68 Artworks Seized From Nirav Modi Sold In Auction, This 1881 Raja Ravi Varma Painting Alone Fetched Rs 16 Crore

Finally, the time has come to recover some money from fugitive diamond jeweler, Nirav Modi, while he is in London police custody. It was anticipated that the art collection that Modi had is worth crores and an auction held by the Enforcement Directorate (ED) proved it correct. As many as 57 artworks were put at Saffronart Spring Live Auction in Mumbai and it fetched Rs 54.84 Crore for the Government of India.

REUTERS

One of the star attractions of the auction was this 1881 painting of the celebrated India artist Raja Ravi Varma.

The oil painting which depicts the welcoming party at Trivandrum, capital of Travancore for the 3rd Duke of Buckingham and Chandos, Richard Temple-Grenville, who was Governor-General of Madras from 1875 to 1880 was estimated to be sold for Rs 12-14 crores, but in the auction, it fetched Rs 16.10 crore. The identity of the buyer has not been revealed yet.

BCCL

The Ravi Varma painting was however not the most expensive bid in the auction - it was an untitled artwork of VS Gaitonde from 1973 that fetched Rs 22 crore.

Incidentally, it has also become the fourth most expensive painting ever sold by the artist.

Famous works by renowned artist like FN Souza, Akbar Padamsee, and HA Gade also went under the hammer on Tuesday in the auction on behalf of the Tax Recovery Officer of India¡¯s Income Tax Department.

AFP

The ED had attached properties, jewellery and other assets including luxury cars which belonged to Modi after he fled the country.

Earlier this month, the district authorities in Maharashtra's Alibaug had razed to ground a beach-view bungalow owned by Modi after it was found that the mansion estimated to be worth Rs 100 crore was in violation of coastal regulation zone (CRZ) norms and the state's regulations as well.

Modi who was arrested in London last week by the Scotland Yard is currently lodged in a jail, till the case comes up for hearing later this week.