Nirav Modi”s assets to be auctioned live on Thursday

TIL Desk/Business/Mumbai/ A collection of 112 lots of prized assets belonging to absconder diamantaire Nirav Modi shall be put up for live and online auctions starting here on February 27, officials said. These assets were seized by the Enforcement Directorate (ED) and the auction is an attempt to recover a part of the dues Modi owes to various banks.

The lots going under the hammer in two separate auctions would include major artworks by top contemporary and modern Indian artists, coveted luxury watches, handbags and cars. The first auction shall be conducted by Saffron art as the Spring Live Auction here on Thursday (Feb. 27), followed by the Spring Online Auction on (March 3-4).

The first auction comprises around 40 lots including 15 artworks worth in crores of rupees, and the rest will go for auction next week, according to Saffronart. Leading the pack in the sale are works by M. F. Husain, Amrita Sher-Gil. They are: aBoys With Lemons” a 1935 masterpiece by Sher-Gil, – described as a aNon-exportable national art treasure” – and Husain”s 1972 masterpiece a Battle of Ganga and Jamuna Mahabharata 12”. Both these paintings are estimated to fetch between Rs.12-18 crores and Sher-Gil”s work is coming in a public sale for the first time.