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<ul class="generic-article__summary--ul content--ul"><li class="generic-article__summary--li content--li"><keyword id="176803" type="PERSON" weightage="20" keywordseo="Saffronart">Saffronart</keyword> to help auction assets seized from alleged perpetrators in Punjab National Bank scandal.</li><li class="generic-article__summary--li content--li">The items include artworks, Hermes handbags, a Rolls-Royce and limited-edition watches. </li></ul>The Punjab National Bank scandal is likely to cost India’s second largest state-owned lender about US$2 billion. Sale of assets seized from the alleged perpetrators including diamond designer <keyword id="571991" type="PERSON" weightage="20" keywordseo="Nirav-Modi">Nirav Modi</keyword>, starting this month, suggests a long road to recovery. Through the Enforcement Directorate, the agency responsible for fighting economic crime in India, the government has engaged Mumbai-based Saffronart to auction a litany of luxury goods to recoup its losses. The list includes prized artworks by Indian and Chinese painters, Hermes’ Birkin and Kelly handbags and a Jaeger-LeCoultre watch in platinum. A <keyword id="925742" type="COMPANY" weightage="20" keywordseo="Rolls-Royce-Ghost">Rolls-Royce Ghost</keyword> and a Porsche Panamera S are also going under the hammer. An on-site live auction is set for February 27 and an online bidding on March 3 and 4, with both events expected to raise US$5.7 million and US$7.1 million, respectively, the auction house estimated in an email to the Post on Wednesday. “These works are of significant interest to strong collectors and connoisseurs of Indian and Chinese art,” said Dinesh Vazirani, CEO and co-founder of Saffronart, which has conducted 250 auctions over its 20-year history. “In terms of interest, the bags and cars have a much wider appeal.” Diamond jewellery designer <keyword id="740578" type="DOMAIN" weightage="20" keywordseo="Nirav">Nirav</keyword> Modi fled India in 2018 after the Punjab National Bank scandal broke out. Photo: Mint via Getty Images Modi fled the country in early 2018, days before the scandal broke out revealing the issuance of letters of understanding for trade that bypassed Punjab National Bank’s internal controls. The Enforcement Directorate has since attached at least US$1 billion worth of assets belonging to Modi and other people charged in the case. Modi is being remanded in the UK’s Wandsworth prison until February 27 as he fights an extradition in a trial that is set to begin in May, according to an Economic Times <a href="https://economictimes.indiatimes.com/news/politics-and-nation/pnb-fraud-case-nirav-modi-to-appear-for-remand-hearing-in-uk/articleshow/73761275.cms" target="_blank" class="link-text">report</a>. on January 30. In another UK courtroom, <keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> is appealing against his extradition as India’s government seeks to recover loans tied to the collapse of his <keyword id="6373962" type="COMPANY" weightage="20" keywordseo="kingfisher-airlines">Kingfisher Airlines</keyword>, the Hindustan Times reported on Wednesday.<h4 style="margin-top: 0.714286rem; margin-bottom: 1.42857rem; font-variant: inherit; font-stretch: inherit; font-size: 2rem; line-height: 2.42857rem; font-family: Roboto, sans-serif; vertical-align: baseline; display: inherit;"></h4>The two cases bear some semblance to some of <keyword id="21718" type="LOCATION" weightage="20" keywordseo="Asia">Asia</keyword>’s biggest corporate scandals. Low Taek Jho has been in hiding since the US$4.5 billion scandal involving the looting at a Malaysian state investment fund. Carlos Ghosn fled to Lebanon after being charged for alleged financial misconduct while helming Japanese carmaker Nissan Motor. For India, they are emblematic of the state of its banking industry. Years of poor lending controls, weak recoveries and occasional frauds have saddled the financial system with ever more soured loans. The country’s 42 commercial banks collectively wrote off 2.12 trillion rupees (US$29.7 billion) of bad loans in 2018-19, the <a href="https://www.business-standard.com/article/finance/india-s-banks-wrote-off-rs-2-trillion-worth-of-bad-loans-in-2018-19-119112900099_1.html" target="_blank" class="link-text">Business Standard reported</a> , citing official data released in parliament. That was 42 per cent higher than a year earlier, and equivalent to about one-fifth of their non-performing assets, it said. For Saffronart, its business can do with some stamp of recognition. The government last year engaged the firm to auction a cache of works by Indian and Chinese artists, raising almost US$8 million for the tax recovery department. Saffronart has set the industry standard for the process of valuation for artworks and collectibles, Vazirani said, “based on expertise and data analytics.”

Nirav Modi, Punjab National Bank scandal, Rolls-Royce and the rise of a Mumbai auction house

