A Slew of Paintings Seized From Celebrity Jeweler and Fugitive Billionaire Nirav Modi Is Going Up for Auction in India

For the second time in the space of a year, the Saffronart
auction house is selling artworks, jewelry, and other luxury goods
that were formerly owned by disgraced Indian businessman and art
collector Nirav Modi.

The billionaire jeweler, whose baubles have been sported by the
likes of actresses Kate Winslet and Dakota Johnson, was charged
with involvement in a $2 billion fraud scheme at India’s state-run
Punjab National Bank. Modi has denied the charges and is fighting
extradition proceedings from the UK, where he was arrested last
year, to India, according to Reuters.

Saffronart was selected to host two auctions by the Enforcement
Directorate (ED) of the government of India. There will be a live
auction in Mumbai on February 27, followed by an online auction on
March 3 and 4. The sales will collectively feature 15 artworks
by important modern and contemporary Indian artists, along with
luxury watches, handbags, and cars.

The sales mark the first time that a professional auction house
was appointed by the ED to sell assets owned by the government of
India, according to a statement by Saffronart.

“This appointment comes a year after a successful auction of seized paintings
conducted by Saffronart on behalf of the Income Tax Department in
March 2019—which raised INR 54.84,” which equates to around $8
million, according to a statement from the auction house.

“We are diligently working with the ED to assess and evaluate
each item and put together the catalogue for both the sales,”
Saffronart CEO and co-founder Dinesh Vazirani said.

The sale includes “a distinguished line-up of artworks by the
likes of Amrita Sher-Gil, M.F. Husain, and V.S. Gaitonde.” Among
the luxury goods on offer are watches by Jaeger Lecoultre.

Expected highlights include a 1935 painting by Sher-Gil that has
never been at auction before, and is estimated to sell for INR 12
to 18 crores ($1.7 million–2.5 million); a rare oil painting by
Husain from his famous “Mahabharata” series (also estimated at $1.7
million–2.5 million); a blue painting by Gaitonde from 1972,
estimated at INR 7 to 9 crores ($985,000–1.3 million); and a vivid
red depiction of Krishna by Manjit Bawa, estimated at INR 3 to 5
crores ($422,000–704,000).

The post A Slew of Paintings Seized From Celebrity Jeweler
and Fugitive Billionaire Nirav Modi Is Going Up for Auction in
India appeared first on artnet News.