The painting was purchased by billionaire businessman Cyrus Poonawalla, founder and managing director of Serum Institute of India, one of the world's largest vaccine producers. According to Saffronart's catalogue, the work was put up for auction by a private collector. Poonawalla stated in an official release that the painting deserves to be made available for public viewing periodically, and he will endeavor to facilitate this going forward, though the specific terms or conditions for such viewing remain unclear. The exact date of the auction was only specified as Wednesday, and it is unknown whether there were other bidders or if the sale price was negotiated privately. The current location or storage arrangements for the painting post-sale have also not been confirmed.
Raja Ravi Varma, born in 1848 in what is now Kerala, is widely regarded as a pioneer of modern Indian painting and one of the most influential artists from the subcontinent. His works have been classified as 'art treasure' under India's Antiquities and Art Treasures Act, meaning they cannot be exported and can be sold only to Indian buyers. Varma's realistic depictions of scenes from Hindu epics and mythology are widely recognized in India, with prints often found in household shrines. Minal Vazirani, president and co-founder of Saffronart, said in a press release that the valuation was a powerful reminder of the enduring cultural and emotional resonance of Indian art.
It deserves to be made available for public viewing periodically. It will be my endeavour to facilitate this going forward.
'Yashoda and Krishna' is an oil-on-canvas painting from the 1890s, when Varma was at the height of his career, portraying a moment between Hindu deity Krishna as a child and his foster mother Yashoda. In the painting, Yashoda is seen milking a cow while Krishna stands beside her holding a cup and waiting, with Krishna having a mischievous look and Yashoda's face reflecting warmth and care, and their ornaments are minimal but intricately detailed. The image of Krishna and Yashoda has long inspired artists across South Asia. According to the Raja Ravi Varma Heritage Foundation, Varma's genius lies in balancing the sacred rendered through the familiar, with textures and details creating a scene that is both devotional and intimate.
The surge in sales and records highlights growing demand for Indian and South Asian art, with collectors pushing prices to new highs. Ashish Anand, CEO and managing director of DAG (formerly Delhi Art Gallery), noted in a press release that this trend is giving rise to Indian art being viewed as a serious financial asset and beyond its value for aesthetics and personal delight. This auction underscores the increasing market valuation of historical Indian artworks, reflecting broader interest in the region's cultural heritage.
Varma's genius lies in this very balance: the sacred rendered through the familiar. The textures of silk, the gleam of jewellery, the softness of skin and the gentle stillness of the cow together create a scene that is both devotional and intimate.