ED to auction artworks, watches, cars etc. from seized assets of Nirav ModiED to auction 15 artworks, watches from seized Nirav Modi assets

The Enforcement Directorate (ED) will auction 15 artworks, selection of luxury watches, handbags, and cars from the seized assets of fugitive diamantaire Nirav Modi in a live auction in Mumbai on February 27 followed by an online auction on March 3 and 4.

Saffronart, a leading international auction house, has been selected to host the two auctions featuring the seized assets of fugitive diamantaire Nirav Modi on behalf of ED. A live auction will take place in Mumbai on February 27 which will be followed by an online auction on Saffronart's platform on March 3 and 4.

It is for the first time that a professional auction house has been roped in by the Enforcement Directorate (ED) to conduct an auction of seized assets in India. The appointment comes a year after a successful auction of seized paintings conducted by Saffronart on behalf of the Income Tax Department in March last year - which raised Rs 54.84 crores.

Commenting on the auctions, Dinesh Vazirani, Saffronart CEO and co-founder said, "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, M F Husain and V S Gaitonde."

"The auctions also feature luxury collectibles - such as watches by Jaeger Lecoultre, and Birkin and Kelly handbags from Hermes - which are among the most popular luxury items internationally and witness great demand from celebrities and collectors," Vazirani added.

The highlights of the auctions include a 1935 masterpiece by Amrita Sher-Gil which has never previously been auctioned (estimate: Rs 12 to Rs 18 crores), a significant oil on canvas by M F Husain from his 'Mahabharata' series (estimate: Rs 12 to Rs 18 crores), a serene blue painting by VS Gaitonde from 1972 (estimate: Rs 7 to Rs 9 crores); and a vivid red depiction of Krishna by Manjit Bawa (estimate: Rs 3 to 5 crores).

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

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

Modi is currently lodged at Wandsworth prison in south-west London and is wanted for his alleged role in the Rs 13,570 crore loss caused to the Punjab National Bank (PNB) along with his uncle, Mehul Choksi.

Modi, 48, was arrested in March last year by Scotland Yard in connection with the case.