Indian pharmaceutical tycoon Cyrus Poonawalla has set a historic benchmark for South Asian art, acquiring a masterpiece by Raja Ravi Varma for $17.9m, per theartnewspaper.com. The sale, conducted by Saffronart in Mumbai, comfortably surpassed its high estimate of $12.9m, officially crowning it the most expensive Indian painting ever sold at auction.
The 1890s oil-on-canvas, titled Yashoda and Krishna, depicts the infant deity Krishna with his foster mother. It unseats the previous record held by MF Husain’s Gram Yatra, which fetched $13.7m in 2025. Poonawalla, the founder of the Serum Institute of India, described the work as a “national treasure” and expressed his intention to ensure the piece is periodically made available for public viewing.
Market experts suggest the sale signals a significant shift in the global art landscape. Ashish Anand, chief executive of DAG gallery, noted that the record-breaking price reflects a maturing market and a growing international appetite for traditional mythological genres. As a registered antiquity, the painting remains a vital part of India’s cultural heritage, and its acquisition by a domestic collector ensures it stays within the country.
The purchase highlights the continued “bull run” in the Indian art market, where high-net-worth collectors are increasingly competing for rare, museum-quality works. For the Poonawalla family, already prolific collectors, the acquisition adds a crowning jewel to a portfolio that bridges the gap between industrial success and cultural preservation.
