NEW DELHI: A Rolls-Royce Ghost, a painting by M F Husain, watches, handbags and 100 luxury collectibles, all seized possessions of fugitive diamond merchant Nirav Modi, have been put on auction in Mumbai. A Cartier Asymmetric Crash Wristwatch and Porsche Panamera were auctioned for Rs 36 lakh each, while a Louis Vuitton cabin trunk went for Rs 8.6 lakh.
While the online auction was conducted on Wednesday, the live auction conducted by SaffronArt on behalf of Enforcement Directorate, will be held on Thursday at the auction house’s Mumbai gallery. On March 3, before the online auction opened for bids, SaffronArt received more than 700 advance bids. The total number of bids in the auction was reportedly 300% higher than a standard online auction.
Last March, SaffronArt had conducted an auction of some artwork belonging to Modi that fetched over Rs 55 crore.
Among artwork under the hammer on Thursday are Amrita Sher-Gil’s Boys with Lemons (1935) estimated at Rs 12-18 crore and appearing on the auction market for the first time. M F Husain’s 1972 work Battle of Ganga and Jamuna: Mahabharata 12 is also being auctioned for the same amount.
Other art work on auction includes a portrait by Raja Ravi Varma (estimated at Rs 2-3 crore). Among the 25 luxury collectibles being auctioned are a Jaeger-Le-Coultre limited edition wristwatch and a Patek Phillipe ‘Nautilus’ gold and diamond wristwatch (both estimated at Rs 55-70 lakh) and a Rolls-Royce Ghost, estimated at Rs 75-95 lakh.
“This is the first time an auction of luxury collectibles of this scale is taking place in India,” said SaffronArt president and cofounder Minal Vazirani. “This is also the largest selection of luxury designer bags and luggage to be auctioned in India, including some of the most coveted international luxury brands which are not easily accessible for purchase in India.” The online sale on Wednesday was a white glove sale, meaning that all items on auction were sold.
While the online auction was conducted on Wednesday, the live auction conducted by SaffronArt on behalf of Enforcement Directorate, will be held on Thursday at the auction house’s Mumbai gallery. On March 3, before the online auction opened for bids, SaffronArt received more than 700 advance bids. The total number of bids in the auction was reportedly 300% higher than a standard online auction.
Last March, SaffronArt had conducted an auction of some artwork belonging to Modi that fetched over Rs 55 crore.
Among artwork under the hammer on Thursday are Amrita Sher-Gil’s Boys with Lemons (1935) estimated at Rs 12-18 crore and appearing on the auction market for the first time. M F Husain’s 1972 work Battle of Ganga and Jamuna: Mahabharata 12 is also being auctioned for the same amount.
Other art work on auction includes a portrait by Raja Ravi Varma (estimated at Rs 2-3 crore). Among the 25 luxury collectibles being auctioned are a Jaeger-Le-Coultre limited edition wristwatch and a Patek Phillipe ‘Nautilus’ gold and diamond wristwatch (both estimated at Rs 55-70 lakh) and a Rolls-Royce Ghost, estimated at Rs 75-95 lakh.
“This is the first time an auction of luxury collectibles of this scale is taking place in India,” said SaffronArt president and cofounder Minal Vazirani. “This is also the largest selection of luxury designer bags and luggage to be auctioned in India, including some of the most coveted international luxury brands which are not easily accessible for purchase in India.” The online sale on Wednesday was a white glove sale, meaning that all items on auction were sold.
Download The Times of India News App for Latest India News.
Get the app