Jho Low continues to divest himself of his art and real estate purchases as the international investigation into Malaysia’s 1MDB increases. The Wall Street Journal confirms previous reports from The Baer Faxt that Low has sold Jean-Michel Basquiat’s Dustheads, a work he bought at auction for $48m.
Although this work is the second Basquiat Low has sold this year for a loss, the Malaysian collector’s purchases still seem to have set a lasting benchmark for Basquiat, if last week’s sale of an even more expensive Basquiat is a measure.
Here’s the Wall Street Journal on the sale:
the Federal Bureau of Investigation is actively examining [Low’s] financial dealings in the U.S. and abroad, according to people familiar with the situation. Investigators believe at least some of the money Mr. Low used for his art and real-estate purchases came from the Malaysian fund, according to the people.
Mr. Low helped set up the fund, 1Malaysia Development Bhd., or 1MDB, seven years ago along with Malaysian Prime Minister Najib Razak. There are at least six investigations under way across the world into transactions related to 1MDB, including the FBI’s probe.
Last month, Mr. Low unloaded the masterpiece of his onetime $300 million art collection in a private sale brokered by Sotheby’s. Basquiat’s 1982 “Dustheads” was sold to Connecticut hedge-fund manager Daniel Sundheim for $35 million, according to three people familiar with the deal.
1MDB Figure Who Made a Splash in Art Market Becomes a Seller (WSJ)