The Income Tax Department on Tuesday auctioned several artworks that were owned by fugitive diamond merchant Nirav Modi for Rs 59.37 crore, PTI reported. Of the gross proceeds, the government will get Rs 54.84 crore.

Modi, who is wanted for duping the Punjab National Bank of over Rs 13,000 crore, was arrested in London earlier this month and is currently in a prison in the United Kingdom.

Art house Saffronart conducted the auction in Mumbai on Tuesday evening. This is reportedly the first time that the government has opted to use an auction house to sell artworks. A special court on March 20 had allowed Indian law enforcement agencies to sell 173 paintings and 11 luxury vehicles that were seized from Modi.

An untitled masterpiece by artist VS Gaitonde fetched Rs 25.24 crore. It was among several paintings that were seized from Nirav Modi’s home during the raids that came after the PNB scam came to light. Another work, by Raja Ravi Varma, sold for Rs 16.1 crore. The Income Tax department had put up 68 works for auction and intended to recover Rs 97 crore. Thirteen works were reportedly not sold as there was no “intense bidding”, but most other works were sold for over the reserve price.

Saffron Art