This Indian Billionaire Just Paid A Jaw-Dropping Rs 167 Crore For A Raja Ravi Varma Painting
Raja Ravi Varma’s masterpiece now holds the title of the most expensive Indian painting ever sold at auction
In a landmark moment for the Indian art market, industrialist and Serum Institute of India founder Cyrus S. Poonawalla acquires Yashoda and Krishna by legendary painter Raja Ravi Varma for a staggering Rs 167.2 crore at a Saffronart auction in Mumbai. The sale makes it the most expensive Indian painting ever sold at auction.
Raja Ravi Varma’s Yashoda And Krishna Painting Sells For Rs 167.2 Crore
The painting’s final price, roughly $18 million, far surpassed pre-auction estimates of Rs 80 to Rs 120 crore, smashing the previous record of Rs 118 crore set by M. F. Husain’s Untitled (Gram Yatra), which was bought last year by Delhi-based collector Kiran Nadar.
Poonawalla spoke about the significance of the painting, saying, “This national treasure deserves to be made available for public viewing periodically. And it will be my endeavour to facilitate this.”
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Who Was Raja Ravi Varma
Born in 1848 in Kilimanoor, Kerala, Raja Ravi Varma is celebrated as one of India’s most revered painters. He became renowned for translating mythological stories into vivid oil paintings, bringing a European technique to Indian themes. Often hailed as the “Father of Modern Indian Art,” his portrayals of characters like Shakuntala, Sita, Damayanti, and Draupadi have left a lasting mark on generations of artists.
Painted in the 1890s, during the peak of Varma’s career, “Yashoda and Krishna” captures a tender moment between Krishna and his foster mother. The scene shows Yashoda milking a cow while the infant Krishna reaches for a goblet of milk behind her. As art historians note, the painting “transforms a domestic moment into an experience that suggests participation in a larger, sacred narrative,” making it one of Varma’s most evocative and significant works.
Commenting on the record-breaking sale, Minal Vazirani, President and Co-founder of Saffronart, said, “Great art has a way of reaffirming its timeless value. 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.”