Nirav Modi’s art collection fetches Rs 54 crore- Mumbai: In the first auction of its kind in the country, 55 rare oil paintings by some of India’s finest artists were collected by the tax officials of the fugitive jeweler Nirav Modi, who went under the hammer on Tuesday and got Rs 54 crore. The work included a selection of V S Gaitonde, Raja Ravi Verma, FN Souza, K. K. Hebbar, Jogen Chawdhary, Akbar Padamsee, Arpana Kaur, and contemporary Chinese paintings.
Nirav Modi’s art collection fetches Rs 54 crore, paintings go under the hammer
Leading the sale, Gaitonde had an oilless oil on the canvas, which sold for Rs.22 crores, was the fourth most expensive painter by the artist and is by far any of the top ten most expensive works by any Indian artist. In 1973 painting with a vivid orange surface was painted by the dark horizontal band with two horizontal orbits, painted in the middle, first in New York and Solomon R. Guggenheim Museum and later in Venice between 2014 and 2016 Peggy was displayed in the Guggenheim archive.
A rare oil painting by the artist of 19th century Raja Ravi Verma – is now a non-exportable national treasure – welcoming Richard Temple-Grenville to Buckingham and Chandos, the third Duke of Chandos on his official visit to Trivandrum in 1880. The highest hammer price is Rs 14 crore. For the latest updates, you can visit www.indiatimelines.com.
Souza proved to be a favorite by phone, online by phone, and by furiously bidding in the room with its live Cityscape, 1974, a few years after going from New York to London, and Golly-Wog, 1958, after crossing Painted in color. Their high estimate The enthusiastic bidding for five works by contemporary Chinese artists was seen in the auction, with Xu Lei’s The End of the World, 2009 sales nearly five times higher than its estimated cost.
Nirav Modi’s art collection fetches Rs 54 crore, Nirav Modi paintings go under the hammer
The income-tax department allowed the auction of these artifacts owned by Nirav Modi by a special court in Mumbai, keeping them under the hammer and collecting income in the court. Last week, Modi, arrested by Scotland Yard, was produced in a London court, who had rejected his bail plea. He will be in judicial custody until March 29.
The auction was placed online for viewing public between 15 and 25 March before going live on Tuesday. Bids for artworks started from Rs 8 crores and the auction was conducted by Saffrarnt on behalf of the Tax Recovery Officer, IT Department. In addition to the bidder’s value, the company bidder will have to pay a buyer’s premium between 12% to 15% and the government taxes will be paid on it. Bidders will be required to pay 10% of the total bid in the next four days and the balance within one month.
