Raja Ravi Varma, born in 1848 in Kilimanoor, Kerala, is celebrated as the ‘Father of Modern Indian Art’. His works have long been revered for their emotional depth and cultural significance. In a remarkable turn of events, his painting Yashoda and Krishna, created in the 1890s, has just sold for a staggering ₹167.2 crore at Saffronart’s Spring Live Auction in Mumbai on April 1, 2026. This sale not only marks a historic moment for Indian art but also sets a new benchmark in the art market.

The painting, which depicts a tender moment between the infant Krishna and his mother Yashoda, exceeded its pre-auction estimate of ₹80–120 crore. The previous record was held by M.F. Husain’s Untitled (Gram Yatra), which sold for over ₹118 crore. This new achievement underscores the growing appreciation for Indian art on both national and international stages.

Cyrus S Poonawalla, the buyer of the painting, expressed his sentiments regarding the acquisition, stating, “I am privileged to have the opportunity to acquire, preserve, and care for the iconic Raja Ravi Varma painting Yashoda and Krishna.” He further emphasized the importance of making this national treasure available for public viewing, saying, “This national treasure deserves to be made available for public viewing periodically, and it will be my endeavour to facilitate this going forward.”

Minal Vazirani, co-founder of Saffronart, remarked on the significance of the sale, noting, “Great art has a way of reaffirming its timeless value… It is not just a milestone for the market, but a powerful reminder of the enduring cultural and emotional resonance of Indian art.” This sentiment reflects the broader appreciation for Varma’s work, which has captivated audiences for over a century.

The painting, an oil on canvas, captures a moment of maternal love, showcasing Varma’s exceptional skill in portraying human emotions. Initially listed under the title Milching a Cow in a 1911 publication, Yashoda and Krishna has become a symbol of cultural heritage and artistic excellence.

As the art world reacts to this record-breaking sale, observers are keen to see how this will influence the market for Indian art moving forward. The sale of Yashoda and Krishna is not just a financial milestone; it represents a resurgence of interest in the works of Indian masters and the stories they tell.

Pooyam Thirunal Gouri Parvathi Bayi, a descendant of Varma, expressed pride in her great-grandfather’s recognition, stating, “I am proud that my great-grandfather is getting the recognition he deserves.” This sale is a testament to the lasting legacy of Raja Ravi Varma and his contributions to the art world, ensuring that his works continue to inspire future generations.

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