Nirav Modi's extensive art collection, that was seized by the government, went under the hammer in Mumbai this evening and fetched a whopping sum of Rs 59.37 crore. 

Saffronart was the auction was appointed to conduct the sale. Apart from artworks seized from Modi, the auction also includes a collection of Chinese paintings.

In total, 68 paintings of Modi were auctioned on behalf of tax recovery officer of the Income Tax department.

Last week, a special court in Mumbai had allowed the Income Tax department to undertake the auction of the paintings and deposit the proceeds to the court till further orders.

Modi is a defaulter of Income Tax also, so the department took permission of the court for auctioning these paintings which were seized by Enforcement Directorate in PNB case investigation.

This comes a week after Modi was arrested by the Scotland Yard in connection with a loan default case in India on last Tuesday. He was produced before a London court which sent him to the jail after rejecting his plea for bail. He will be in the judicial custody till March 29.