- The Saffronart auction reached its highest revenue when it auctioned Raja Ravi Varma's painting. The painting depicts Yashoda holding her baby The final price reached ₹167.2 crore.
- The Spring Live Auction took place in Mumbai on Wednesday. The auction attracted many participants who placed bids. The bidders continued their battle until all bidding activities completed.
Buyer and Artwork Details
The painting was acquired by Cyrus Poonawalla who established the Serum Institute of India. The artwork dates back to the 1890s. The final price reached about ₹167 crore which made it one of the most valuable Indian artworks ever sold.
Previous Record and New Milestone
A painting by M. F. Husain previously held the record until now. The artwork sold for ₹118 crore last year. The Raja Ravi Varma painting has now surpassed that amount and set a new benchmark.
Statement from the Buyer
Cyrus Poonawalla described the purchase as a matter of pride. He said he sees the acquisition as a responsibility and an honor.
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