New Delhi: A masterpiece by the preeminent Indian painter Raja Ravi Varma set a global benchmark on Wednesday, selling for a record-breaking Rs 167.20 crore ($17.97 million) at Saffronart's Spring Live Auction.
The oil painting, titled "Yashoda and Krishna," now stands as the most expensive work of modern Indian art ever sold at auction. The sale eclipsed the previous record established only last year by M.F. Husain's Untitled (Gram Yatra), which garnered more than Rs 118 crore.
The work was acquired by Dr Cyrus S. Poonawalla, managing director of the Serum Institute of India, for a price that significantly exceeded its initial pre-sale estimate of Rs 80-120 crore.
"I am privileged to have the opportunity to acquire, preserve, and care for the iconic Raja Ravi Varma painting Yashoda and Krishna," Poonawalla said in a statement following the purchase. "This national treasure deserves to be made available for public viewing periodically, and it will be my endeavour to facilitate this going forward."
A Mythological Masterpiece
Executed in the 1890s during the zenith of Varma's career, the painting provides a sophisticated portrayal of maternal affection through the figures of the infant Lord Krishna and his foster mother, Yashoda.
The composition captures a tender domestic interaction: Yashoda is seen milking a cow while the young Krishna reaches for a goblet of milk from behind her. Art historians noted that the piece excels at "transforming a domestic moment into an experience that suggests participation in a larger, sacred narrative." The work is widely celebrated as one of the artist's most emotionally resonant and technically accomplished compositions.
Market Implications
The landmark sale is being viewed by experts as a testament to the robust health and growing maturity of the Indian art market.
"Great art has a way of reaffirming its timeless value," said Minal Vazirani, president and co-founder of Saffronart. "The record-breaking sale of Raja Ravi Varma's work not only underscores the strength of the art market, but also sets a new benchmark as the highest-value work of Indian art ever sold."
Vazirani added that the auction house was proud to facilitate a moment that serves as a "powerful reminder of the enduring cultural and emotional resonance of Indian art."
The acquisition by Poonawalla ensures that the painting, classified as a national treasure, remains within India, with the new owner pledging to integrate the work into public exhibitions in the future.
With inputs from PTI