Nirav Modi’s assets fetch ₹53.4 crore at auction held by ED
A Rolls Royce car, paintings of famous artists MF Hussain and Amrita Sher-Gil, designer handbags and other luxury items belonging to fugitive diamond jeweller Nirav Modi garnered Rs 53.45 crore in the second and final auction conducted on March 5.
Organised by Saffronart on behalf of the deputy director, Enforcement Directorate, the Spring Live Auction saw most lots surpassing their estimates. Together, both auctions -- live and online -- fetched Rs 53.45 crore.
The auction was expected to garner a minimum of Rs 40 crore from the around 40 items that the investigation agency had seized from Modi's properties.
Before the live auction, the auction house had on March 3 and 4 organised a White Glove sale, which means every lot in an auction is sold successfully.
Legendary painter MF Hussain's painting of 'Battle of Ganga and Jamuna- Mahabharata 12' was sold for Rs 13.44 crore, a world record for the artist.
Another masterpiece that saw an overwhelming response at the auction belonged to Amrita Sher-Gil was sold for Rs 15.7 crore. The rare 1935 painting 'Boys with Lemons' was auctioned for the first time.