Raja Ravi Varma’s ‘Yashoda and Krishna’ sells for ₹167.20 crore, sets new auction record for Indian art

In a landmark moment for Indian art, a celebrated canvas by Raja Ravi Varma has set a new global auction record, selling for ₹167.20 crore at Saffronart’s Spring Live Auction in Mumbai.

The painting, Yashoda and Krishna, created in the 1890s at the peak of Varma’s artistic prominence, witnessed an intense seven-minute bidding battle before securing the historic price. The artwork had been part of a private collection in Delhi.

With this sale, the canvas surpasses the previous record held by M F Husain’s 1954 masterpiece Untitled (Gram Yatra), which fetched ₹118 crore at a Christie's auction in March 2025.

Rendered in Varma’s signature realist style, the painting employs the chiaroscuro technique to striking effect, depicting Yashoda engaged in milking a cow as infant Krishna stands behind her. The composition draws from a passage in the Shrimad Bhagavatam, capturing a tender moment of maternal intimacy as Krishna approaches his mother for milk.

Calling it a defining milestone, Ashish Anand, CEO and Managing Director of DAG, said the work not only set a new record but did so emphatically—more than doubling its lower estimate of ₹80 crore. The final price exceeded expectations by ₹87.2 crore, marking an increase of over 100%.

Anand underscored that the result reflects a maturing market, driven by deep demand, scholarly appreciation, and growing investor confidence in historically significant works. He noted that Varma’s enduring cultural relevance has now found full expression in market value, adding that the record is likely to elevate Indian art’s standing—not just as an aesthetic pursuit, but as a serious financial asset.