NEW DELHI — In a historic night for the global art market, a masterpiece by legendary artist Raja Ravi Varma sold for a staggering ₹167.2 crore ($19.3 million approx.) at the Saffronart Spring Auction on Wednesday, April 1, 2026. The sale of the oil painting, titled Yashoda and Krishna, marks the highest price ever fetched by an Indian artwork at auction, surpassing the previous record by over 40%.
1. A National Treasure Stays Home
Measuring 35 x 28.25 inches, the 1890s work is signed by the artist and depicts a universal theme of maternal love.
- Non-Exportable Status: Because Raja Ravi Varma’s works are classified as National Treasures by the Government of India, they cannot be taken out of the country. This confirms the anonymous buyer is an Indian collector.
- The “Mona Lisa” of India: Ashish Anand, MD and CEO of DAG, described the work as “arguably the most iconic and desirable work” in Indian art history, comparing its cultural weight to Leonardo da Vinci’s Mona Lisa.
2. Shattering the Estimates
The bidding process saw intense competition, reflecting the booming interest in Indian modern and classical art despite global economic volatility.
- Initial Estimate: The painting was originally estimated to sell for approximately ₹80 crore.
- The Final Hammer: The final price more than doubled the lower estimate, exceeding it by ₹87.2 crore—an increase of over 100%.
- Market Significance: Saffronart CEO Dinesh Vazirani called it a “defining moment,” proving that top-tier Indian collectors are willing to go to unprecedented lengths to acquire culturally significant heritage pieces.
3. Breaking Previous Records
The sale officially unseats the previous record holder for Indian art:
- Previous Record: In March 2025, a work by Maqbool Fida Husain (M.F. Husain) sold for ₹118.7 crore ($13.7 million) at Christie’s in New York.
- The New Margin: Varma’s Yashoda and Krishna surpassed Husain’s record by a massive ₹49.2 crore.
Top 3 Most Expensive Indian Paintings (As of April 2026)
| Artist | Work Title | Price | Year Sold |
| Raja Ravi Varma | Yashoda and Krishna | ₹167.2 Crore | 2026 |
| M.F. Husain | Untitled | ₹118.7 Crore | 2025 |
| Amrita Sher-Gil | The Story Teller | ₹61.8 Crore | 2023 |
Why This Matters
Raja Ravi Varma is credited with bringing a “Western realism” to Indian subjects, making Vedic and mythological themes accessible through his lithographs. However, his original oil paintings remain incredibly rare. Experts suggest this sale reflects a broader trend where Indian “Old Masters” are beginning to achieve valuations closer to their Western counterparts in the global blue-chip art market.