Historic Sale: Ravi Varma Painting Breaks $17M Barrier

A 19th-century masterpiece by Raja Ravi Varma has fetched a record $17.9 million at a Mumbai auction, setting a new milestone for Indian art and highlighting its rising value in the global market.

The oil-on-canvas painting, Yashoda and Krishna, was sold by Saffronart on Wednesday, far surpassing pre-auction estimates of $8.6 million to $12.9 million.

The artwork portrays the Hindu deity Krishna with his mother Yashoda and now holds the distinction of being the highest-priced modern Indian artwork ever sold at auction, as well as the most expensive Ravi Varma painting worldwide. The piece was acquired by industrialist and vaccine entrepreneur Cyrus Poonawalla following a competitive bidding battle.