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Nirav Modi’s collection of most expensive paintings and rare watches was sold for over $7 million.
Ever since Modi escaped the country in 2018 a few days after the $2 billion Punjab National Bank scam broke, the Enforcement Directorate has been trying to recover money.
To get the right value, ED approached Saffronart — one of the leading auction houses in the world — to sell at least 40 pieces.
Diamond trader and fugitive Nirav Modi might have fled without paying up his dues, but the extensive art collection he left behind -- did a part of the job.
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Ever since Modi escaped the country in 2018 a few days after the $2 billion Punjab National Bank scam broke, the Enforcement Directorate has been trying to recover money attaching assets his worth $1 billion.
To get the right value, ED approached Saffronart — one of the leading auction houses in the world — to sell at least 40 pieces. It includes a painting by M F Hussain, a luxurious 2010 Rolls Royce Car, designer handbags and luxury watches. Last year, Saffronart auctioned a cache of Indian and Chinese artwork to raise $8 million for the Income Tax department. Here’s a look at some of the rare assets that went under hammer for $7 million:
Battle of Ganga and Jamuna: Mahabharata 12, 1972 by MF Hussain
Price: $1.91 million
Another attraction at the auction was MF Hussain’s painting titled Battle of Ganga and Jamuna: Mahabharata 12. It was sold for ₹13.44 crore ($1.92 million) — creating a world record for being the most expensive work by Hussain.
The painting is a part of Hussain’s controversial Mahabharata series shows the connection between the two rivers. It was made in 1972 and has been auctioned several times.
Credits: MF Hussain
Boys with Lemons by Amrita Sher Gil
Price: $2.24 million
Nirav Modi’s favourite artwork — a rare 1935 painting by Amrita Sher-Gil — was sold for ₹15.68 crore ($2.24 million). It received the highest bid in the sale of 40 assets by ED
2010 Rolls Royce Ghost
A 2010 Rolls-Royce Ghost also went under the hammer for ₹1.68 crore ($240,000). The car was initially estimated to fetch ₹75-95 lakhs in spite of its market value being ₹7 crore. It can move at a speed of 0 to 100kms/hour in 4.9 seconds.
V S Gaitonde's tranquil 1972 painting
Price: ₹9 crore
V S Gaitonde's tranquil 1972 painting went under the hammer for ₹9.52 crore. Some other paintings that were sold include Manjit Bawa’s untitled work for ₹6.6 crore.
Credits: VS Gaitonde
'Girard-Perregaux Opera One’ Triple Bridge Tourbillon Wristwatch' and 24 other luxurious items
Price: $136,000
A total of 25 luxury items were sold including 'Girard-Perregaux Opera One’ Triple Bridge Tourbillon Wristwatch' for ₹95.2 lakh ($136,000). The watch sold for 30 times the estimates of the government.
Credits: Sothebys
A rare Audemars Piguet Jules Audemars Grande Complication’ automatic wristwatch
Price: $112,000
This watch was sold for 4 times the estimated price ₹78.4 lakh ($112,000).
An Hermes Kelly Blue Atoll bag
Price: $24,200
An Hermès Kelly Blue Atoll bag from the French luxury goods manufacturer was sold at ₹17.9 lakh.