Raja Ravi Varma's 'Yashoda and Krishna' painting sells at record-setting Rs 167.2 crore

In a significant moment for India, noted painter Raja Ravi Varma’s 'Yashoda and Krishna' artwork secured a new world record after being sold for a whopping Rs 167.2 crore. It surpassed the previous benchmark set by MF Husain at Rs 118 crore.

The painting pictured Yashoda, with Bala Krishna and a cow.

"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," said Ashish Anand, CEO and MD, DAG (formerly Delhi Art Gallery).

Commenting on the record, he called it a "defining moment for the Indian art market".

Raja Ravi Varma's 'Yashoda and Krishna' painting

"It has not only achieved a new world record, it has done so with conviction, more than doubling its lower estimate of Rs 80 crore, exceeding it by Rs 87.2 crore—an increase of over 100 per cent. Just as importantly, it advances the market decisively beyond the previous benchmark set by M F Husain at Rs 118 crore, surpassing it by Rs 49.2 crore -- an increase of over 40 per cent. In any global context, that's a significant recalibration of value, not a marginal progression," the CEO said.

"This isn't simply a record. It's a redefinition of the category, a growing recognition of mythology as a serious and desirable genre within the global art market," he added.

The art gallery acknowledged the fact that this is a "non-exportable national treasure and a registered antiquity", which further underscores a maturing collector base -- one that's both globally competitive and deeply interested in retaining cultural patrimony within India.

The impact of this world record is believed to 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.