Okada Museum of Art's Valuable Collection Headed for Auction to Settle $50 Million Debt

Strategic Insights -

The prized pieces held by the Okada Museum of Art in Japan, created by Japanese billionaire Kazuo Okada, are being auctioned to settle a $50 million legal bill owed to his law firm, Bartlit Beck. The dispute with casino mogul Steve Wynn was settled out of court in 2018, but Okada refused to pay the $50 million fee that his law firm presented him with. To cover the bill, 125 lots of masterworks of Asian art, including rare ceramics, paintings, and woodblock prints, will be sold at auction by Sotheby's in Hong Kong on November 22. The sale features a Qianlong "Eight Treasures" vase, a large Northern Song Ru "guanyao" bowl, and "The Great Wave Off the Coast of Kanagawa" by Katsushika Hokusai.

Key Takeaways:

  • The auction, scheduled for November 22, features 125 lots of masterworks of Asian art from the Okada Museum of Art.
  • The collection includes rare ceramics, paintings, and woodblock prints from China, Japan, and Korea, spanning 3,000 years of craftsmanship and artistic achievement.
  • The sale includes a Qianlong "Eight Treasures" vase, a large Northern Song Ru "guanyao" bowl, and "The Great Wave Off the Coast of Kanagawa" by Katsushika Hokusai.
  • The artwork is estimated to draw bids in excess of $50 million, with the proceeds going towards settling the $50 million debt owed to Okada's law firm, Bartlit Beck.
  • Okada, known as the "Pachinko King," is the former chairman of Universal Entertainment Corporation and founded the Okada Museum of Art in 2013 as a showcase for his collection.

Statistics:

  • 125 lots of art will be sold at auction by Sotheby's in Hong Kong on November 22.
  • The collection spans 3,000 years of craftsmanship and artistic achievement, featuring masterworks from China, Japan, and Korea.
  • The Qianlong "Eight Treasures" vase is a rare and valuable piece from the Qianlong dynasty.
  • "The Great Wave Off the Coast of Kanagawa" by Katsushika Hokusai is considered one of the most famous Japanese woodblock prints in the world.
  • The artwork is estimated to draw bids in excess of $50 million.

Sources:

  • "Pachinko King's $50 million debt spurs sale of prized art collection." The New York Times.
  • "Sotheby's sale to feature masterworks from Okada Museum of Art." Sotheby's.