Mumbai: A two-day auction held on behalf of the Directorate of Enforcement, Mumbai, offering luxury items seized from fugitive businessman Nirav Modi has raised a total of ₹2.71 crore, said officials of the auction house Saffronart.
“We are thrilled to see our auction achieve a ‘white glove’ sale with 100% of the lots being sold,” said Dinesh Vazirani, chief executive officer and co-founder of Saffronart. The auction was held on June 1 and 2 and consisted of 27 lots.
“There was intensely competitive bidding across categories and from around the world, with most lots selling in multiples of their pre-auction estimates,” he added.
The items auctioned included rare and expensive watches, paintings and designer handbags.
The highest bid of ₹90,49,600 went to lot number 27 — a Patek Phillipe Nautilus gold and diamond watch. The second-highest bid was made for another watch, a Jaeger-Lecoultre limited edition, which sold for ₹89,49,517. The estimated bids for both these watches were between ₹55,00,000 – 70,00,000.
A Desmond Lazaro painting sold for ₹22,38,656, fetching almost three times its estimated bidding price of ₹6,00,000 – 8,00,000. Also part of the auction were bags from luxury design houses like Hermes, Chanel, Louis Vuitton, Bottega Veneta and Goyard.
Among the bags, an Hermès Kelly blue atoll bag with palladium hardware and a scarf got the highest bid of ₹12,91,360. A leather Hermes Birkin bag with gold hardware sold for ₹11,09,920. Birkin bags are one of the most sought-after fashion accessories due to their limited supply. Each Birkin bag is hand-sewn, buffed, painted, and polished.
A set of two Chanel bags – a small flap bag and a large classic Chanel handbag in grained calfskin and silver-tone hardware — sold for ₹4,80,256.
“Over time, and particularly in the last two years, there’s a growing scarcity of these fine, handcrafted items, thereby increasing their value tremendously. The cost of a classic Chanel flap bag has risen by 60% since 2019. This, coupled with the brand limiting buyers from multiple purchases per year, makes this piece a great investment,” said Vazirani.
Also part of the auction was a vintage Chanel gold tweed double flap bag, which sold for ₹1,89,818 and a Clara Kasavina silver Rosalie clutch, which sold for ₹1,56,621. The Rosalie is a floral minaudiere encrusted with Swarovski crystals and has a hand-sewn silk lining.
A bronze Ganesha sculpture by B Vithal sold for ₹6,58,560. “The frenzied bidding on the limited-edition watches and handbags, in particular, underscores the exponential rise we have observed in the luxury market around the world,” said Vazirani.
(All prices include buyer’s premium unless specified otherwise)