Nirav Modi's seized assets to be auctioned at Saffronart's two upcoming sales

New Delhi, Jan 21: The Mumbai-based auction house has been selected to host the sales on behalf of the Enforcement Directorate (ED), Government of India, to go under the hammer at Saffronart's two upcoming sales and auction the fugitive businessman Nirav Modi's seized assets including artworks, luxury watches, handbags and cars.

Reportedly, the first sale, a live auction, will be held on February 27 in Mumbai, and the second will be an online sale on March 3-4.

The auction will reportedly include 15 artworks by significant modern and contemporary Indian artists like a 1,935 masterpiece by Amrita Sher-Gil which has never previously been auctioned and is estimated at Rs 12-18 crore, a significant oil on canvas by M F Husain from his "Mahabharata" series, also estimated at Rs 12-18 crore, a 1,972 serene blue painting by V S Gaitonde estimated at Rs 7-9 crore, and a vivid red depiction of Krishna by Manjit Bawa, estimated at Rs 3-5 crores, among others.

Besides the artworks pieces, there will be expensive watches going on sale including a Jaeger Lecoultre Men's "Reverso Gyrotourbillon 2" Limited Edition wristwatch, and a Gerrard Perregaux Men's "Opera One" wristwatch.

More than 80 branded handbags included in the auction, several are from the Birkin and Kelly lines by luxury retailer Hermès.

Saffronart will inaugurate its 20th year by lending services and expertise to the Enforcement Directorate, Government of India.

The select lots from the upcoming auctions will be exhibited at the Saffronart gallery in The Oberoi, New Delhi during the India Art Fair later in January.