An Indian oil painting by celebrated 19th century artist Raja Ravi Varma has sold for a record $17.9 million at auction in Mumbai, the highest price ever paid for a modern Indian artwork.
Mumbai-based auction house Saffronart said the painting, "Yashoda and Krishna", depicting the Hindu god Krishna with his mother while she milks a cow, was also the highest price achieved for a Varma artwork at auction worldwide.
The oil-on-canvas work was put up for sale on Wednesday and far exceeded its estimated range of $8.6 million to $12.9 million. According to Saffronart, the final price sets a new benchmark not only for the artist but also for Indian art in the global auction market.
"It is the highest value work by an Indian artist sold at auction globally", the auction house said in a statement, underscoring the growing international demand for historically significant Indian artworks.
The Times of India reported that the painting was acquired by industrialist and vaccine tycoon Cyrus Poonawala. Speaking to the newspaper, Poonawala described the artwork as a “national treasure” and said he intended to make it accessible to the public from time to time.
"This national treasure deserves to be made available for public viewing periodically", he said, adding that he would “endeavour to facilitate this”.
Varma, born in 1848, is widely regarded as one of India’s most influential painters. He is known for blending European academic painting techniques with themes drawn from Indian mythology and culture, helping to shape modern visual interpretations of Hindu deities.
Saffronart noted that the painting was created in the 1890s, during the peak of Varma’s career. It described "Yashoda and Krishna" as one of the artist’s most accomplished works, highlighting its technical mastery and emotional depth.
The auction house added that the piece had been part of a private collection and is officially listed as a “national art treasure”. It also emphasised that the work exemplifies Varma’s pioneering naturalistic portrayal of Indian deities, a style that has had a lasting influence on how sacred narratives are visually represented in modern India. — AFP
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