Iconic 19th Century painting sets Indian art record with $17.9m sale

BBC:

A 19th Century painting by iconic artist Raja Ravi Varma has become the most expensive Indian artwork ever sold, setting a new auction record.

The painting, Yashoda and Krishna, was sold for 1.67bn rupees ($17.9m; £13.6m) at a Saffronart auction in Delhi on Wednesday. It beat the previous record set by MF Husain’s Untitled (Gram Yatra) which fetched $13.8m last year.

The surge in sales and records highlight growing demand for Indian and South Asian art, with collectors pushing prices to new highs.

Varma, who was born in 1848 in what is now the southern state of Kerala, is widely regarded as a pioneer of modern Indian painting and one of the most influential artists from the subcontinent.

The painting was bought by billionaire businessman Cyrus Poonawalla, founder and managing director of Serum Institute of India, one of the world’s largest vaccine producers.

In a statement released by Saffronart, Poonawalla described the work as a “national treasure”, adding that it “deserves to be made available for public viewing periodically”.

“It will be my endeavour to facilitate this going forward,” he said.

Varma’s works have been classified as “art treasure” under India’s Antiquities and Art Treasures Act, which means that they cannot be exported and can be sold only to Indian buyers.