Seized Assets Of Nirav Modi To Be Auctioned At Saffronart’s Two Upcoming Sales
Nirav Modi. (Source: Nirav Modi Twitter Page) 

Seized Assets Of Nirav Modi To Be Auctioned At Saffronart’s Two Upcoming Sales

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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 Feb. 27 in Mumbai, the second will be an online sale on March 3-4.

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 MF Husain from his "Mahabharata" series, also estimated at Rs 12-18 crore, a 1972 serene blue painting by VS Gaitonde estimated at Rs 7-9 crore, and a vivid red depiction of Krishna by Manjit Bawa, estimated at Rs 3-5 crores, 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.

Also read: PNB Fraud Case: Nirav Modi Declared Fugitive Economic Offender

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

"Saffronart is extremely honoured to inaugurate its 20th year by lending our services and expertise to the Enforcement Directorate, Government of India. We are diligently working with the ED 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, MF Husain and VS Gaitonde.

"The auctions also feature luxury collectibles - such as watches by Jaeger Lecoultre, and Birkin and Kelly handbags from Herms - which are among the most popular luxury items internationally and witness great demand from celebrities and collectors," Saffronart Chief Executive Officer and co-founder Dinesh Vazirani said.

Select lots from the upcoming auctions will be exhibited at the Saffronart gallery in The Oberoi, New Delhi during the India Art Fair later this month.

Also read: CBI Books Frost International And Its Directors In Rs 3,592-Crore Fraud: Officials

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