Overview
- The 1890s oil painting sold at Saffronart’s Spring Live Auction in Mumbai on Wednesday, topping the previous record set by M. F. Husain’s 1954 work at about ₹118 crore.
- Industrialist Cyrus S. Poonawalla won the lot after brisk bidding and said he will make the painting available for public viewing from time to time.
- The work carried a pre‑sale estimate of ₹80–120 crore and closed at ₹167.2 crore, more than doubling the low estimate.
- Because Raja Ravi Varma’s art is designated a national treasure under India’s 1972 antiquities law, the painting cannot be exported and had to remain with an Indian collector.
- Dealers and auctioneers say the result will lift prices across Indian art as a growing base of local buyers pushes record highs and affirms depth in the home market.