Saffronart to auction businessman Nirav Modi’s seized artworks, luxury watches and handbags on behalf of the Enforcement Directorate
The Enforcement Directorate roped in Saffronart, an international auction house, to host two auctions featuring the seized assets of fugitive businessman Nirav Modi. While the first sale, a live auction, will be on February 27 in Mumbai, the second will be an online sale on March 3 and 4.
The auctions will feature 15 artworks by significant modern and contemporary Indian artists as well as a selection of luxury watches, handbags and cars.
Highlights of the auction include a 1,935 masterpiece by Amrita Sher-Gil, which has never been auctioned previously and a significant oil on canvas by MF Husain from his Mahabharata series. Both the artworks have been estimated to be priced at Rs 12 crore or Rs 18 crore.
The exhibition will also showcase a serene blue painting by VS Gaitonde from 1972, which is estimated to be priced at around Rs 7 to 9 crore and a vivid red depiction of Krishna by Manjit Bawa (Rs 3 to 5 crore).
Apart from the modern artworks, important watches will also be on sale including a Jaeger Lecoultre Men’s Reverso Gyrotourbillon 2 and a Gerrard Perregaux Men’s Opera One wristwatch. More than 80 branded handbags are there in the auction, out of which several are from the Birkin and Kelly lines by luxury retailer Hermes.
CEO and co-founder of the auction house, Dinesh Vazirani, said, “We are honoured to lend our services and expertise to the Enforcement Directorate. We are working with the ED to assess and evaluate each item and put together the catalogue for both the sales, which include a distinguished line-up of artworks, too.” He added that some of the brands offer the most popular luxury items internationally and have witnessed a great demand from celebrities and collectors.
This is the first time that the Enforcement Directorate has appointed a professional auction house to conduct an auction of seized assets in India. Earlier, in March 2019, the Income Tax Department had appointed the same auction house for the bidding that raised Rs 54.84 crore.
Selected items from the forthcoming auctions will be exhibited at the Saffronart gallery in The Oberoi, New Delhi, during the India Art Fair later this month.
—With inputs from agencies