Fugitive businessman Nirav Modi's artworks, luxury watches, handbags and cars will go under the hammer at two upcoming auctions. The Mumbai-based auction house Saffronart has been selected to host the sales on behalf of the Enforcement Directorate.
While the first sale, a live auction, will be held on February 27 in Mumbai, the second will be an online sale on March 3-4.
Highlights of the auction include 15 artworks like a 1935 masterpiece by Amrita Sher-Gil which has never previously been auctioned and is estimated to be worth Rs 12-18 crore, an oil canvas by MF Husain from his "Mahabharata" series, a 1972 serene blue painting by VS Gaitonde estimated at Rs 7-9 crore, and a vivid red depiction of Krishna by Manjit Bawa among others.
Luxury watches and over 80 branded handbags belonging to Nirav Modi will also be auctioned.
"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 auction house said in a statement.
"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," said Dinesh Vazirani, Saffronart CEO and Co-Founder.
Select lots from the upcoming auctions will be exhibited at the Saffronart gallery at The Oberoi Hotel in Delhi during the India Art Fair later this month.