A preview of the live auction of assets, which were seized by the Enforcement Directorate(ED) in the Nirav Modi case, was organised at The Oberoi in Delhi on Friday.
Artworks of Amrita Sher-Gil, M. F. Husain, V. S. Gaitonde and Manjit Bawa, luxury cars, watches and handbags will be put on auction in Mumbai on February 27. It will be followed by online auction on March 3-4.
Saffronart has been selected to host the two auctions featuring the seized assets, on behalf of the ED. “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,” it said in a statement.
Highlights of the auctions will be a 1935 masterpiece by Amrita Sher-Gil, that has never been auctioned earlier and an oil-on-canvas by M. F. Husain from his “Mahabharata” series, both estimated ₹12 crore to ₹18 crore each.
A painting by V. S. Gaitonde, valued at ₹7-9 crore , and another by Manjit Bawa at ₹3-5 crore will also be on auction. Also, under the hammer are watches such as Jaeger Lecoultre Men’s ‘Reverso Gyrotourbillon 2’ Limited Edition wristwatch and a Gerrard Perregaux Men’s ‘Opera One’ wristwatch.
Of the more than 80 branded handbags, several are from the Birkin and Kelly lines by luxury retailer Hermès, said Saffronart.
This is the first time the ED has appointed a professional auction house for the disposal of seized assets in India. In March 2019, Saffronart had auctioned the paintings seized by the Income-Tax Department. It raised Rs.54.84 crore.
