In a landmark event for the Indian art world, Raja Ravi Varma’s iconic oil painting Yashoda and Krishna (circa 1890s) achieved a record-breaking sale of ₹167.2 crore (approximately $18 million, including buyer’s premium) at Saffronart’s Spring Live Auction in Mumbai on April 1, 2026. The painting more than doubled its pre-sale estimate of ₹80–120 crore following an intense seven-minute bidding war, establishing it as the highest price ever paid for a modern Indian artwork at auction.

The buyer is Dr. Cyrus S. Poonawalla, founder and managing director of the Serum Institute of India, the world’s largest vaccine manufacturer by volume. Outbidding prominent collectors including Kiran Nadar, Poonawalla described the acquisition as both a “privilege and a responsibility.” He called the painting a national treasure and committed to making it available for periodic public viewings, ensuring its beauty and cultural significance reach beyond private walls. The work is expected to adorn either his Mumbai or Pune residence.

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The Painting: Timeless Maternal Affection Rooted in Hindu Mythology

Created during the peak of Raja Ravi Varma’s career in the 1890s, Yashoda and Krishna is an oil-on-canvas work that captures a tender, intimate moment from the Bhagavata Purana. It depicts foster mother Yashoda seated and milking a cow in a pastoral setting, while young Krishna affectionately embraces her, holding a small golden cup in anticipation of the fresh milk.

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The composition radiates warmth, emotional depth, and lifelike realism. Yashoda is portrayed in a vibrant sari with traditional jewellery, while Krishna appears adorned with ornaments and a peacock feather—elements that make the divine feel profoundly human. This scene has long been one of Varma’s most beloved and reproduced works, often compared to Western depictions of maternal love such as the Madonna and Child, yet it remains deeply embedded in Indian sacred traditions. Variations of the theme were popularized through chromolithographs from Varma’s own press, influencing how generations of Indians visualize this loving bond between Yashoda and Krishna.

The painting, measuring around 35 x 28.25 inches, came from a private collection in Delhi. As a registered antiquity and non-exportable national treasure, its sale within India underscores the growing commitment of domestic collectors to preserve cultural heritage at home.

Raja Ravi Varma: The Pioneer Who Bridged Worlds

Born in 1848 into an aristocratic family in the princely state of Travancore (present-day Kerala), Raja Ravi Varma transformed Indian art by mastering European academic techniques—realistic anatomy, perspective, oil painting, and chiaroscuro—while dedicating his genius to Indian subjects drawn from the Ramayana, Mahabharata, and Puranic stories.

His portrayals of Hindu deities and mythological figures brought the divine down to earth with grace, beauty, and accessibility. In 1894, he established the Ravi Varma Lithographic Press, which produced affordable oleographs and prints. This innovation democratized art, allowing millions of Indian households to own vivid images of gods and goddesses. Even today, Varma’s visual language continues to shape popular calendar art, devotional prints, and cultural imagination across the country.

The Buyer: Dr. Cyrus S. Poonawalla

Dr. Cyrus S. Poonawalla is a visionary industrialist whose Serum Institute of India has been instrumental in global health, producing life-saving vaccines at scale for billions worldwide, including during the COVID-19 pandemic with Covishield. His deep interest in art reflects a broader commitment to India’s cultural legacy alongside his contributions to science and public health. Poonawalla has expressed profound appreciation for the painting’s emotional and spiritual resonance.

A New Chapter for the Indian Art Market

This record sale surpasses the previous benchmark set in 2025 by M.F. Husain’s Untitled (Gram Yatra), which fetched over ₹118 crore at Christie’s New York. The transaction highlights the maturing strength of the Indian art ecosystem, driven by rising wealth, cultural pride, and sophisticated collectors who value works that blend technical excellence with sacred Indian narratives.

Auction house Saffronart described the result as a powerful affirmation of the timeless appeal of great art. Experts view it as evidence of a confident domestic market that competes globally while prioritizing the retention of national treasures within India.

Sharing a National Treasure

Dr. Poonawalla’s assurance of periodic public access ensures that Yashoda and Krishna—a work that has inspired countless prints, devotional images, and cultural memories—will continue to touch the hearts of Indians across generations. In an era of rapid modernization, this milestone celebrates the enduring power of art to preserve, evoke, and transmit India’s rich mythological heritage and emotional depth.

For www.hindutone.com, this story stands as a proud testament to Raja Ravi Varma’s genius: his ability to make the divine beautifully human and the human divinely resonant, now affirmed by one of the highest recognitions the Indian art market has ever witnessed.