Sold! Nirav Modi's art collection fetches Rs 55 crore
Updated : March 30, 2019 10:20 AM IST
Fugitive diamantaire Nirav Modi's art collection was sold at an auction organized by Saffronart earlier this week. The auction house listed 68 lots of art, out of which 55 were sold in Mumbai. The catalogue, which was estimated to be in between Rs 30 crore and Rs 50 crore, garnered net sales of Rs 55 crore, which would be paid to tax authorities.
A 1955 ink on paper painting by FN Souza, one of Modi’s favourite artists, was sold for Rs 1.55 crore, well above the estimate of Rs 1 crore. The bidder was a caller from London.
But the highlight of the evening was a 1973 oil on canvas painting created by VS Gaitonde that fetched Rs 25.2 crore.
Modi and his uncle Mehul Choksi are wanted for an alleged Rs 13,570-crore fraud.