Nirav Modi assets auction: All lots sold, total value surpasses estimate by 440%

Nirav Modi's assets auctioned by Saffronart on March 3 and 4 received an overwhelming response from bidders, with the auction house terming it a 'White Glove Sale'.

"The Spring Online Auction was a White Glove sale," said Saffronart. The term signifies that each lot (item) in an auction was sold successfully. As many as 72 items were on sale, and 70 of these went for more than their estimated value.

"The auction closed with a total sale of Rs 2.29 crore ($326,925), the total value exceeding estimates by almost 440 percent, and nearly all lots surpassing their higher estimates," Minal Vazirani, President and Co-Founder at Saffronart said.

"The online bidding saw participation across categories and countries and received as many as 700 advance bids prior to opening, making it one of the most successful online auctions to date," Vazirani added.

The biggest draw at the online auction was a Cartier: Asymmetric ‘Crash’ wristwatch which sold for Rs 36.40 lakh. Other items in the top 10 include a Porsche Panamera sold for Rs 36.06 lakh, Vianney Halter and Goldpfeil: Jump Hour wristwatch with Moonphases for Rs 12.93 lakh, Gerald Genta: Octo Bi Retro white gold and diamond wristwatch for Rs 10.86 lakh, and Louis Vuitton which sold for Rs 8.62 lakh.

Saffronart had calculated a lower estimate of Rs 52.09 lakh for the total value of the online auction and a higher estimate of Rs 77.50 lakh. But the overall sale value of assets belonging to Nirav Modi exceeded Rs 2 crore.

Saffronart had organised the online auction on behalf of the Enforcement Directorate (ED). The auction house was appointed by tax authorities after a court order in 2019 allowed the same.

Modi, who has allegedly defrauded state-run Punjab National Bank (PNB) of over Rs 14,000 crore, is currently lodged in a British jail.