The painting, Yashoda and Krishna, was sold at a Saffronart auction on Wednesday, surpassing the previous record held by M. F. Husain's Untitled (Gram Yatra), which had sold for $13.8 million last year.

The record-breaking sale highlights the rising global demand for Indian and South Asian art, with collectors increasingly viewing such works as both cultural assets and investment opportunities.

The artwork was acquired by Cyrus Poonawalla, founder of the Serum Institute of India. Describing the painting as a 'national treasure', Poonawalla stated that efforts would be made to ensure it is made available for public viewing periodically.

Created in the 1890s, Yashoda and Krishna is an oil-on-canvas work from the peak of Varma's career. It depicts a tender domestic moment between the Hindu deity Krishna as a child and his foster mother Yashoda.

In the painting, Yashoda is shown milking a cow, while young Krishna stands beside her holding a cup, waiting expectantly. The scene captures warmth, intimacy, and everyday life, with intricate detailing in textures such as silk, jewellery, and skin.

Art experts note that Varma's genius lay in presenting divine figures in relatable, human settings—bridging the gap between mythology and daily life.

Raja Ravi Varma, born in 1848 in present-day Kerala, is regarded as a pioneer of modern Indian art. His works, often inspired by Hindu epics, are widely recognised across India and frequently reproduced in homes and temples.

Due to their cultural significance, his paintings are classified as 'art treasures' under India's Antiquities and Art Treasures Act. This means they cannot be exported and can only be sold to Indian buyers.

Industry experts believe the sale reflects a broader shift in how Indian art is perceived globally. Minal Vazirani, co-founder of Saffronart, said the valuation underscores the enduring emotional and cultural resonance of Indian artworks.

Ashish Anand of DAG (formerly Delhi Art Gallery) noted that such record-breaking deals are likely to influence the broader market, encouraging collectors to see Indian art as a serious financial asset beyond its aesthetic appeal.

Experts also point out that scarcity plays a key role in driving prices higher. Many iconic works by artists like Varma, Amrita Sher-Gil, and V. S. Gaitonde are either held in private collections or rarely appear at auctions.

This limited availability, combined with growing demand, is pushing valuations to unprecedented levels.

The record sale of Yashoda and Krishna marks a defining moment for the Indian art market, reflecting both its cultural richness and rising financial value. As interest continues to grow, such landmark transactions are likely to further elevate India's position in the global art landscape.