Sale of fugitive businessman Nirav Modi's luxury collection begins online tomorrow, while the physical sale follows on March 5
The Rolls Royce Ghost getting a shine outside the Saffronart gallery in Prabhadevi. Pic/ Hemal Ashar
Mumbai auctioneers Saffronart will conduct a sale of fugitive businessman Nirav Modi's luxury collections, both online and then physically. The auction is understandably high profile, given the background of the individual who is cooling his heels in a British jail.
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There is a line of thought which says that Nirav cannot be looked on as a celebrity, and too much should not be made of the sale. Experienced auctioneers, though, say bidders simply look at an art work as something that has entered the market and can be bought at an attractive price. Yet another school of thought say that by buying a 'lot' the person is actually giving money that goes back to the government of India. All Dinesh Vazirani, Saffronart CEO and co-founder, warily says is that the Spring Online and Spring Live auctions, will see some interesting lots and extremely attractive prices. While online is self-explanatory, a crowd of bidders can be expected at his Prabhadevi gallery, which is close to the landmark Century Bazaar on March 5 when the action and auction moves from the cyber space to the real world. Any which way expect an a(u)ction-packed start to this month.
Nirav Modi
The online auction is on March 3 and 4 and the 'live' auction is on March 5. Is that correct?
Dinesh Vazirani: Yes, it is correct.
How would people bid for the online collection, do they pre-register?
Dinesh Vazirani: Anyone interested in bidding in our auctions will need to pre-register. They can do so via our website saffronart.com or by contacting our team.
Why would some of the collectibles be auctioned online, while the others in a live auction — is it to reach more buyers online, those who cannot make it to the venue?
Dinesh Vazirani: Given the vast number of lots we have curated the sales in order to provide bidders with the best platform for each collection. The Spring Live Auction on March 5 features 40 significant lots, of which 15 are artworks of exceptional quality. The remaining 25 lots comprise watches, handbags, and a Rolls-Royce Ghost. The remaining 72 luxury collectibles will be auctioned on March 3 and 4 in the 24-hour Spring Online Auction, allowing bidders sufficient time to make an informed decision.
If lots remain unsold online, will they be moved to the live auction?
Dinesh Vazirani: Both auctions have a separate set of lots.
Two cars are to be auctioned...
Dinesh Vazirani: The Rolls-Royce Ghost (estimated at Rs 75 lakh to Rs 95 lakh) will be auctioned in the live auction, while the Porsche Panamera (estimated at Rs 10 lakh - Rs 15 lakh) will be in the online auction.
A Raja Ravi Varma Untitled Oil on Canvas. Pic/Saffronart
There is a huge hype but these are used pieces, so how much lower would they be cost-wise. Could you give me an example?
Dinesh Vazirani: Both the auctions include rare, limited editions and highly collectible watches such as the Jaeger-LeCoultre 'Reverso Gyrotourbillon 2', Patek Philippe's 'Nautilus' and the Cartier Asymmetric 'Crash' watch. This is also the largest selection of luxury designer bags and luggage to be auctioned in India, with several Birkin and Kelly handbags by luxury retailer Hermès, as well as brands such as Chanel, Louis Vuitton and Celine. All I can say is that these lots are offered at very attractive auction estimates. The Live Auction includes 15 exceptional artworks by leading modern and contemporary artists, including Amrita Sher-Gil, M F Husain and Raja Ravi Varma.
Is this one of the most challenging auctions for Saffronart given the hype and profile of the individual?
Dinesh Vazirani: In March 2019, Saffronart conducted a successful auction of seized artworks on behalf of the Income Tax Department and raised Rs 54.84 crore for the Government of India. Saffronart was selected by both the IT Department as well as the Enforcement Directorate based on its experience and expertise.
Dinesh Vazirani
How much do you hope to raise from this auction?
Dinesh Vazirani: We expect the auctions to raise between Rs 40 crore to Rs 50 crore.
Will you be looking at a lot of first-time buyers or seasoned bidders?
Dinesh Vazirani: There has been enthusiastic interest in the artworks and luxury collectibles from both regular clients as well as prospective new bidders. We have bidders from within India and overseas.
Who is your auctioneer for the live event?
Dinesh Vazirani: Senior vice president of Saffronart, Punya Nagpal and I will be the auctioneers.
In a slow moving economy, would you have liked to wait to have the auction, or is it a philosophy of now is a good time like any other?
Dinesh Vazirani: The dates for the auctions were decided in collaboration with the ED.
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