Billionaire industrialist Cyrus S. Poonawalla, chairman of the Serum Institute of India, has made history by purchasing the celebrated Raja Ravi Varma painting Yashoda and Krishna for a staggering ₹167.2 crore, the highest ever price paid for modern Indian art at auction.
The auction took place at Saffronart’s Spring Live Auction in Mumbai, where intense bidding pushed the price far above the pre-sale estimate of ₹80–120 crore. The work, painted in the 1890s, captures the tender moment of young Krishna reaching for milk as his foster mother Yashoda milks a cow. Its charm lies in Varma’s unique ability to combine Indian mythological storytelling with European oil painting techniques.
Poonawalla described owning the painting as both a privilege and a responsibility. He plans to preserve it carefully and hopes to make it periodically available for public viewing, so more people can experience its beauty.
Raja Ravi Varma is remembered as a trailblazer in Indian art. His realistic depictions of gods, goddesses, and everyday life brought Indian stories to life and made art more accessible through printed reproductions. This record-breaking purchase reflects not only the enduring appeal of Varma’s work but also the growing global interest in Indian masterpieces.
