"A total of 125 major works from Japan's Okada Museum of Art hit the auction block at Sotheby's Hong Kong on Saturday, achieving white-glove status (meaning all works sold). The sale brought in the equivalent of $88 million (plus fees) and set two auction records for Japanese artists Kitagawa Utamaro and Hokusai. Sotheby's told ARTnews that the collection was "estimated in excess of $50 million.""
"Nicolas Chow, Sotheby's Asia chairman and worldwide head of Asian art, told ARTnews before the sale that "it is the most significant collection of East Asian art to come to auction in recent memory." Utamaro's Fukagawa in Snow, painted in the early 19th century, was the night's top lot, selling to a Japanese private collector for $7.1 million, with more than 30 bids placed."
A total of 125 works from the Okada Museum of Art sold at Sotheby's Hong Kong, achieving white-glove status and generating $88 million (plus fees). The sale set auction records for Kitagawa Utamaro and Hokusai. Utamaro's Fukagawa in Snow sold for $7.1 million after more than 30 bids, and Hokusai's The Great Wave Off the Coast of Kanagawa sold for $2.8 million. Kazuo Okada sold the collection to help settle a $50 million legal bill from a feud with casino magnate Steve Wynn. Canada passed a budget committing to introduce artist resale rights. Museums compile 'grab lists' to determine which works to save in the event of a disaster.
Read at ARTnews.com
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