Mumbai ’s Income Tax Department has raised $ 8.07 m from the sale of artworks owned by jailed billionaire art dealer , Nirav Modi . The sale of art by auction on behalf of government tax authorities marks the first of its kind for India . paintings by significant Indian Modernists were among the lots at the Saffronart auction , including Jitish Kallat ’s Untitled ( Eclipse ) , which achieved $ 101,471 . Also represented were contemporary Chinese artists ji Xu Lei , whose work The End of the World exceeded its target five - fold , selling at $ 100 . Meanwhile , lawyers representing Modi are challenging the court order that allowed the auction .
Mumbai’s Income Tax Department has raised $8.07m from the sale of artworks owned by jailed billionaire diamond dealer, Nirav Modi. The sale of art by auction on behalf of government tax authorities marks the first of its kind for India. Works by significant Indian Modernists were among the lots at the Saffronart auction, including Jitish Kallat’s Untitled (Eclipse), which achieved $101,471. Also represented were contemporary Chinese artists including Xu Lei, whose work The End of the World exceeded its estimate five-fold, selling at $109,926. Meanwhile, lawyers representing Modi are challenging the court order that allowed the auction.