New Delhi, Nov 25 () Two landscapes by modernist artist Syed Haider Raza --"Paysage" and "La Terre 3", painted in 1960 and 1970 respectively, will go under the hammer at Saffronart's Winter Online Auction on December 9-10.
"Paysage", estimated at Rs 2.45 - 3.15 crore, was painted a decade after the artist moved to France and represents a period when his style was shifting towards the gestural. 
This will be the first time that the work will appear in an auction. 
"Influenced by the abstract or non-figurative artistic expression gaining popularity at the time, as well as Raza's extensive travels through the French countryside, this unrestrained work celebrates colour and texture," Saffronart said in a statement on Monday.
"La Terre 3", which represents a more fluid style, was painted during a time when Raza's early experiences in India were beginning to increasingly manifest in his work. 
"The deeper, contrasting palette of this oil on canvas painting evokes the darkness of night and the dense forests of Raza's hometown in Madhya Pradesh, juxtaposed with brighter tones signifying colour and life," the auction house said.
The painting is estimated at Rs 2 - 3 crore. 
"The highlights of our Winter Online Auction are two significant, distinctive works by S H Raza, representing turning points in his oeuvre. 
"Poised between his past and present, they provide a glimpse into the artist's influences, including abstract art movements, travel and memory," Dinesh Vazirani, Saffronart's CEO and Co-Founder, said.
Also part of the sale will be Jagdish Swaminathan's Untitled work from the 1970s that represents his famous "Bird, Mountain, Tree" series. 
It was part of the private collection of the Amar Mahal Museum in Jammu, which was founded in 1975 by politician Karan Singh and his wife with the aim of furthering and preserving Indian art and literature. 
The work is estimated at Rs 1 - 1.5 crores.
An Untitled work by Prabhakar Barwe, estimated at Rs 50 - 70 lakh, which was part of a major retrospective of the artist at the National Gallery of Modern Art in New Delhi earlier this year, will also go under the hammer.
Unique and striking sculptures by B Prabha, Sadanand Bakre, K G Subramanyan , S Nandagopal are also part of the auction.
The auction also includes 22 works of contemporary Indian art from the collection of London-based Saatchi Gallery, which will be offered at 'no reserve' (artworks will be sold regardless of price). 
These works were part of a ground-breaking exhibition of contemporary Indian art in Europe, titled The Empire Strikes Back, at Saatchi Gallery in 2010.
Among these will be L N Tallur's untitled work that is composed of torn and battered mattresses stacked on a hospital bed and is suggestive of the agonising conditions of hard labour. It is estimated at Rs 10.5 - 14 lakh.
Jitish Kallat's "Death of Distance" (2007) featuring a monumental one-rupee coin and five lenticular prints that highlight the unequal and disparate value of money for different strata of society, is also part of the sale.
It is estimated at Rs 8.4 - 10.5 lakh. 
"This (no reserve auction) will provide a wonderful opportunity for enthusiasts and collectors to own work by leading artists such as Tallur L N and Jitish Kallat," Vazirani said.
The online auction will take place on saffronart.com and will be preceded by viewings of select lots in New York, New Delhi and Mumbai. TRS MAH
MAH

Two landscapes by S H Raza to go under the hammer at Saffronart's winter auction

<ul><li><keyword id="571991" type="ORGANIZATION" weightage="20" keywordseo="Nirav-Modi">Nirav Modi</keyword>’s collection of most expensive paintings and rare watches was sold for over $7 million. </li><li>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. </li><li>To get the right value, <keyword id="12163" type="COMPANY" weightage="20" keywordseo="Ed">ED</keyword> approached Saffronart — one of the leading auction houses in the world — to sell at least 40 pieces. </li></ul>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. 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 <a href="https://www.scmp.com/business/companies/article/3050485/nirav-modi-punjab-national-bank-scandal-rolls-royce-and-rise">attaching assets his worth $1 billion.</a> 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: 
	
	
	
	
	<div type="Slideshow" msid="74505046" hostid="261" title="Here’s a look at Nirav Modi’s paintings, rare watches and Rolls Royce that helped recover some of his dues" firstImageMsid="74505167" slideCount="7"></div>

Here’s a look at Nirav Modi’s paintings, rare watches and Rolls Royce that helped recover some of his dues

(Eds: Adds details) Mumbai, Mar 5 () A Rolls Royce car, paintings of famous artists M F Hussain and Amrita Sher-Gil, designer handbags and other luxury items belonging to fugitive diamond jeweller Nirav Modi garnered over Rs 51 crore in the second auction conducted on Thursday. As many as 40 items went under the hammer on Thursday, which marks the completion of auction of assets seized by the Enforcement Directorate. The auction was conducted by Saffronart on behalf of the deputy director, Enforcement Directorate, and was expected to garner a minimum of Rs 40 crore in proceeds.A collection of 112 prized assets of Modi were put up for live and online auctions from March 3 to 5, which included major artworks by contemporary and modern Indian artists, designer handbags, luxury watches and cars.While the online auction on March 3-4 garnered Rs 2.04 crore against the expected proceeds of Rs 52 lakh, the live auction on Thursday garnered Rs 51.41 crore more.These assets, seized by the ED, were put on auction in an attempt to recover a part of the dues Modi owes to various banks.According to officials from Saffronart, the ED would get Rs 53.45 crore from the proceeds of these two auctions. The lots that went under the hammer included legendary painter MF Hussain's painting of 'Battle of Ganga and Jamuna- Mahabharata 12' which went for a record 12 crore, the highest price received so far for the painter's work. Amrita Sher-Gil's rare 1935 painting 'Boys with Lemons', which was auctioned for the first time, sold for Rs 15.7 crore (USD 2.24 million). V S Gaitonde's tranquil 1972 painting was sold for Rs 9.52 crore while Manjit Bawa's Untitled 1992 sold for Rs 6.16 crore. Modi's Rolls Royce Ghost witnessed a high demand, selling for twice its estimate at Rs 1.68 crore (USD 240,000). PSK BALBAL

You Searched For "Saffronart" and got 4 results

Nirav Modi, Punjab National Bank scandal, Rolls-Royce and the rise of a Mumbai auction house

SCMP

Two landscapes by S H Raza to go under the hammer at Saffronart's winter auction

PTI

Here’s a look at Nirav Modi’s paintings, rare watches and Rolls Royce that helped recover some of his dues

Preeti Soni

Fugitive diamantaire Nirav Modi's asset sale garner Rs 51 cr for ED

PTI

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