Enforcement Directorate to auction 15 artworks, watches from Nirav Modi assets

New Delhi: The Enforcement Directorate on Tuesday roped in Saffronart, a leading international auction house, for auctioning seized assets of fugitive Nirav Modi. A live auction in Mumbai on February 27 will take place, followed by an online auction on Saffronart’s platform on March 3 and 4. Collectively, the two 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 1935 masterpiece by Amrita Sher-Gil, a significant oil on canvas by M.F. Husain from his ‘Mahabharata’ series. Both the artworks have been estimated at Rs 12 to 18 crore.

The exhibition will also showcase a serene blue painting by V.S. Gaitonde from 1972 which is estimated around Rs 7-9 crore in the market, and a vivid red depiction of ‘Krishna’ by Manjit Bawa (estimate: Rs 3-5 crore). Apart from modern artworks, important watches which will be on sale include a Jaeger Lecoultre Men’s ‘Reverso Gyrotourbillon 2’ 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. (IANS)

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