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Prized Artworks from Okada Museum of Art to Be Auctioned to Settle $50 Million Bill

Strategic Insights

— 2 min read

Prized artworks from the Okada Museum of Art in Japan are being auctioned off at Sotheby's in Hong Kong to settle a $50 million legal bill owed by its founder, Kazuo Okada. The sale, scheduled for November 22, features 125 lots of masterworks of Asian art, including rare ceramics, paintings, and prints. The auction includes a rare Qianlong "Eight Treasures" vase, a large Northern Song Ru "guanyao" bowl, and a pair of 16th-century six-panel screens by Kano Motonobu. The sale is expected to draw bids in excess of $50 million, with any extra proceeds not needed to retire the debt and any unsold artworks being returned to Okada Fine Arts.

Key Takeaways:

  • The Okada Museum of Art's prized artworks are being auctioned off at Sotheby's in Hong Kong to settle a $50 million legal bill owed by its founder, Kazuo Okada.
  • The sale, scheduled for November 22, features 125 lots of masterworks of Asian art, including rare ceramics, paintings, and prints.
  • The auction includes a rare Qianlong "Eight Treasures" vase, a large Northern Song Ru "guanyao" bowl, and a pair of 16th-century six-panel screens by Kano Motonobu.
  • The sale is expected to draw bids in excess of $50 million, with any extra proceeds not needed to retire the debt and any unsold artworks being returned to Okada Fine Arts.
  • Kazuo Okada is the founder of the Okada Museum of Art and is also known as the "Pachinko King" for his involvement in the pachinko industry.
  • Okada has a complex history with casino mogul Steve Wynn, with whom he formed Wynn Resorts in 2002 and later became embroiled in a dispute over payments to public officials in Asia.
  • The Okada Museum of Art was founded in 2013 and features a collection of over 1,000 artworks, including traditional Japanese paintings, Asian ceramics, and Buddhist arts.

Statistics:

  • The Okada Museum of Art has a collection of over 1,000 artworks, including traditional Japanese paintings, Asian ceramics, and Buddhist arts.
  • The auction at Sotheby's in Hong Kong features 125 lots of masterworks of Asian art, including rare ceramics, paintings, and prints.
  • The sale is expected to draw bids in excess of $50 million.
  • A rare Qianlong "Eight Treasures" vase is expected to draw bids between $2.6 million and $5.2 million.
  • A large Northern Song Ru "guanyao" bowl is expected to draw bids in excess of $1 million.

Sources:

  • Sotheby's Asia and worldwide head of Asian Art, Nicolas Chow, quoted in the article.
  • The Okada Museum of Art, quoted in the article.
  • Kazuo Okada, quoted in the article.
  • Kiuko Notoya, reported from Japan for the article.
  • Wynn Resorts, quoted in the article.
  • MGM Grand, quoted in the article.
  • The Metropolitan Museum of Art, quoted in the article.
  • Maidstone Museum (UK), quoted in the article.
  • The British Museum, quoted in the article.
  • Capucine Korenberg, scientific researcher at the British Museum, quoted in the article.

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