New Delhi,April 02,2026: A painting by Raja Ravi Varma has become the most expensive Indian artwork ever sold. The painting was sold at an auction in Delhi on Wednesday for 1.67 billion rupees.
The record sale highlights the growing demand for Indian and South Asian art among collectors.
The painting titled Yashoda and Krishna was created in the 1890s by Raja Ravi Varma. It was sold for 1.67 billion rupees, equivalent to 17.9 million dollars, at a Saffronart auction in Delhi. The sale broke the previous record set by MF Husain’s painting which sold for 13.8 million dollars last year.
The painting was purchased by billionaire businessman Cyrus Poonawalla, founder and managing director of Serum Institute of India. In a statement released by Saffronart, he described the artwork as a national treasure and said it should be made available for public viewing periodically.
According to auction house officials, the record sale reflects the increasing demand for Indian art and its rising value in the global art market. Experts said collectors are now viewing Indian art not only for its cultural importance but also as a serious financial asset.
The artwork shows a scene from Hindu mythology where Yashoda is milking a cow while the child Krishna stands beside her holding a cup. The painting is known for its realistic style and emotional expression.
Raja Ravi Varma was born in 1848 in Kerala and is widely regarded as a pioneer of modern Indian painting. His works combined European painting techniques with Indian mythology and traditions. Prints of his paintings are commonly found in homes and temples across India.
Experts say the record auction price also reflects the rarity of important works by artists such as Raja Ravi Varma, Amrita Sher Gil and VS Gaitonde, as many of their paintings are held in private collections and rarely appear at auctions.
The auction house said the record sale shows a clear shift in how Indian art is being valued in the global market, especially works with historical and cultural significance.
