Nirav Modi assets beat estimates, garner Rs 2.29 crore in online auction

Items were expected to fetch Rs 50 lakh

An auction of cars, sculptures and personal objects of value — including watches and designer handbags — belonging to diamond jeweller Nirav Modi, accused of bank fraud, went under the hammer on Wednesday and beat estimates.

The auction was conducted by Saffronart on behalf of the deputy director, Enforcement Directorate, Mumbai, and was expected to garner Rs 50 lakh in proceeds, but generated over four times that number.

Saffronart’s Spring Online Auction closed with all lots sold at a total value of Rs 2.29 crore. “We saw competitive bidding across categories and countries, with well over 700 advance bids received prior to the auction’s opening, making it one of the most successful online auctions to date,” said Minal Vazirani, president and co-founder Saffronart.

Nearly all lots surpassed estimates. Top items included a Porsche Panamera that was driven by Nirav Modi’s wife, Ami Modi, that went for Rs 36 lakh; a gold Cartier wristwatch that went for Rs 36 lakh; and, a Vianney Halter and Goldpfeil wristwatch that was sold for Rs 13 lakh.