A painting by Raja Ravi Varma has shattered auction records, selling for an astounding $17.9 million at Saffronart in Delhi. Characterised as 'indisputably remains the most influential pioneer of early modern Indian art', the piece 'Yashoda and Krishna' depicts a universally resonant theme through mythological figures, making it one of Varma's most accomplished works.

The sale not only surpasses the previous record held by M.F. Husain’s Untitled (Gram Yatra), but also eclipses Varma’s prior auction high of $4.5 million from 2023. The buyer, pharmaceutical billionaire Cyrus Poonawalla, has ensured that this work remains within a 'relatively closed ecosystem' due to national heritage laws barring the export of such works.

The increased demand and market concentration at the top end reflect how well Indian art is doing. Despite these stringent rules, Varma’s pieces continue to fetch impressive prices, suggesting that collectors are willing to pay top dollar for his masterpieces.