Mumbai: Rare paintings, exquisite wrist watches and luxury cars belonging to fugitive diamantaire Nirav Modi will be auctioned from Thursday.
The sale of 112 assets is being done by ‘Saffronart’ on behalf of the Enforcement Directorate (ED) through a live auction, which will be followed by an online one for 72 items.
Nirav, who has allegedly defrauded state-run Punjab National Bank (PNB) of over Rs 14,000 crore, is now in an UK prison, fighting extradition to India.
‘Saffronart’, which had conducted an auction of some artworks belonging to Nirav in March last year to fetch over Rs 55 crore, said there will be a live auction of 112 items Thursday.
A 1935 painting by Amrita Sher-Gil titled ‘Boys with Lemons’ is expected to be the biggest draw at the live auction, and could fetch anywhere between Rs 12-18 crore, while a 1972 piece from modernist MF Hussain is also expected to draw a similar price, ‘Saffronart’ said. Other art pieces to be sold include works by VS Gaitonde, Manjit Bawa and Raja Ravi Varma.
Rare timepieces, including a Jaeger-LeCoultre Men’s ‘Reverso Gyrotourbillon 2’ Limited Edition wristwatch that can fetch up to Rs 70 lakh, a Patek Phillipe ‘Nautilus’ gold and diamond wristwatch is also expected to be in the same price range when it goes under the hammer.
Among the luxury cars, a Rolls Royce Ghost, which will also be up for grabs for bidders is expected to fetch up to Rs 95 lakh. The auctioneers said it is ideal for long distance travel.
The sale will also feature branded handbags, including from the iconic Birkin and Kelly lines by French luxury goods manufacturer Hermès, which are expected to fetch up to Rs 6,00,000 a piece.
The online auction will be conducted March 3 and 4, and will have 72 items including a ‘Porsche Panamera S’ car which could be sold for up to Rs 15 lakh, the auction house said in the statement.