Raja Ravi Varma's ‘Yashoda and Krishna’ (1890s) has topped MF Husain’s Untitled (Gram Yatra) as the most expensive Indian artwork ever sold.
‘Yashoda and Krishna’ sold for ₹167.2 crore (approximately $18 million) at a Saffronart auction in Mumbai in April 2026 for a private collection.
This painting with the iconic subject of mother and child, beloved of art lovers, surpassed the previous record held by M.F. Husain's Untitled (Gram Yatra).
After an intense bidding war at Saffronart's Spring Live Auction in Mumbai on Wednesday, the work was acquired by billionaire Cyrus Poonawalla, industrialist and founder of the Serum Institute of India.
The Husain painting sold at Christie's New York in March 2025 for ₹118–119 crore ($13.6–13.8 million)
Ahish Anand, CEO and MD, DAG (formerly Delhi Art Gallery) said: "This is a defining moment for the Indian art market. At ₹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%.
Just as importantly, it advances the market decisively beyond the previous benchmark set by M. F. Husain at ₹118 crore, surpassing it by ₹49.2 crore—an increase of over 40%. In any global context, that is 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.”
This story has been written by Paramita Ghosh.
