India To Auction Nirav Modis Art Collection Today

Indian tax authorities are hoping for a windfall with the auction on Tuesday of rare oil paintings that were once part of fugitive billionaire jeweler Nirav Modi's collection and have been seized by the government.

Auctioneers say the sale is the first of its kind in a country where tax authorities have usually auctioned property, gold and luxury items, but not art.

After a court order allowing the auction to take place, tax authorities — who are pursuing Modi over the country's largest bank fraud — appointed professional auction house Saffronart.

The sale in Mumbai of some 68 works is expected to fetch anywhere from Rs 30 crores to Rs 50 crores ($4.4 million-$7.3 million).

“Until a few years ago, the tax authorities really didn't know the value of art,” said Farah Siddiqui, an art adviser who is advising clients eyeing Modi's collection.

The 48-year-old Modi, whose diamonds have sparkled on Hollywood stars, is one of the prime accused in a $2 billion loan fraud at state-run Punjab National Bank. Modi denies the charges and believes they are politically motivated.

The auction comes just weeks before a national election and as Indian Prime Minister Narendra Modi faces pressure to bring back Nirav Modi, who fled the country last year and has been residing in the United Kingdom. He was arrested last week by British authorities and remanded in custody after he appeared before a London court. India asked Britain last August to extradite Modi.

The auction includes works by Raja Ravi Varma, a 19th century painter considered among India's finest, and VS Gaitonde, a modern artist known for his abstract and often monochromatic paintings.

“We believe that the collection's intrinsic value will garner a positive response from collectors,” said Saffronart Chief Executive Dinesh Vazirani.

India Law Alliance, a law firm representing the company controlled by Modi that owns the artwork, said it was challenging the court order that allowed the auction. The case will be heard by the Bombay High Court on Wednesday, a lawyer at the firm told Reuters. Vijay Aggarwal, a lawyer for Modi, declined to comment.

RECENT NEWS

Military Community Shows Financial Resilience, Growing Savings By 19% And Cutting Credit Card Balances By 23% Over Last Five Years, New USAA Bank Data Shows

USAA’s Military Financial Wellbeing Index highlights the impact of pandemic-era trends and inflation on service member... Read more

USAA Announces Scholarship For Military Spouses With Valero Alamo Bowl

San Antonio-area military spouses qualify to apply for a $7,500 scholarship. Read more

USAA Ranked #1 In Customer Satisfaction And Most Trusted On 2024 J.D. Power Individual Annuity Study

Nov 01 2024 SAN ANTONIO – USAA, a leading provider of insurance, banking, and retirement... Read more

USAA Calls For National Moment Of Veteran Connection On Veterans Day

On Nov. 11, “Connect with a Veteran” calls for all Americans to “Go Beyond Thanks” to show appreciation for thei... Read more

Two Way Street: New Survey From USAA Shows Driving Apps Help Connect Parents And Young Drivers On Importance Of Safe Driving, Leading To Safer Roads

Data Reveals 87% of App-Using Parents Feel Their Child’s Driving Improved, Citing Increased Awareness and Feedback Read more

USAA Named UTSA Athletics Official Military Appreciation Partner

Exciting new initiatives planned as part of partnership Read more