Saturday, 13 February 2016 23:00
US$ 141MIL FOR ONE PAINTING - NO WONDER NAJIB CAN'T BRING BACK 1MDB'S MISSING BILLIONS: WILL JHO LOW NEXT SELL THE WORLD'S MOST EXPENSIVE-EVER ARTWORK
Written by Sarawak Report
The
art world and 1MDB watchers have been intrigued by the news that Jho
Low has gone from ‘fine art collector’ to flogging off his Monets,
Picassos and Basquiats at million dollar discounts over the past few
days.
He did so in return for a US$100 million loan from the auction house, according to Bloomberg.
The
situation adds up. After all, Jho Low’s bank accounts have been frozen
in Singapore and he is likewise being investigated in Hong Kong, the US,
the UK and of course Switzerland, which would imply his bank accounts
there are also frozen.
Under such circumstances, which bank is going to lend him money?
The
development has flushed out a lot more of Low’s artwork purchases, since
he is selling items that most people didn’t even know he owned – all at
a loss.
The
Picasso went for $27.6 million a drop of 45%, the Basquiat for $6.2
million a loss of 33% and the Monet went for $11.6 million, below the
price estimate. There have been other sales too:
Also revealed that in October, Low’s black, punctured, egg-shaped canvas by Lucio Fontana fetched 15.9 million pounds in London
But
what everyone is wondering is will Jho Low be putting the picture of the
century up for sale next, which is the Picasso “Women of Algiers” that
broke all records as the most expensive ever painting, bought last May
for US$141 million?
The
painting went to a “mystery buyer” at an auction at Christies in New
York. We know that Jho Low was at the auction, because he also put his
Rothko up for sale.
Joey McFarland photographed himself that day next to Jho Low’s Rothko!
Tweeting
himself standing next to that Rothko on the day was none other than a
pal from Jho Low’s ‘inner circle’, Joey McFarland. Joey is the partner
of Najib Razak’s step-son Riza Aziz at the production company Red
Granite Pictures, which produced Wolf of Wall Street, starring the
group’s ‘rat pack’ party pal, Leonardo Dicaprio.
What a small world it has become.
It
can be noted that the other picture which Joey tweeted himself standing
next to that day was indeed none other than the world record
price-winning Women of Algiers!
Me and the picture that broke the record – Joey McFarland
If Jho Low was not the buyer, then no one has yet identified yet who was.
The
momentum behind the massive spending that has rocketed prices in the art
market since 2010 was identified by experts as spending by “newly
wealthy investors from emerging economies”. Who can we think of who
suddenly got rich in 2010?
“Prices have been climbing since 2010, helped by the arrival of newly wealthy investors from emerging economies seeking status symbols and more assets to hold their money. Participants now are questioning whether values will hold up amid this year’s global market rout and a drop in art auction sales.” [Bloomberg]
Another
interesting attendee at this New York event was a separate member of
the Jho Low circle of pals and of Najib sons – the Thai instagram addict
from the Songatheepol family.
He also posted his pals the very same picture!
All Jho’s friends seemed to be at this auction and tweeting this picture!
If
Jho Low was indeed the ‘investor’ who spent US$141 million on one
painting one wonders how much he may discover it has fallen by if he
needs to sell it now?
There
are, of course, other reasons for the splurge in the art market,
besides the “fine tastes” of the Low family of art collectors.
Members
of the circle around Low and his close nightclubbing pal Aabar’s sacked
ex-CEO, Khadem Al Qubaisi, have revealed to Sarawak Report that there
is boasting in those quarters that paintings, classic cars and
properties are the best way to launder large sums of money quick.
In St Tropez last summer, Jho Low donated his fabulously expensive Lichtenstein sculpture to Leonardo Dicaprio’s Eco Foundation
Both
Al Qubaisi and Low have been eye-poppingly large investors in all three
commodities, according to our researches over the past year and both are
now being investigated by various authorities from Abu Dhabi to the US.
The art market can probably expect to suffer further setbacks therefore.
Meanwhile,
anyone seeking a discounted mega-yacht should perhaps take a trip to
Aukland in New Zealand, where Low’s Equanimity is berthed for a re-vamp.
Jho Low is also the owner of Basquiat’s “Dustheads” – Will it also be up for sale soon?
