Raja Ravi Varma’s Yashoda and Krishna becomes India’s most expensive artwork at Rs 167 crore

Legendary Indian artist Raja Ravi Varma is a name that needs no introduction. His legacy continues to live on, and so does his iconic work. His painting Yashoda and Krishna has made history as it has become the most expensive work of modern Indian art ever sold at auction at a Saffronart sale. It fetched Rs 167 crore and here's everything you need to know about the historic bidding.

Ashish Anand, CEO AND MD, DAG (formerly Delhi Art Gallery) spoke about it and was quoted saying, "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%.

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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

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.

The fact that this is a non-exportable national treasure and a registered antiquity further underscores a maturing collector base—one that is both globally competitive and deeply invested in retaining cultural patrimony within India.

This is not simply a record. It is a redefinition of the category. The impact of this world record will percolate down to the entire Indian art market giving rise to Indian art being viewed as a serious financial asset and beyond its value for aesthetics and personal delight. And lastly, a growing recognition of mythology as a serious and desirable genre within the global art market."