Nirav Modi assets seized by ED to be auctioned

New Delhi: Fugitive businessman Nirav Modi’s seized assets including artworks, luxury watches, handbags and cars will go under the hammer at Saffronart’s two upcoming

New Delhi: Fugitive businessman Nirav Modi’s seized assets including artworks, luxury watches, handbags and cars will go under the hammer at Saffronart’s two upcoming auctions. The Mumbai-based auction house has been selected to host the sales on behalf of the Enforcement Directorate, Government of India. While the first sale, a live auction, will be held on February 27 in Mumbai, the second will be an online sale on March 3-4.

HT Image

Highlights of the auction include 15 artworks by significant modern and contemporary Indian artists like a 1935 masterpiece by Amrita Sher-Gil which has never previously been auctioned and is estimated at Rs 12-18 crore, a significant oil on canvas by M F Husain from his “Mahabharata” series, also estimated at Rs 12-18 crore, a 1972 serene blue painting by V S Gaitonde estimated at Rs 7-9 crore, and a vivid red depiction of Krishna by Manjit Bawa, estimated at Rs 3-5 crore, among others. Important watches going on sale include a Jaeger Lecoultre Men’s “Reverso Gyrotourbillon 2” Limited Edition wristwatch, and a Gerrard Perregaux Men’s “Opera One” wristwatch.

Of more than 80 branded handbags included in the auction, several are from the Birkin and Kelly lines by luxury retailer Hermès.

Select lots from the upcoming auctions will be exhibited at the Saffronart gallery in the Oberoi hotel in New Delhi from 1 - 9 February, and at the Saffronart premises in Mumbai from 18-24 February.

“We are diligently working with the Enforcement Directorate to assess and evaluate each item and put together the catalogue for both the sales, which includes a distinguished line-up of artworks by the likes of Amrita Sher-Gil, M F Husain and V S Gaitonde,” said Dinesh Vazirani, CEO and co-founder of Saffronart.

In March 2019, 68 artworks from the collection of Modi, the billionaire jeweller accused of fraud and currently under arrest in London, went under the hammer at Saffronart’s Spring Live Auction, of which 55 sold and fetched a sum of Rs 54.84 crore. The sale, conducted on behalf of the Tax Recovery Officer of India’s Income Tax Department, included a large collection of modern and contemporary Indian paintings, photographs, and even a clutch of contemporary Chinese works.

The department had seized over 170 artworks belonging to Modi in February 2019.