Nirav Modi's Luxury Assets Auction by Saffronart

Nirav Modi’s Luxury Assets Auction by Saffronart

The art collection, luxury watches, and other valuable assets formerly belonging to fugitive businessman Nirav Modi are set to be auctioned next week, as part of a significant effort to recoup some of the funds related to his case. The auction, organized by Saffronart, a leading auction house, marks a notable moment as it involves assets seized by the Enforcement Directorate in Mumbai. This auction follows a precedent set by a previous auction of seized paintings conducted by Saffronart on behalf of the Income Tax Department in March 2019, which raised ₹54.84 crore.

The auction is divided into two parts: the ‘Spring Live Auction’ taking place in Mumbai on February 27, and the ‘Spring Online Auction’ scheduled for March 3 and 4. Across these two auctions, a total of 112 lots will be presented, featuring a diverse array of items from Modi’s collection. This includes significant artworks by leading modern and contemporary Indian artists, luxury watches, handbags, and cars.

Among the highlights of the Spring Live Auction are 40 lots, with 15 being artworks. Noteworthy pieces include a 1935 masterpiece by Amrita Sher-Gil titled ‘Boys with Lemons’, estimated at ₹12-18 crore, and an oil on canvas work from 1972 by MF Husain titled ‘Battle of Ganga and Jamuna: Mahabharata 12’, also estimated at ₹12-18 crore. Other significant artworks include pieces by VS Gaitonde, Manjit Bawa, and Raja Ravi Varma, with estimates ranging from ₹2 crore to ₹9 crore.

The luxury collectibles segment features several important timepieces such as a rare Jaeger-LeCoultre Men’s ‘Reverso Gyrotourbillon 2’ Limited Edition Wristwatch and a Patek Phillipe Nautilus Gold and Diamond Wristwatch, both estimated at ₹55-70 lakh. The auction will also offer a selection of branded handbags, including the iconic Birkin and Kelly lines by Hermes.

The Spring Online Auction will extend the offering with a selection of 72 luxury collectibles, including handbags by Chanel, Hermes, Louis Vuitton, and Celine; a Cartier Asymmetric ‘Crash’ Wristwatch; and a Porsche Panamera S car. This diverse collection represents a unique opportunity for collectors and enthusiasts to acquire items from one of the most talked-about collections in recent times.

Selected lots from both auctions will be exhibited at Saffronart’s gallery in Mumbai from February 18 to March 4, providing potential bidders with an opportunity to view the items in person. This auction not only highlights the luxury lifestyle of Nirav Modi but also represents a significant step in the legal process surrounding his case, with the proceeds expected to contribute to the recovery of funds.