Nirav Modi's seized assets to be auctioned at Saffronart's sales on February 27 and March 3

Fugitive businessman Nirav Modi's seized assets including artworks, luxury watches, handbags and cars will go under the hammer at Saffronart's two upcoming auctions.

The Mumbai-based auction house has been selected to host the sales on behalf of the Enforcement Directorate, Government of India. While the first sale, a live auction, will be held on February 27 in Mumbai, the second will be an online sale on March 3-4.

Highlights of the auction include 15 artworks by significant modern and contemporary Indian artists like a 1935 masterpiece by Amrita Sher-Gil which has never previously been auctioned and is estimated at Rs 12-18 crore, a significant oil on canvas by M F Husain from his "Mahabharata" series, also estimated at Rs 12-18 crore, a 1972 serene blue painting by V S Gaitonde estimated at Rs 7-9 crore, and a vivid red depiction of Krishna by Manjit Bawa, estimated at Rs 3-5 crores, among others.

Important watches going on sale include a Jaeger Lecoultre Men's "Reverso Gyrotourbillon 2" Limited Edition wristwatch, and a Gerrard Perregaux Men's "Opera One" wristwatch.

Of more than 80 branded handbags included in the auction, several are from the Birkin and Kelly lines by luxury retailer Hermès.

"Saffronart is extremely honoured to inaugurate its 20th year by lending our services and expertise to the Enforcement Directorate, Government of India. We are diligently working with the ED to assess and evaluate each item and put together the catalogue for both the sales, which includes a distinguished line-up of artworks by the likes of Amrita Sher-Gil, M F Husain and V S Gaitonde.

"The auctions also feature luxury collectibles - such as watches by Jaeger Lecoultre, and Birkin and Kelly handbags from Hermès - which are among the most popular luxury items internationally and witness great demand from celebrities and collectors," said Dinesh Vazirani, Saffronart CEO and Co-Founder.

Select lots from the upcoming auctions will be exhibited at the Saffronart gallery in The Oberoi, New Delhi during the India Art Fair later this month.