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Nirav Modi's Rolls Royce Ghost, diamond watch, Amrita Sher-Gil painting to go under the hammer

The sale of 112 assets is being done by Saffronart on behalf of the Enforcement Directorate through a live auction.

Last Updated: Feb 27, 2020, 11.07 AM IST
Last year's auction of Nirav Modi's artworks fetched over Rs 55 crore.​ ​(Representative Image)
Last year's auction of Nirav Modi's artworks fetched over Rs 55 crore. (Representative Image)
MUMBAI: Rare paintings, exquisite wrist watches and luxury cars belonging to fugitive diamantaire Nirav Modi will be auctioned next month, auction house Saffronart said on Wednesday.

The sale of 112 assets is being done by Saffronart on behalf of the Enforcement Directorate through a live auction, while 72 other items would be sold through an online auction.

Modi, who has allegedly defrauded state-run Punjab National Bank of over Rs 14,000 crore, is currently lodged in a British jail.

Saffronart, which had conducted an auction of some artworks belonging to Modi in March last year that fetched over Rs 55 crore, initially said there would be a live auction of 112 items on Thursday (February 27) and an online auction next week.

In a late evening statement on Wednesday, Saffronart said the live auction has been postponed to March 5 on "instructions from the Enforcement Directorate".

The online auction would be held as scheduled earlier on March 3 and 4.

A 1935 painting by Amrita Sher-Gil titled 'Boys with Lemons' is expected to be the biggest draw at the live auction and could fetch anywhere between Rs 12-18 crore. A 1972 piece from modernist M F Hussain is also expected to fetch a similar price, Saffronart said.

Nirav Modi's Art Fortune Auctioned: Grey Nude & Other Paintings That Stole The Show

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An Anticipated Affair

15 Apr, 2019
A glimpse of the dimensions of fugitive diamantaire Nirav Modi’s wealth recently came to light with the auction of some of his artworks. The much-anticipated affair in Mumbai not only showcased his credentials as an art collector but also displayed his fondness for doing things in a big way. Suffice to say that those who successfully placed their bids that night, walked away with some largish works. When hanging on the wall, many of these works would be hard to miss, rather they’d dominate. Here are some works that were auctioned.

Other art pieces to be sold include works by V S Gaitonde, Manjit Bawa and Raja Ravi Varma, it added.

Rare timepieces, including a Jaeger-LeCoultre Men's 'Reverso Gyrotourbillon 2' Limited Edition Wristwatch that can fetch up to Rs 70 lakh, a Patek Phillipe 'Nautilus' Gold and Diamond Wristwatch that is also estimated to fetch up to Rs 70 lakh, would also go under the hammer.

Among luxury cars, a Rolls Royce Ghost would be up for grabs and is expected to fetch up to Rs 95 lakh, Saffronart said, adding the car is ideal for long distance travel.

The sale would also feature branded handbags, including from the iconic Birkin and Kelly lines by French luxury goods manufacturer Hermès, which are expected to fetch up to Rs 6 lakh a piece.

There would be 72 items in the online auction, including a Porsche Panamera S car which could be sold for up to Rs 15 lakh, the auction house said.

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