Nirav Modi’s art collection fetches ₹54.84 crore at Mumbai auction

The sale, conducted by a Mumbai-based auction house on behalf of India’s Income Tax Department, included a large collection of modern and contemporary Indian paintings, and a clutch of contemporary Chinese works.

No records were set, no great surprises emerged as 68 artworks from the collection of Nirav Modi, the billionaire jeweller accused of fraud and currently under arrest in London, went under the hammer at Saffronart’s Spring Live Auction on Tuesday evening.

55 artworks, out of the 68 that went under the hammer, sold at the auction conducted by Saffronart. (Saffronart)

The sale, conducted by the Mumbai-based auction house 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 bidding was conducted live, online, and via phone, with some bidders as far away as London.

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

Last week, a special court for offences registered under the Prevention of Money Laundering Act (PMLA), allowed the department to auction works to recover I-T arrears of over ₹95 crore from Camelot Enterprises, a purpoted shell company formed by Nirav and controlled by another Punjab National Bank fraud accused, Hemant Bhatt.

This untitled work from 1973, by modern artist VS Gaitonde, fetched ₹25.24, the highest price commanded by a single artwork.

Among the paintings that fetched a large sum was an untitled oil on canvas from 1973 by VS Gaitonde, which went for ₹25.24 crore (inclusive of buyer’s premium). An 1881 oil painting by Ravi Varma, titled The Maharaja of Travancore and his youger brother welcoming Richard Temple-Grenville, 3rd Duke of Buckingham and Chandos, Governor-General of Madras (1875-80), on his official visit to Trivandram in 1880, fetched ₹16.10 crore. Both works sold within their respective estimated prices.

Art collector Aakaash Belsare, who was present at the auction, says he had attended previous auctions at which Modi acquired several of the works. “The first Christie’s auction was where everyone noticed him,” he says. “Nobody bid like him even for small works, so he did contribute to the pricing of the artworks. He seemed well advised, knew what to buy. It’s interesting to see it change hands now.”

This Raja Ravi Varma painting from 1881 was estimated to touch ₹12 crore to ₹18 crore. It was sold for ₹16 crore.

Ten works by FN Souza were among the lots in the sale, one (an untitled ink-on-paper sketch from 1955) exceeding expectations by selling for ₹32 lakh, much higher than the ₹12 lakh estimate.

The small selection of Chinese works fared better overall, two works selling for three times higher than their estimations. Wu Yi’s undated work, Peach Garden, sold for ₹11 lakh; and Xu Lei’s massive 2009 piece, The End of the World sold, for ₹65 lakh.

India Law Alliance, a law firm representing Modi’s company, contested the auction. The matter will be heard in the Bombay High Court on Wednesday.

A bidder, on condition of anonymity, was anxious to find out what would happen at the hearing. “The estimates are a little high,” she said. “But there are some exceptional works in the collection, like the Souzas and Akbar Padamsee’s Grey Nude.”

Modi, who is currently being head at a London prison, was arrested In London on March 19 and is expected to be extradited to India soon.

With inputs from Vanessa Viegas