8.15 pm on Wednesday night was a special moment, not just for Dr Cyrus Poonawalla, chairman and managing director of Serum Institute of India (SII), but for the world of art when the hammer finally went down at the Saffronart auction and the billionaire industrialist acquired Raja Ravi Varma’s Yashoda and Krishna for a staggering Rs 167.2 crore. The bid set a new record for the highest price ever paid for an Indian painting.
“I was really happy to get it and was fortunate to out-bid Kiran Nadar, who like me is an ardent art collector and habitual bidder of rare works,” said Dr Poonawalla, speaking to The Indian Express from his Pune residence on Thursday, from where he made the bid on the night of April1.
The sale that took place in Mumbai on April 1 saw an intense bidding of seven minutes for the work that came from a private collection in Delhi and had a pre-sale estimate of Rs 80-120 crore (USD 8.6-12.9 million).
On being asked what made him pursue this work, he said, “I have a collector friend called Dara Mehta who advised me to reach out for this iconic painting, which he said was very rare and a museum piece worthy of my art collection. He also said that it was very high-budget and only a few billionaires like me could afford it, so I decided to bid for it.”
Poonawalla (85), who is a well-known art connoisseur and collector, added that the buy was not just an investment but the product of his love for art. “I love Ravi Varma paintings and have a beautiful earlier work too and this one is a prized addition to the collection,” he added.
Poonawalla said that he is yet undecided where he plans to display the celebrated canvas. “But it will adorn either my Mumbai residence or the Pune one,” he said. In an earlier statement to the media Dr Poonawalla had said, “This national treasure deserves to be made available for public viewing periodically, and it will be my endeavour to facilitate this going forward.”
Painted in the 1890s by Varma at the peak of his career as an artist, the oil on canvas Yashoda and Krishna depicts Yashoda milking a cow with the young Krishna trying to claim her attention with a goblet in hand. Known for his portrayal of subjects from Indian mythology Varma, who had established his lithography press at Karjat near Pune in 1896, has used the contrasting light and shadow technique for this masterpiece.
Dr Poonawalla, who is counted as amongst the richest businessmen globally, founded SII in Pune in 1966. Today it’s the world’s largest manufacturer of vaccines. Poonawalla was awarded the Padma Bhushan in 2022 for his contribution to the field of medicine and Padma Shri in 2025 for his work in producing the vaccines during Covid-19.
His son Adar Poonawalla, CEO of the serum Institute with stakes in Karan Johar’s Dharma Productions, is an equally avid collector of art and has been quoted in international art magazines as saying that he has the “best European art collection in India.” The collection reportedly includes Renoir, Picasso and Monet as also Van Gogh’s Watermill at Opwetten that is displayed in his palatial Pune mansion. The Poonawallas are known as much for their luxurious lifestyles comprising expensive homes, a fleet of cars and a state-of-the-art stud farm as they are for their philanthropic work.
Commenting on the sale, Minal Vazirani, President and Co-founder, Saffronart, noted, “Great art has a way of reaffirming its timeless value. The record-breaking sale of Raja Ravi Varma’s work not only underscores the strength of the art market, but also sets a new benchmark as the highest-value work of Indian art ever sold. At Saffronart, we are proud to have facilitated this landmark moment. It is not just a milestone for the market, but a powerful reminder of the enduring cultural and emotional resonance of Indian art.”
Previously the record for the most expensive work of Indian art sold at an auction was held by MF Husain’s 1954 Untitled (Gram Yatra) that fetched Rs 118 crore at a Christie’s auction in March 2025.
Ashish Anand, CEO and Managing Director of DAG, noted, “This is a defining moment for the Indian art market. At Rs 167.2 crore, Raja Ravi Varma’s Yashoda and Krishna—a universal subject reminiscent as much of Madonna and Christ, or of any mother and child, and arguably the most iconic and desirable work, the Mona Lisa of Indian art—has not only achieved a new world record, it has done so with conviction, more than doubling its lower estimate of Rs 80 crore, exceeding it by Rs 87.2 crore—an increase of over 100 per cent.”
Serum Institute of India managing director Dr Cyrus S Poonawalla bought Raja Ravi Verma’s painting, Yashoda and Krishna, for Rs 167.20 crore at Saffronart’s Spring Live Auction in Mumbai. (Photo Credit: Special Arrangement) 
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