customContents

entityId

entityUuid

articlePageQuery

filter

article

articleBaseAdvertisingInfoArticle

articleListArticle

articleSeoArticle

helpersCheckIsPostiesArticle

hooksArticleAcknowledgementGateOverlayArticle

hooksTrackPageViewArticle

hooksContentInterestArticle

articleLinkingDataContent

articleSchemaContent

liveArticle

advertZone

sentiment

contentLock

topics

types

sections

moreOnThisArticles

urlAlias

commentCount

sponsorType

authorLocations

authors

paywallTypes

corrections

displaySlideShow

multimediaEmbed

printHeadline

seriesContainer

socialHeadline

headline

flag

firstTopic

glossary

flattenTypeIds

publishedDate

additionalInfoBoxes

images

image

relatedLinks

relatedNewsletters

__typename

createdDate

sponsor

factSheets

series

knowledgeQuestion

disableOffPlatformContent

published

updatedDate

summary

subHeadline

body

keywords

copyrighted

customTimezone

liveContents

Elizabeth Cheung

A Mark Rothko painting once owned by Malaysian fugitive financier Low Taek Jho will be auctioned in Hong Kong in November, in what is billed as the artist’s first major work to go under the hammer in Asia.
Auction house Sotheby’s said over the weekend that the piece by the late American abstract painter would be featured in its modern and contemporary art auction on November 8 at its venue in Central.
Rothko was one of the most important US post-war painters and his works have fetched some of the highest prices for art at auction.
Untitled (Yellow and Blue) stands at more than two metres (6.6 feet) tall and was exhibited at Sotheby’s from Friday last week to Wednesday.
Sotheby’s said the sale represented the first auction of a major Rothko piece in Asia.
The work, painted in 1954 and resembling an inverted Ukrainian flag, was once owned by Low, who is commonly known as Jho Low.
Low is a key figure in an international money-laundering investigation related to the alleged misappropriation of US$4.5 billion from the 1Malaysia Development Berhad sovereign wealth fund.
According to documents from the United States’ Department of Justice, which has also been involved in investigations against Low, the Rothko painting was among the two works bought in 2013 by Tanore Finance Corporation.

The corporation was said to be controlled by an associate of Low for the personal benefits of the businessman and others linked to him.
The two artworks were bought by Tanore in a private sale arranged by British auction house Christie’s.
The price the company paid for the Rothko painting in 2013 is not known.
But the painting was auctioned by Sotheby’s as recently as May 2015 for about US$46.5 million.
The artwork has been owned by several notable people after the artist’s suicide in 1970. It was first acquired by American philanthropist Paul Mellon and his wife, followed by French luxury mogul Francois Pinault, the owner of Christie’s.
Malaysian authorities are still seeking Low’s arrest over the 1MDB scandal, while the country’s anti-corruption agency said last year that it believed he was hiding in Macau.


Hong Kong must up its game on ‘mega events’, sports sector lawmaker says

Hong Kong to host auction of US$46.5 million Mark Rothko piece once owned by Jho Low

Japan urges Hong Kong to make ‘correct decision’ by lifting 10-prefecture seafood ban

Hong Kong’s Muslim community urges government funding for body accrediting halal eateries

Hong Kong economy

The painting was auctioned by Sotheby’s as recently as May 2015 for about US$46.5 million. Photo: AP

Jho Low is a key figure in an international money-laundering investigation related to the alleged misappropriation of US$4.5 billion from the 1MDB sovereign wealth fund. Photo: Sam Tsang

Van Gogh painting owned by princess may fetch US$50 million at Hong Kong auction, setting record

Vincent van Gogh’s Les canots amarrés is going up for auction on Thursday. Photo: Christie’s Asia Pacific

“It’s a painting very dear to my family and my family’s trust,” Princess Camilla says. Photo: May Tse

Art unites and overrides geopolitics, can help Hong Kong tourism, Italian princess says

Princess Camilla says she believes  that art transcends barriers. Photo: May Tse

 Les canots amarrés by Vincent van Gogh will be auctioned on Thursday. Photo: Christie’s

The princess says she enjoyed her visit to the M+ museum. Photo: Eugene Lee

Princess Camilla and business partner Patrick Abraham. Photo: May Tse

News

Hong Kong

Society

Sotheby’s says sale of Untitled (Yellow and Blue) represents Asia’s first auction of late artist’s major work


Sotheby’s says sale of Untitled (Yellow and Blue) represents Asia’s first auction of late artist’s major work.


Jho Low

Auctions

Malaysia 1MDB scandal