Nirav Modi's art collection fetches Rs 59 cr at auction, one painting sold for Rs 25 cr: Here is what others are worth

Rare oil paintings, which were once part of fugitive billionaire jeweller Nirav Modi’s collection, went under the hammer on Tuesday with the Income Tax Department fetching Rs 59.37 crore at an auction in Mumbai. 

The I-T department was hoping to fetch Rs 50 crore by selling the high-value art collection. This was first of its kind auction in India, where tax authorities have usually auctioned property, gold and luxury items, but not art.

The Income Tax Department had appointed professional auction house Saffronart after a special court allowed it to sell artworks seized from the fugitive businessman.

Nirav Modi, wanted in India on fraud and money laundering charges amounting to Rs 13,000 crore (USD 2 billion), was arrested in London last week and was remanded in custody till March 29 by a court there. Modi  Modi and his uncle, Mehul Choksi, another accused in the case, had left India before the Punjab National Bank (PNB) fraud of came to light in January 2018.

The Income Tax Department had last month provisionally attached 29 properties and 105 bank accounts of Modi, his family members and firms as part of its probe.

The taxman had also filed a charge sheet against Modi before the special court under sections 276 C (1) (wilful attempt to evade tax), 277 A (false statement in verification), 278 B (offences by companies) and 278 E (presumption as to culpable mental state) of the Income Tax Act, 1961.

Here are some of the paintings were sold in Tuesday's auction: (All photos: saffronart.com)