Katsushika Hokusai’s “The Great Wave” sold for a record high price

Japan’s Okada Museum of Art sold 125 Asian masterpieces in a landmark sale at Sotheby’s in Hong Kong on Saturday, which brought in a whopping $88 million (excluding fees). The figure significantly exceeded pre-sale estimates of $50 million, thanks in large part to record-breaking performances of Kitagawa Utamaro and Katsushika Hokusai’s ukiyo-e masterpieces, including Big waves on the Kanagawa coast. The sale achieved “white glove” status, meaning every work was sold.

The main purpose of the sale, however, is unusual: Japanese billionaire and museum founder Kazuo Okada ordered the sale to settle $50 million in legal fees stemming from a long-running business dispute with casino tycoon Steve Wynn. Okada, who amassed the museum’s world-famous collection over three decades, reportedly aimed to use the auction proceeds to pay off a massive debt owed to his former law firm.

Hokusai huge wave record-breaking night

Fierce bidding resulted in two new auction records for the night’s iconic Japanese masters. The star lot is a painting by Utamaro from the early 19th century. Fukawa in the snowAfter a fierce battle, the work was sold to a Japanese private collector for $7.1 million.

Equally compelling was the eight-minute bidding war for Katsushika Hokusai’s instantly recognizable woodblock print, Big waves on the Kanagawa coast (1830-32). This piece is part of his famous “Thirty-six Views of Mount Fuji” series and is arguably the most famous and most reproduced piece of Japanese art in the world. Its popularity led to the final sale price of $2.8 million, three times its high estimate. Although various versions of The Great Wave exist in major museums around the world, this particular copy has generated stiff competition.

Another recent auction in Tokyo highlighted excitement over the market value of Hokusai’s original paintings, The beauty in the snow, the inscription of three people eating (1813-19), set a record at approximately $4 million (621 million yen), the highest price ever paid for a painting by Katsushika Hokusai. This stunning portrait of a 19th-century courtesan was purchased by home furnishings retailer Nitori and is scheduled to be put on public display at the Nitori Museum of Art in Otaru, Hokkaido.

Overall, the Okada Museum’s collection is highly sought after, with 19 of the 125 items selling for more than $1.2 million. These include major Chinese artifacts such as late Shang Dynasty bronzes, Qing Dynasty court porcelain and Korean ceramics, many of which sell for millions of dollars. “What we have is basically some of the greatest ceramics, artifacts and paintings from China, Japan and Korea that are 3,000 years old,” explain Nicholas Chow, Chairman of Sotheby’s Asia and Global Head of Asian Art.

Controversy behind the sale

The decision to sell the Okada Museum’s prized assets stemmed from a legal battle between the museum’s founder, Kazuo Okada, the former chairman of Universal Entertainment and known as Japan’s “Pachinko King,” and casino tycoon Steve Wynn. The two co-founded Wynn Resorts in 2002. As their relationship soured, Wynn fired Okada as vice chairman and bought back 20% of his shares at a deep discount.

Okada fought back through legal means and won in 2018, obtaining a $2.6 billion out-of-court settlement from Wynn and Wynn Resorts. However, Okada subsequently refused to pay a $50 million fee proposed by his own legal team, Bartlett Baker. The law firm successfully pursued their claim in binding court arbitration, resulting in the artworks being sold pursuant to a court order, with all additional proceeds returned to Okada Art.

Related posts