From myth to masterpiece: Raja Ravi Varma's legacy shines in landmark auction milestone

One hundred and twenty years after his passing, Raja Ravi Varma continues to cast his spell on India's art world with 'Yashoda and Krishna' setting a new auction record at ₹167.20 crore, reports Glynda Alves. In the electric hush of an auction room, Raja Ravi Varma's iconic 'Yashoda and Krishna' found its moment, surpassing its higher estimate of Rs 120 crore and setting a new auction record for the artist at ₹167.20 crore ($17.97 million). Minal Vazirani, co-founder, Saffronart, the auction house that sold the work to industrialist Cyrus Poonawalla, tells ET that in a sense, this record setting price was a "reclaiming of history". Still absorbing the staggering numbers with little time to celebrate, Vazirani shares, "We didn't have a clear sense of what value the painting would hammer down at. Usually, you can gauge a range, but with this work, it was very difficult to predict. At this level, the pool of collectors is small. It was only when the hammer came down at 8:07 pm that we knew. The bidding really unfolded in the moment." Will this moment set a new benchmark for the artist or Indian art as a whole? It's hard to predict. "An auction is a single moment. It reflects a specific work at a specific time. It may influence the market, but it doesn't set a universal benchmark; value always depends on the individual work," she explains. But one thing is for certain, the sale underscores how rarity, provenance and museum quality can converge to drive prices to unprecedented levels. This reflects a more mature market with stronger conviction -- where decisions are driven by a clear understanding of value, rarity and long-term significance. Ashish Anand, CEO, DAG, explains, "For galleries, it means more deliberate positioning, with greater emphasis on scholarship and context. For collectors, it reinforces a long-term approach: Important works will increasingly be seen as legacy assets, with only the highest quality commanding this level of attention and pricing." Gitanjali Maini, managing trustee, Raja Ravi Varma Heritage Foundation, says that they are thrilled by the outcome. "We get a constant stream of queries: 'Do you know anyone who's selling?', and it keeps growing. Even portraits, once less sought-after, are now in demand. People no longer see them as images of unknown figures, but as snapshots of history -- through costume, expression, and character. Ravi Varma captures this beautifully; his portraits are increasingly valued as pieces of history in the home," she says. The record price invites speculation on how Ravi Varma himself might have viewed such a moment. If anything, suggests Maini, he would have met it with quiet humility. She says, "He waited his turn for commissions, often studying the flora and fauna of a region while he did. What would have mattered most to him is that his work is seen, appreciated and accessible, ideally in museums for the public to experience." Raja Ravi Varma's works are almost impossible to miss, appearing everywhere from restaurants in Mumbai to puja rooms in city apartments and homes across rural India. Vazirani says that part of his appeal was the fact that he brought mythology into everyday spaces. "He made devotional imagery not just visible, but deeply accessible, including to people who may not have otherwise had access to fine art." According to Anand, he was the definitive brush stroke in how India visualises mythology. "For the first time, gods and goddesses were given a human, accessible form, and through prints, that imagery entered everyday life across the country." Growing up, the young Ravi Varma was championed by Ayilyam Thirunal Rama Varma, who was Maharaja of Travancore from 1860 to 1880. His uncle Raja Raja Varma, an artist himself, was also a force in his artistic growth. His mother Uma Ambabayi Thampuratty was a poet and writer. Ravi Varma was involved in publishing her work - Parvati Swayamvaram - after her death. At just 18, he married Pooruruttathi Thirunal Mahaprabha, aka Bhagirathi from the Mavelikara Palace in 1866. He moved to Mavelikara after his marriage. But as a busy artist by then, he is said to have been able to spend little time for family. In 1870, he became a professional artist, something that was a controversial choice of career for an aristocrat at the time. For someone who is believed to be among the earliest Indian artists to use oil paints, Ravi Varma's medium of choice as a child were chalk and charcoal. His canvas? The walls of his mansion. In 1894, he started Ravi Varma Fine Art Lithographic Press in Girgaon, Mumbai to produce chromolithographs of his work. Unfortunately, by 1899 the press hit financial difficulties and had to be moved to Lonavala because of the plague. Eventually it was sold to his German technician - Fritz Schleicher - in 1901. Ravi Varma's legacy lives on in Kerala with the Raja Ravi Varma College of Fine Arts in Mavelikara, started by his son Rama Varma Raja (an alumnus of JJ School of Art in Mumbai) in 1915 as a painting institute and was taken over by the government after independence. The Raja prefix to his name was bestowed upon him by Lord Curzon, the Governor General of India who also awarded him the Kaisar-i-Hind Gold Medal, a British civil decoration for Indians. 2022 'Gestation', SH Raza: Rs 51.75 crore 2023 'The Story Teller', Amrita Sher-Gil: Rs 61.8 crore 2025 'Untitled (Gram Yatra)', MF Husain: Rs 118 crore 2026 'Yashoda and Krishna', Raja Ravi Varma: Rs 167.2 crore - With inputs from Nirmal John