Fugitive businessman Nirav Modi's assets which were seized by Enforcement Directorate (ED) will auctioned soon by Saffronart. The 112 lots seized by ED include artworks, luxury watches, handbags and cars.
The Mumbai-based auction house, Saffronart, has been selected to host the sales on behalf of the Enforcement Directorate, Government of India. The two auctions will be held on February 27 and on March 3 – 4 in Mumbai. These auctions will feature a total of 112 lots seized from Nirav Modi, reported squarefeatindia.com.
According to squarefeatindia.com, the first sale, which will be held on February 27, will feature 40 lots, of which 15 are artworks. The auction include 15 artworks by significant modern and contemporary Indian artists like a 1935 masterpiece by Amrita Sher-Gil which is estimated at Rs 12-18 crore. Another painting which will be auctioned is a significant oil on canvas by M F Husain from his "Mahabharata" series, which also estimated at Rs 12-18 crore. The auction will also feature 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 crores, among others.
In the auction 25 luxury watches will be going on sale, which include a Jaeger Lecoultre Men's "Reverso Gyrotourbillon 2" Limited Edition wristwatch, which is estimated at Rs 55 - 70 lakhs. Another luxury watch in sale is a Patek Phillipe ‘Nautilus’ Gold and Diamond Wristwatch, which is also estimated at INR 55 – 70 lakhs. On February 27, 80 branded handbags will also be included in the auction, several are from the Birkin and Kelly lines by French luxury goods manufacturer Hermès. Even, a Rolls-Royce Ghost, which is estimated at Rs 75 – 95 lakhs, will auctioned on February 27.
In the Spring Online Auction, 72 luxury collectibles will be on sale which will include renowned brands such as Chanel, Hermès, Louis Vuitton and Celine. Even a Cartier Asymmetric ‘Crash’ Wristwatch and a Porsche Panamera S car will also be auctioned.
