A 19th-century painting by renowned Indian artist Raja Ravi Varma has set a new benchmark in the global art market, selling for 1.67 billion rupees ($17.9 million) at an auction in New Delhi on Wednesday, April 2, 2026. The sale marks the highest price ever achieved for an Indian artwork, surpassing the previous record held by a work from modernist painter MF Husain.

The painting, titled Yashoda and Krishna, is an oil-on-canvas masterpiece created in the 1890s, during the peak of Varma’s career. It depicts a tender domestic moment between the Hindu deity Krishna as a child and his foster mother Yashoda, blending mythological storytelling with lifelike realism. The composition highlights Varma’s signature ability to present sacred figures in relatable, human settings, a style that redefined Indian art.

The artwork was acquired by billionaire industrialist Cyrus Poonawalla, who described it as a national treasure and expressed plans to make it accessible for public viewing. Experts say the record-breaking sale underscores a growing global demand for Indian and South Asian art, with collectors increasingly viewing such works as both culturally significant and financially valuable.

Market analysts note that high-quality pieces with strong historical relevance and rarity are driving this surge in prices. As the art market continues to mature, Indian masterpieces like Varma’s are gaining recognition not only for their aesthetic appeal but also as serious investment assets.