RAJA RAVI VARMA SETS HISTORIC AUCTION RECORD WITH YASHODA AND KRISHNA PAINTING

Last week on April 1, 2026, a painting by revered Indian artist Raja Ravi Varma sold for the record-breaking sum of $17.9 million (₹167 crore) at Saffronart, making global headlines and sending ripples across the South Asian art market. Varma’s painting Yashoda and Krishna is now the most expensive piece of Indian art ever sold at auction, surpassing the previous record of $13.8 million set by modernist M.F. Husain last year.

This milestone is the latest in a rapid succession of record-setting sales in recent years. Some of the most famous figures in modern Indian art have recently held the record, including Husain (March 2025), Amrita Sher-Gil (September 2023), S.H. Raza (earlier in September 2023), and V.S. Gaitonde (February 2022). Varma’s rise to the top of this list offers key insights into today’s accelerating market and evolving collecting trends.

An Icon of Modern Indian Art

Raja Ravi Varma is often hailed as the “father of modern Indian art,” having transformed visual culture by blending European academic painting techniques with Indian mythological subjects. His status as one of the Nine Gems, or Navaratnas—designated National Art Treasures by the Government of India—further affirms his lasting importance.

Made in the 1890s at the height of his career, Yashoda and Krishna depicts a young Lord Krishna with his foster mother Yashoda. As she milks a cow, Yashoda glances over her shoulder, meeting the viewer’s gaze. The result is a tender scene that reimagines a familiar mythological narrative within the rhythms of everyday Indian life.

Yashoda and Krishna exemplifies Varma’s distinctive mix of technical mastery and cultural resonance. This combination of an artist’s prestige and the specific painting’s relevance is precisely what propelled the work to a stunning new auction record.

The Surge in the Indian Art Market

Many market observers describe the current surge in the Indian art market as a “bull run,” and Varma’s milestone sale supports this view.

Several factors are pushing prices and confidence to new heights:

• Increasing wealth in India is expanding the collector base and fueling cultural investment.
• Collectors across the global diaspora are intensifying the demand for blue-chip Indian artists, especially modern masters.
• Growing museum and institutional recognition of Indian artists is enhancing their credibility and market value.

The Future of Collecting Indian Art

The sale of Raja Ravi Varma’s Yashoda and Krishna is not only a record but a turning point. The Indian art market is globalizing and gaining momentum as international demand grows. At the same time, the sustained interest in modern masters underscores the enduring appeal of India’s artistic heritage.

Overall, it is an exciting moment for the market. This season’s strong results at both US and Indian auction houses indicate that this upward climb is far from over.

— Sonia Nayyar Patwardhan