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Nirav Modi assets garner Rs 2.29 crore in auction

By Pavan Lall
March 05, 2020 08:18 IST
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The items which included a Porsche Panamera and a gold Cartier wristwatch were expected to fetch Rs 50 lakh, reports Pavan Lall.

IMAGE: The Porsche Panamera, driven by Nirav Modi’s wife -- Ami Modi -- went for Rs 36 lakh at the auction. Photograph: SaffronArt auctions

An auction of cars, sculptures and personal objects of value -- including watches and designer handbags -- belonging to diamond jeweller Nirav Modi, accused of bank fraud, went under the hammer on Wednesday and beat estimates. 

The auction was conducted by Saffronart on behalf of the deputy director, Enforcement Directorate, Mumbai, and was expected to garner Rs 50 lakh in proceeds, but generated over four times that number. 

 

Saffronart’s Spring Online Auction closed with all lots sold at a total value of Rs 2.29 crore. “We saw competitive bidding across categories and countries, with well over 700 advance bids received prior to the auction’s opening, making it one of the most successful online auctions to date,” said Minal Vazirani, president and co-founder Saffronart. 

IMAGE: A Vianney Halter and Goldpfeil wristwatch was sold for Rs 13 lakh. Photograph: SaffronArt auctions

Nearly all lots surpassed estimates. Top items included a Porsche Panamera that was driven by Nirav Modi’s wife, Ami Modi, that went for Rs 36 lakh; a gold Cartier wristwatch that went for Rs 36 lakh; and, a Vianney Halter and Goldpfeil wristwatch that was sold for Rs 13 lakh. 

IMAGE: This gold Cartier wristwatch went for Rs 36 lakh. Photograph: SaffronArt auctions
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