The wider picture
Raja Ravi Varma, born in 1848 in Kilimanoor, Kerala, is celebrated as the ‘Father of Modern Indian Art’. His works have long been revered for their emotional depth and cultural significance. On April 1, 2026, a pivotal moment in the Indian art market occurred when Varma’s iconic painting Yashoda and Krishna sold for a staggering ₹167.2 crore at Saffronart’s Spring Live Auction, shattering previous records.
The painting, created in the 1890s during the zenith of Varma’s career, depicts a tender moment between mother Yashoda and her infant son Krishna. This oil on canvas artwork not only captures a scene of maternal love but also reflects the rich cultural tapestry of India. The sale exceeded its pre-auction estimate of ₹80–120 crore, signaling a robust demand for Indian art.
Cyrus S Poonawalla, the buyer, expressed his deep appreciation for the acquisition, stating, “I am privileged to have the opportunity to acquire, preserve, and care for the iconic Raja Ravi Varma painting Yashoda and Krishna.” He emphasized the importance of making such national treasures available for public viewing, indicating a commitment to cultural heritage.
The previous record for an Indian artwork was held by M.F. Husain’s Untitled (Gram Yatra), which sold for over ₹118 crore. The record-breaking sale of Yashoda and Krishna not only highlights the increasing value of Indian art but also reinforces Varma’s legacy in the art world.
Minal Vazirani, co-founder of Saffronart, remarked, “Great art has a way of reaffirming its timeless value… It is not just a milestone for the market, but a powerful reminder of the enduring cultural and emotional resonance of Indian art.” This sentiment resonates with many art enthusiasts who view Varma’s work as a cornerstone of Indian artistic expression.
The painting was initially listed under the title Milching a Cow in a 1911 publication, showcasing its long-standing significance in the art community. Observers note that the sale marks a turning point, potentially inspiring a new wave of interest in Indian art and its historical figures.
As the art world reflects on this monumental sale, the future of Indian art appears bright. The record-setting auction is expected to encourage more collectors to invest in Indian artworks, further elevating the profile of artists like Raja Ravi Varma. With the spotlight now on Indian art, the cultural narrative surrounding these masterpieces continues to evolve.
Details remain unconfirmed regarding the future exhibitions of the painting, but Poonawalla’s commitment to public accessibility could pave the way for greater appreciation of Varma’s work among the general public. The legacy of Raja Ravi Varma, now more than ever, is poised to inspire generations to come.
