Indian art just had its biggest moment at the auction block. On April 1, 2026, a painting by India’s most celebrated classical artist shattered all previous records — and the man who bought it is the same billionaire whose vaccines protected billions of lives during COVID-19.
Raja Ravi Varma’s Record-Breaking Sale — Overview
| Detail | Info |
|---|---|
| Painting | Yashoda and Krishna (1890s) |
| Artist | Raja Ravi Varma |
| Auction House | Saffronart, Mumbai |
| Sale Price | $17.9 million (₹1,672 crore / ~₹167 crore) |
| Estimate | $8.6m – $12.9m |
| Buyer | Cyrus Poonawalla |
| Previous Record | MF Husain’s Gram Yatra at $13.7m (2025) |
Raja Ravi Varma’s Painting That Made History
Raja Ravi Varma’s Yashoda and Krishna (1890s) hammered at $15m ($17.9m with fees, or 1,672m Indian rupees) at Saffronart in Mumbai, outperforming its $8.6m to $12.9m estimate.
The oil on canvas depicts the baby Krishna holding a golden goblet, shown alongside his foster-mother Yashoda, who is milking a cow. It exemplifies the merging of the Western academic realist style with mythological Indian subjects, which Ravi Varma — known as the “father of Modern Indian art” — is considered to have pioneered.
Until this sale, the auction record for Ravi Varma was held by another Yashoda and Krishna scene, which sold at the Mumbai auction house Pundole’s in 2023 for $4.5m. This new sale is nearly four times that figure.
Who Is Cyrus Poonawalla?
Poonawalla is the founder of the world’s largest vaccine manufacturer, the Serum Institute in Pune. Worth an estimated $24.8bn according to Forbes, he is the ninth-richest person in India. theartnewspaper
Although his art patronage is less public-facing than some of India’s other billionaire collectors, the Poonawalla trove is understood to be one of India’s most valuable and international — including a Van Gogh landscape as well as several works each by Renoir, Monet, Dalí, and Chagall. theartnewspaper
On buying the Ravi Varma, Poonawalla said this national treasure deserves to be made available for public viewing periodically and that he would endeavour to facilitate this going forward — a generous and patriotic pledge.
Why This Matters for Indian Art
Ravi Varma is one of 11 artists designated a “national treasure” by a 1972 Indian art and antiquities act, which prevents their works from leaving the country. This means only Indian collectors can bid for such pieces — and yet the price achieved is globally competitive.
According to experts, the sale “marks a turning point” for India’s art market and “further underscores a maturing collector base — one that is both globally competitive and deeply invested in retaining cultural patrimony within India.”
The legendary Raja Ravi Varma, born in 1848 in Kerala, is widely regarded as the greatest painter in Indian art history — and this sale proves that his legacy continues to grow in value a century after his death.
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FAQs
Q: Who bought the most expensive Indian painting ever sold at auction?
Q: Can Raja Ravi Varma paintings be sold outside India?
No — Ravi Varma is one of 11 artists classified as a “national treasure” under India’s 1972 antiquities act, meaning his works legally cannot leave the country and can only be purchased by Indian buyers.
