In the midst of a war, when good news is hard to come by, the Indian art market got a shot in the arm with the record-breaking sale of Raja Ravi Varma’s Yashoda and Krishna for Rs 167.2 crore, at Saffronart’s spring auction in Mumbai on Wednesday night. This is the highest price fetched for any work of Indian art at an auction so far.
That the painting overshot the previous record for the highest price fetched by an Indian artwork – MF Husain’s Untitled (Gram Yatra), sold for Rs 118 crore at a Christie’s New York auction last March – by over 40% is being seen as a significant recalibration of value, and not just marginal progression. It also reaffirms the place of art as a valuable asset class, similar to gold, that people turn to in times of turmoil.
‘It is a safe investment for future and a generational asset’
Saffronart co-founder and CEO Dinesh Vazirani says this phenomenon is historical. “In times of war people do veer toward gold and art. They are transportable, repositories of value for generations, not having just short-term value. It is a safe investment for future and a generational asset,” he said, talking with FE. Vazirani also called this moment as one of recalibration for Indian art, when values of artists across the board will be re-evaluated.
“It’s a fantastic show of confidence for the Indian art market. There is a growing depth to the market as the buyer base is growing steadily,” Sonal Singh, chairman, India, Christie’s, told FE. Christie’s is walking the talk too. The auction house announced on Tuesday that it is set to hold a sale of South Asian modern and contemporary art in London after a gap of seven years. This is building on its New York sale of South Asian art last March which achieved “exceptional results and contributed to multiple world auction records”, including the sale of Gram Yatra.
Independent arts consultant and writer Kishore Singh calls the sale a reflection of India’s confidence in itself and its own art, telling FE: “The art barometer is shifting organically and finding the values it deserves.”
Ashish Anand, CEO & MD, DAG sees this as a structural shift in the Indian art market. “What this sale does is raise the threshold. It establishes that Indian art can command nine-figure prices in rupee terms with confidence and depth. Post-COVID, the market has expanded significantly, growing nearly threefold reflecting a substantial increase in both participation and value at the top end. What we are now seeing is the logical next phase of that momentum —benchmark prices being reset by works of exceptional rarity and art-historical importance,” he shared with FE.
Indian art moves from local pride to global attention
Beyond mere value, the record prices being fetched by Indian art also signify cultural custodianship. Husain’s Gram Yatra was bought by Kiran Nadar, while Yashoda and Krishna has been bought by Cyrus S Poonawalla, chairman and managing director of the Cyrus Poonawalla Group, who said he would endeavour to make the national treasure available for public viewing periodically.
Kishore Singh feels this is a validation that Indian art comes with inherent strengths and “buyers are now more than willing to turn their interest into a form of cultural custodianship that is important for a developed nation’s identity”.
But what about global interest, especially as Indian art valuations are nowhere near global standards? Vazirani explains that the Indian art market is still nascent, only about 20-25 years old, but says all indicators are in the right direction for it to take off. Sonal Singh of Christie’s mirrors the optimism, saying the present interest from collectors of Indian origin is only natural, and will shift gradually to a wider base.
Anand of DAG feels sales such as Yashoda and Krishna signal the transition of Indian art from a regional market into one that is increasingly aligned with global valuation frameworks.
“The dominance of Indian buyers today reflects the strength of domestic wealth and conviction, not the absence of global interest. In fact, much of the growth in the Indian art market over the past decade has been driven by Indian capital entering the category—mirroring patterns we have seen in China. At the same time, international institutions and collectors are increasingly engaging with Indian art, and global auction houses are consistently achieving strong results for Indian artists,” he said.
He added that what we are witnessing is the foundation stage: a strong domestic collector base establishing price confidence. “Historically, that is the precursor to sustained international participation. As benchmarks rise and scholarship deepens, global capital inevitably follows. So rather than a limitation, this is a sign of market maturity—India is beginning to define the value of its own cultural assets.”