches.
The Record Breaking Auction
It set a record as a nail-biting 10-minute fight sold ₹167.2 crore (approximately $20 million), besting the previous high of ₹118.7 crore by M.F. Husain in 2025. It was called a historic milestone by auction house Saffronart, which is indicative of the dynamics in the Indian art market that have matured after the pandemic.
Artistic Brilliance
One of the greatest examples of a combination of European realism with Indian mythology is this touching image by Raja Ravi Varma who is commonly called the father of modern Indian art.
The baby Krishna playfully sits on the shoulders of Yashoda who is milking a cow and their relationship is very warm with a rich touch of earthly ochres and vivid blues and finer details such as the glossy hide of the cow and the flowing sari of Yashoda.
Produced in the period of Varma olegraph, it is one of the examples of his democratization of art through cheap prints, which made deities reach the masses.
Who Bought the Painting?
The new owner of the painting is a proud owner Dr. Cyrus S. Poonawala, billionaire founder of Serum Institute of India, the Indian vaccine giant. An ardent art collector, Poonawala offered more than his competitors to buy this national treasure, which according to the Government of India, is a treasure, as it remains within the borders.
He promised to give public displays to his museum in Pune so that millions of people could feel its cultural resonance. It is not merely a piece of art, but our common heritage, and Poonawala said so.
This sale is 40 percent higher than previous standards, beating Amrita Sher-Gil with ₹61.8 crore The Story Teller (2023). It is an indication of strong investor confidence during economic turbulence, and Indian old masters are becoming Picasso-like in the international arena. Professionals forecast a ripple-effect, raising prices of Varma oeuvre, and restoring life to auctions. Such transactions validate art in national identity as the power of India as a soft power increases.
ALSO READ
Comments
All Comments (0)
Join the conversation