Indian art record: Ravi Varma painting fetches $17.9m

Dubai: A 19th-century masterpiece by Raja Ravi Varma has sold for a record $17.9 million at an auction in Mumbai, setting a new benchmark for Indian art and underscoring its growing global value.

The oil-on-canvas painting, Yashoda and Krishna, was auctioned by Saffronart on Wednesday, far exceeding its estimated price of $8.6 million to $12.9 million.

The work — depicting the Hindu deity Krishna with his mother Yashoda — is now the highest-priced modern Indian artwork ever sold at auction, as well as the most expensive Ravi Varma painting globally.

Bidding war and buyer

The painting was acquired by industrialist and vaccine tycoon Cyrus Poonawalla after an intense bidding contest.

“This national treasure deserves to be made available for public viewing periodically,” Poonawalla said, adding that he would endeavour to facilitate access to the artwork.

The final price — Rs167.2 crore (about $17.9 million) — more than doubled the lower estimate, reflecting surging demand for historically significant Indian art.

Who was Raja Ravi Varma?

• Not a king: Raja Ravi Varma was not a ruler — “Raja” was an honorific title, reflecting his aristocratic background and stature

• Royal connections: Born into a noble family in Kerala’s Travancore region, with close links to the royal court

• Pioneer of modern Indian art: Raja Ravi Varma (1848–1906) blended European painting techniques with Indian themes

• Redefined divine imagery: His depictions shaped how generations visualised Hindu gods

• Mass reach: Set up lithographic presses, making affordable prints accessible across India

• Cultural impact: His style still influences calendar art, posters and religious imagery

• Legacy: Considered one of India’s most influential artists, bridging tradition and modernity

A defining work

Painted in the 1890s, when Ravi Varma was at the height of his career, Yashoda and Krishna captures an intimate moment from the Shrimad Bhagavatam — the infant Krishna seeking his mother’s attention as she tends to household work.

The piece is widely regarded as one of Varma’s most accomplished works, showcasing his signature fusion of European realism with Indian mythological themes.

Saffronart described it as exemplifying the artist’s “unparalleled mastery of oil painting” and his pioneering naturalistic portrayal of Indian deities.

Breaking records

The sale surpasses previous records held by modern Indian masters.

Before this, the highest auction price was for M. F. Husain’s Untitled (Gram Yatra), which sold for Rs118 crore in 2025.

Other top sales include works by Amrita Sher-Gil, S. H. Raza, V. S. Gaitonde and Tyeb Mehta — signalling a sharp rise in the value of Indian art on the global stage.

Art experts say the record-breaking sale reflects a broader shift, with Indian collectors and institutions increasingly reclaiming culturally significant works.

A market coming of age

For decades, Indian art was seen as culturally important but undervalued compared to Western markets.

This sale signals a turning point.

A historic work, sold at an Indian auction house, bought by an Indian collector — with plans for public display — marks a growing confidence in India’s own art ecosystem.

Saffronart called the sale “a powerful reminder of the enduring cultural and emotional resonance of Indian art.”