New auction record for an Indian artwork: Ravi Varma's iconic 'Yashoda and Krishna' sold for Rs 167 crore

MUMBAI: Iconic artist of India, Raja Ravi Varma’s 'Yashoda and Krishna' became the most expensive Indian artwork ever sold, setting a new auction record. The painting put up on auction by Saffronart Auction in Delhi was sold for 1.67bn rupees ($17.9m; £13.6m).

Varma, known for his intricate detailing of Hindu mythology, in the painting shows Krishna’s foster mother, Yashoda, milking a cow while Krishna gives a juvenile gaze.

Through the deal, the Kerala-based legendary artist’s work surpassed the previous record set by MF Husain's Untitled (Gram Yatra), which fetched $13.8m last year. Born in 1848 in Kerala’s Kilimanoor, Ravi Varma is revered across the globe for his oeuvre and is arguably the most prolific artist to hail from the subcontinent.

The painting was bought by vaccine billionaire Cyrus Poonawalla, founder and managing director of Serum Institute of India. In a statement, Poonawalla described the work as a national treasure which needs to be put out on display for the public at least periodically.

Saffronart described the deal as a powerful reminder of the enduring cultural and emotional resonance of Indian Art. Experts opined that the mega deal for the painting would set a precedent that would hitherto make people view Indian art as a serious financial asset.

Recently, there has been a rapid rise in demand for artworks that mostly hail from South Asia and the subcontinent.