The highest sweeper of the event was an untitled VS Gaitonde painting which mopped up Rs 25.2 crore. There was no expected high price of the painting.
Paintings from Nirav Modi’s art collection recently went to auction as the income tax department sought about Rs 96 crore from the fugitive’s company Camelot Enterprises. Among those 68 paintings was a painting by famous Malayali painter and artist — Raja Ravi Verma — which sold for a whopping Rs 14 crore.
The painting in question belongs to the year 1881. It features Maharaja of Travancore and his younger brother while welcoming Richard Temple-Grenville and is an oil on canvas painting. Indian art auction house- Saffronart pulled off the feat and fetched a total of Rs 55 crore to the tax department while only Rs 30-50 crore were expected out of the collection.
Nirav Modi paintings auctioned by @Saffronart for @IncomeTaxIndia raises 54.84 crs. VS Gaitonde & Raja Ravi Verma were sold for 25.2 crs & 16.1 crs respectively. Out of 68 paintings,55 were sold. First time professional auction house appointed to auction. pic.twitter.com/A1Az22u21k
— Siddhant Mishra (@siddhantvm) March 26, 2019
Only 55 paintings were sold out of a lot of 68 paintings, a Saffronart representative told Business Standard. The highest sweeper of the event was an untitled VS Gaitonde painting which mopped up Rs 25.2 crore. There was no expected high price of the painting.
Other Indian painters in Nirav Modi’s personal collections were — Subodh Gupta, Jagdish Swaminathan, Rameshwar Broota, Jitish Kallt, Atul Dodiya among others. Several other noted painters included FN Souza, Akbar Padamsee and HA Gade.
Meanwhile, a CBI-ED joint team is to leave for London in order to assist the authorities in deportation case of Nirav Modi, PTI reported.
Nirav Modi, along with his uncle Mehul Choksi, is sought by the Indian government in the Rs 12,000-crore Punjab National Bank scam.