Raja Ravi Varma Painting Sets Record at 167.2 Crore Rupees

A landmark painting by Raja Ravi Varma, "Yashoda and Krishna," sold for 167.2 crore rupees, approximately 18 million U.S. dollars, at Saffronart's auction in Mumbai on April 1, 2026, setting a new record for the highest price paid for a work of modern Indian art. The oil on canvas, consigned from a private collection in New Delhi, exceeded its presale estimate of 80 to 120 crore rupees after a seven-minute bidding war, surpassing the previous record of 118 crore rupees set by M.F. Husain's "Untitled (Gram Yatra)" at Christie's New York in March 2025.

The buyer was Cyrus S. Poonawalla, the billionaire founder and chairman of the Serum Institute of India, the world's largest vaccine manufacturer based in Pune. Poonawalla, whose net worth Forbes estimates at 24.8 billion dollars, making him India's ninth-richest person, acquired the piece through his representative at the auction. In a statement, he described the purchase 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."

Painted in the 1890s at the peak of Varma's career, the work depicts an...