Industrialist Cyrus Poonawalla bought Raja Ravi Varma’s 1890s masterpiece ‘Yashoda and Krishna’ for Rs 167.2 crore at a Saffronart auction. This sale sets a new record for modern Indian art. It more than doubled its pre-auction estimate and surpassed the previous record held by M. F. Husain’s ‘Untitled (Gram Yatra)’.
Poonawalla Buys Ravi Varma Masterpiece at Mumbai Auction
Poonawalla plans to make this non-exportable national treasure available for public viewing at certain times, marking a significant moment in India’s art market.
The Rs 167.2 crore sale of ‘Yashoda and Krishna’ at Saffronart not only broke M. F. Husain’s previous record but also exceeded its estimate of Rs 80 to 120 crore. Industry experts, including Saffronart’s Minal Vazirani, called it a key moment that shows both emotional appeal and market growth.
Buy museum quality piece at 167 crore
During the seven-minute bidding in Mumbai on April 1, there was a fast-paced contest for the 1890s oil painting, which came from a private collection in Delhi. Poonawalla said art collector Dara Mehta encouraged him to pursue this rare, museum-quality piece, noting that only a few billionaires could afford it. The industrialist explained that his passion for art motivated the purchase, not just the potential for investment.
Created at the height of Raja Ravi Varma’s career, the painting combines European realism with Indian mythological themes. It shows Yashoda and infant Krishna in a warm domestic scene.
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