A complete of 125 main works from Japan’s Okada Museum of Artwork hit the public sale block at Sotheby’s Hong Kong on Saturday, reaching white-glove standing (which means all works bought). The sale netted the equal of $88 million (plus charges) and set two public sale information for Japanese artists Kitagawa Utamaro and Hokusai. Sotheby’s advised ARTnews that the gathering was “estimated in extra of $50 million.”
The outcome ought to fulfill Kazuo Okada, the museum’s founder, who bought the artworks to settle a $50 million authorized invoice that stems from his long-running feud with on line casino magnate Steve Wynn, 83. Okada, an 83-year-old billionaire, is the previous chairman of Tokyo-based Common Leisure Corp.
Nicolas Chow, Sotheby’s Asia chairman and worldwide head of Asian artwork, advised ARTnews earlier than the sale that “it’s the most vital assortment of East Asian artwork to return to public sale in latest reminiscence.”
Utamaro’s Fukagawa in Snow, painted within the early nineteenth century, was the night time’s prime lot, promoting to a Japanese personal collector for $7.1 million, with over 30 bids positioned.
Hokusai’s iconic The Nice Wave Off the Coast of Kanagawa (1830-32) virtually tripled its excessive estimate to promote for $2.8 million, additionally to a Japanese personal collector. Throughout an 8-minute battle, greater than 20 bids have been positioned on the work, which is arguably the world’s most well-known Japanese woodblock print. It’s a part of Hokusai’s prized “Thirty-Six Views of Mount Fuji” collection. London’s British Museum owns three works from the collection, the Metropolitan Museum of Artwork has 4, and the Maidstone Museum within the UK has one.
Of the 125 works, 19 bought for over $1.2 million, together with an necessary surviving relic known as Ya Yi fanglei from one of the outstanding clans within the late Shang dynasty ($4.9 million); a doucai gilt-decorated “bajixiang” vase from the Qianlong interval ($4.3 million); and a celadon-glazed lotus-mouth bottle vase from the Yongzheng interval ($3.9 million).
“The sale captivated collectors worldwide, from Japan and China, to Europe and the US, igniting fierce competitors and reaching public sale information, culminating in a white-glove outcome,” Chow advised ARTnews after the public sale. “This vibrant finale to the Hong Kong Asian artwork gross sales collection this season sends a robust sign for the Asian artwork market. It reaffirms the unwavering dedication of each seasoned and new connoisseurs who’re all the time able to compete for works of such caliber.”
Many years in the past, Wynn and Okada grew to become pals and based the Las Vegas-based hotel-casino operator Wynn Resorts collectively in 2002. Nevertheless, relations soured a couple of years later once they accused each other of questionable funds to public officers in Asia. In 2012, Okada was ousted as Wynn Resorts’ vice-chairman, and the corporate redeemed Common Leisure Corp’s 20 p.c stake within the enterprise at a reduction. The latter disputed the redemption quantity in court docket, and Okada ultimately prevailed in 2018, reaching an out-of-court settlement through which Wynn and Wynn Resorts agreed to pay $2.6 billion.
When Okada’s legislation agency, Bartlit Beck, despatched him its $50 million invoice, although, he claimed it was too hefty. The agency efficiently pursued it in a binding court docket arbitration, and Okada now must pay.
Positioned in forest surrounding the mountain area of Hakone in Japan’s Fuji-Hakone-Izu Nationwide Park west of Tokyo, the Okada Museum opened in 2013.
