New Delhi: After seizing all his valuable assets, the Enforcement Directorate on Tuesday said it has selected Saffronart, a leading international auction house, for auctioning fugitive businessman Nirav Modi’s assets including artworks, luxury watches, handbags and cars.

The assets will go under the hammer at Saffronart’s two upcoming auctions. As per updates, a live auction in Mumbai will take place on February 27 and an online auction on Saffronart’s platform will take place on March 3 and 4.

As per updates, the artworks that will go under the hammer 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. Another is a significant oil on canvas by MF 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.

Among important watches that will go under the hammer include a Jaeger Lecoultre Men’s “Reverso Gyrotourbillon 2” Limited Edition wristwatch, and a Gerrard Perregaux Men’s “Opera One” wristwatch.

And the luxury handbags that will be auctioned include 80 branded handbags. A number of handbags are from the Birkin and Kelly lines by luxury retailer Herms.

“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,” Dinesh Vazirani, Saffronart CEO and Co-Founder, said.

He also said that the auctions will feature luxury collectables – such as watches by Jaeger Lecoultre, and Birkin and Kelly handbags from Herm s – which are among the most popular luxury items internationally and witness great demand from celebrities and collectors.

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