Mumbai, April , 2026 – In a landmark moment for Indian art on the global stage, Raja Ravi Varma’s iconic oil painting Yashoda and Krishna (circa 1890s) sold for a record-breaking ₹167.2 crore (approx. $18 million including buyer’s premium) at Saffronart’s Spring Live Auction held in Mumbai on April 1, 2026. The painting far exceeded its pre-sale estimate of ₹80–120 crore after a fierce seven-minute bidding battle, setting a new all-time high for any modern Indian artwork sold at auction.
The winning bidder is Dr. Cyrus S. Poonawalla, the renowned industrialist and Chairman of the Serum Institute of India, the world’s largest producer of vaccines by volume. Outbidding several prominent collectors, including Kiran Nadar, Dr. Poonawalla described the acquisition as “a privilege and a responsibility.” He hailed the painting as a national treasure and announced plans to make it available for periodic public viewings, allowing art lovers and the wider community to experience its timeless beauty.
A Cherished Depiction of Divine Maternal Love
Painted at the height of Raja Ravi Varma’s artistic powers in the 1890s, Yashoda and Krishna captures a tender, intimate moment from Hindu mythology. The oil-on-canvas work (approx. 35 x 28.25 inches) portrays Yashoda, Krishna’s foster mother, seated while milking a cow in a serene pastoral setting. Young Krishna stands beside her, affectionately embracing her with one arm while holding a small golden cup, eagerly awaiting the fresh milk.
The painting radiates warmth, emotional depth, and lifelike realism. Yashoda is shown in a vibrant sari adorned with traditional jewellery, while child Krishna wears ornaments and a peacock feather — classic elements that blend sacred narrative with profound human intimacy. This composition has long been one of Varma’s most beloved works, frequently reproduced in chromolithographs from his own press and compared by many to Western maternal icons like the Madonna and Child, yet remaining deeply rooted in Indian spiritual tradition.
The painting, from a private Delhi collection, is a registered antiquity and classified as a non-exportable national treasure, reinforcing the growing preference among Indian collectors to keep such cultural heritage within the country.
Raja Ravi Varma: Bridging European Technique and Indian Soul
Born in 1848 in the princely state of Travancore (present-day Kerala), Raja Ravi Varma was a pioneering artist who revolutionized Indian painting. He mastered European academic realism — including perspective, anatomy, and oil techniques — while dedicating his brush to subjects drawn from the Ramayana, Mahabharata, and Puranic stories.
His lifelike portrayals of Hindu gods and goddesses made the divine accessible and relatable to ordinary people. In 1894, he founded the Ravi Varma Lithographic Press, which produced affordable oleographs that brought his art into millions of Indian homes. Even today, Varma’s visual interpretations continue to shape how Indians across the world visualize deities like Krishna, Lakshmi, and Durga.
The Buyer: Dr. Cyrus S. Poonawalla – A Global Indian Icon
Dr. Cyrus S. Poonawalla, a leading figure in global healthcare, has built the Serum Institute of India into a powerhouse that supplies affordable vaccines to over 170 countries. His philanthropic efforts in public health have touched billions of lives worldwide. An avid art collector, Dr. Poonawalla’s purchase reflects not only personal passion but also a deep commitment to preserving India’s rich cultural legacy alongside his contributions to science and humanity.
Record-Breaking Sale Signals Strength of Indian Art Globally
This sale comfortably surpasses the previous record held by M.F. Husain’s Untitled (Gram Yatra), which fetched over ₹118 crore at Christie’s New York in 2025. The result underscores the rising confidence and maturity of the Indian art market, attracting both domestic and international attention.
Industry experts view the transaction as evidence of a sophisticated collector base that values works combining technical mastery with sacred Indian narratives. Saffronart described the outcome as a powerful testament to the enduring global appeal of India’s artistic heritage.
A National Treasure for Public Enjoyment
True to his words, Dr. Poonawalla has committed to periodic public access for the painting, ensuring that Yashoda and Krishna — a work that has inspired generations through prints, calendars, and devotional imagery — continues to resonate with art enthusiasts and devotees worldwide.
For the global Indian diaspora and art lovers everywhere, this record-breaking sale is more than a financial milestone. It is a proud celebration of Raja Ravi Varma’s genius in making the divine beautifully human, and a reminder of the growing stature of Indian art on the world stage.
nriglobe salutes this cultural triumph that unites artistic excellence, spiritual heritage, and the success of visionary Indian leaders like Dr. Cyrus S. Poonawalla.
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