New Delhi | Eminent Indian painter Raja Ravi Varma's oil painting "Yashoda and Krishna" was sold at a record Rs 167.20 crore (USD 17,978,495) at Saffron art's Spring Live Auction in Mumbai on Wednesday, becoming the highest-value work of modern Indian art ever sold at an auction.

The painting has surpassed the previous record held by MF Husain's Untitled (Gram Yatra) that achieved over Rs 118 crore at an auction last year.

The Raja Ravi Varma work, which was estimated at Rs 80-120 crore, was acquired by Dr Cyrus S Poonawalla, managing director of the Serum Institute of India.

"I am privileged to have the opportunity to acquire, preserve, and care for the iconic Raja Ravi Varma painting Yashoda and Krishna. This national treasure deserves to be made available for public viewing periodically, and it will be my endeavour to facilitate this going forward," Poonawalla said in a statement.

Painted in the 1890s, during the height of the artist's career, the work presents a nuanced interpretation of maternal love through the mythological figures of the infant Lord Krishna and his foster mother, Yashoda.

The painting depicts Yashoda milking a cow as an infant Krishna reaches for a goblet of milk from behind, drawing the viewer into the scene, "transforming a domestic moment into an experience that suggests participation in a larger, sacred narrative".

It is regarded as one of Varma’s most significant and evocative compositions.

"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," said Minal Vazirani, president and co-founder, Saffronart.