Summary
A painting by the 19th-century Indian artist Raja Ravi Varma sold for $17.9 million at an auction in Delhi, setting a new record for Indian artwork. The painting was purchased by Cyrus Poonawalla, a billionaire businessman. The sale highlights the rising demand and value of Indian and South Asian art.
Key Facts
- Raja Ravi Varma's painting "Yashoda and Krishna" was sold for $17.9 million.
- The artwork broke the previous record set by MF Husain's painting, which sold for $13.8 million.
- The buyer was Cyrus Poonawalla, a prominent businessman and founder of Serum Institute of India.
- Varma's works are labeled as "art treasure" under Indian law, meaning they can't be exported and must be sold to Indian buyers.
- Varma is known for blending European art techniques with Indian themes.
- The painting shows a scene from Hindu mythology, depicting Krishna and his foster mother Yashoda.
- The sale indicates a growing market for Indian art as a financial asset.
- The auction was conducted by Saffronart in Delhi.
