New Indian art record
Vaccine billionaire Cyrus Poonawalla bought Raja Ravi Varma’s Yashoda and Krishna for ₹167.2 crore (≈$17.9M), setting a new auction record for an Indian painting (theartnewspaper.com). The sale signals growing global appetite and price traction for classical Indian works in 2026 (theartnewspaper.com).
Saffronart’s Spring Live Auction in Mumbai ran the lot on April 1, and dealers reported an intense seven‑minute bidding contest for the work. (indianexpress.com) The oil‑on‑canvas dates to the 1890s, measures roughly 35 x 28.25 inches and bears Raja Ravi Varma’s signature, and the painting entered the sale from a private collection in Delhi. (thehindu.com) (indianexpress.com) Saffronart catalogued the lot with a pre‑sale estimate of ₹80–120 crore, and auction house results show the hammer exceeded that published estimate range. (thehindu.com) The standing benchmark for modern Indian art at auction before this week was M.F. Husain’s Untitled (Gram Yatra), which fetched $13.8 million (about ₹118–119 crore) at Christie’s New York in March 2025 and was acquired by collector Kiran Nadar. (artnews.com) (economictimes.indiatimes.com) The winning bidder described the canvas as “a national treasure” and said they would work to make it available for public viewing periodically, and Saffronart co‑founder Minal Vazirani called the sale a “defining moment” for the market. (business-standard.com) Analysts pointed to a string of high‑profile South Asian sales this year—including the Christie’s Husain result—and publications such as The Art Newspaper and Art Basel say the outcome underscores accelerating international appetite for classical and South Asian works in 2026. (theartnewspaper.com) (artbasel.com)
