Sold for Rs 167 crore, Raja Ravi Varma’s ‘Yashoda and Krishna’ has achieved a new world record for an Indian artwork. The oil painting has been bought by Dr Cyrus S Poonawalla, founder of Serum Institute of India at SaffronArt’s Spring Live Auction, held on April 1.Painted in the 1890s, during the height of the artist’s career, the work presents a nuanced interpretation of maternal love through the mythological figures of the infant Lord Krishna and his foster mother, Yashoda. It is regarded as one of Varma’s most significant and evocative compositions. The painting was offered with a pre-sale estimate of Rs 80–120 crore (USD 8.6–12.9 million).Commenting on the acquisition, Dr Poonawalla stated, “I am privileged to have the opportunity to acquire, preserve, and care for the iconic Raja Ravi Varma painting Yashoda and Krishna. This national treasure deserves to be made available for public viewing periodically, and it will be my endeavour to facilitate this going forward.”Over the last few years, Indian art auction market has been on an upswing. This work surpasses the record set by MF Husain’s ‘Gram Yatra’ at a Christie’s auction in New York in March last year. The work was reportedly bought by Kiran Nadar for a mindblowing Rs 118 crore then. Earlier, Tyeb Mehta’s ‘Trussed Bull’ and Amrita Sher-Gil’s ‘Storyteller’ set new records, only to be broken soon.“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. At Saffronart, we are proud to have facilitated this landmark moment. It is not just a milestone for the market, but a powerful reminder of the enduring cultural and emotional resonance of Indian art,” said Minal Vazirani, president and co-founder, Saffronart.While it is not known in whose possession the work was, it was showcased at ‘Drishyakala’, an exhibition held by DAG​​ in collaboration with the Archaeological Survey of India​, at Red Fort, from February 2019 to April 2022.In a statement following the SaffronArt auction, Ashish Anand, CEO and MD of DAG, called this record auction price a “defining moment for the Indian art market”.“At Rs 167.2 crore, Raja Ravi Varma’s Yashoda and Krishna — a universal subject reminiscent as much of Madonna and Christ, or of any mother and child, and arguably the most iconic and desirable work, the Mona Lisa of Indian art — has not only achieved a new world record, it has done so with conviction, more than doubling its lower estimate of ₹80 crore, exceeding it by ₹87.2 crore — an increase of over 100%.”Comparing it with the previous benchmark set by Husain he said this was “a significant recalibration of value, not a marginal progression”.“What this result demonstrates is depth: depth of demand, depth of scholarship, and depth of confidence in works of true art-historical importance. Ravi Varma has long been central to India’s visual imagination; today, the market has aligned with that significance at the highest level. The fact that this is a non-exportable national treasure and a registered antiquity further underscores a maturing collector base—one that is both globally competitive and deeply invested in retaining cultural patrimony within India.”The Antiquities and Art Treasure Act 1972 recognises works by nine artists as national art treasures. Besides Raja Ravi Varma, these include Rabindranath Tagore, Gaganendranath Tagore, Abanindranath Tagore, Nicholas Roerich, Nandalal Bose, Jamini Roy, Sailoz Mookherjea and Amrita Sher-Gil. The law mandates that their works cannot be exported.