The sale of works from the Okada Museum of Art has spotlighted the Asian art market, with a record auction in Hong Kong.
How did the auction of the Okada Museum of Art take place?
On Saturday, at Sotheby’s Hong Kong, 125 masterpieces from the Japanese museum founded by Kazuo Okada were put up for sale. All the works were sold, granting the sale “white-glove” status. The total revenue reached the equivalent of 88 million dollars (plus commissions), significantly surpassing an initial estimate that the auction house indicated as “over 50 million dollars.”
According to Nicolas Chow, Chairman of Sotheby’s Asia and worldwide head of Asian art, it was the most significant collection of Far Eastern art to come to auction in recent years. Additionally, the operation set two auction records for Japanese artists Kitagawa Utamaro and Hokusai, consolidating the weight of this collection on the international scene.
What were the top lots and new records?
The most contested lot was Fukagawa in Snow by Utamaro, created in the early 19th century. The work was sold to a private Japanese collector for 7.1 million dollars, after more than 30 bids. This result marked a new auction high for the artist, confirming the strong demand for ukiyo-e masters.
Equally significant was the result for The Great Wave Off the Coast of Kanagawa (1830–32), the iconic woodblock print by Hokusai.
The work, among the most famous images of Japanese art, nearly tripled the maximum estimate, reaching 2.8 million dollars, also purchased by a private Japanese collector. In this case, the bidding lasted about eight minutes, with more than 20 total offers.
The print is part of the series “Thirty-Six Views of Mount Fuji,” one of the most studied cycles in the history of Japanese printmaking. Some specimens of this series are now preserved in major Western museums: the British Museum in London holds three, the Metropolitan Museum of Art four, while the Maidstone Museum in the United Kingdom holds one.
Which other lots exceeded a million dollars?
Overall, 19 works out of 125 exceeded 1.2 million dollars, confirming the strength of the offering. Among these stands out Ya Yi fanglei, an ancient ritual bronze considered one of the most important surviving testimonies of one of the most influential clans of the Shang dynasty, sold for 4.9 million dollars.
Other notable sales include a doucai vase with gold “bajixiang” decoration from the Qianlong period, sold for 4.3 million dollars, and a bottle vase with a lotus flower mouth, in celadon, dating to the Yongzheng era, which reached 3.9 million dollars. However, it is the combination of historical rarity and museum provenance that makes these results particularly significant for collectors.
After the auction closed, Chow emphasized how the sale “captivated collectors worldwide, from Japan and China to Europe and the United States,” generating fierce competition and leading to a completely sold-out outcome. This conclusion, he added, represents a strong signal for the Asian art market, a testament to the constant attention of both seasoned and new collectors towards works of such caliber.
Why did Kazuo Okada decide to sell the collection at auction?
The sale of the 125 works from the Okada Museum is part of the long-standing dispute between Kazuo Okada and casino magnate Steve Wynn, 83 years old. The museum’s founder, also 83 and a billionaire, was the chairman of Universal Entertainment Corp., a Tokyo-based company active in the gaming sector.
Okada sold the works at auction to cover a legal bill of 50 million dollars, related to expenses accrued over years of legal battles linked to his relationship with Wynn. The decision confirms how, in certain cases, private art assets can become tools to settle large legal obligations.
How did the relationship between Okada and Wynn begin and deteriorate?
Decades ago, Okada and Wynn began a friendship and business relationship, which in 2002 led them to co-found the hotel and casino operator Wynn Resorts, based in Las Vegas. However, a few years later, their relations soured, amid mutual accusations of unclear payments to public officials in Asia, confirming the complexity of the regulatory environment.
In 2012, Okada was ousted from his position as vice chairman of Wynn Resorts, and the company proceeded to redeem, at a discount, the 20% stake held by Universal Entertainment in the capital. The valuation of the operation was immediately contested in court, sparking a long legal dispute.
In 2018, an out-of-court settlement was reached: Wynn and Wynn Resorts agreed to pay 2.6 billion dollars, closing the dispute over the revaluation of the shares. In this scenario, Okada’s legal fees progressively increased, culminating in the bill that is the subject of the current sale of works.
What was the dispute with Okada’s law firm?
After concluding the battles with Wynn, the law firm Bartlit Beck presented Okada with a total bill of 50 million dollars. The entrepreneur deemed the amount excessive and contested the sum. However, the firm enforced its claims in binding arbitration, obtaining full recognition of the credit.
Consequently, Okada now has to honor the payment. In this context, the liquidation of part of the Okada Museum’s collection in Hong Kong represents an immediate tool to raise the sum. Operations of this kind show how the value of art can quickly transform into liquidity in the face of legal or financial constraints.
Where is the Okada Museum of Art located and what role does it play?
The institution founded by Okada is nestled in the woods in the mountainous area of Hakone, within the Fuji-Hakone-Izu National Park, west of Tokyo. The museum opened to the public in 2013 and houses a vast selection of Japanese and Asian art, from classical to modern styles.
Compared to many permanent collections, Okada’s collection was also built with particular attention to museum quality and the rarity of the works. That said, the recent Hong Kong auction confirms how, despite being born with an exhibition vocation, these assets can be strategically mobilized in the context of complex economic or legal needs.
As expert in digital marketing, Amelia began working in the fintech sector in 2014 after writing her thesis on Bitcoin technology. Previously author for several international crypto-related magazines and CMO at Eidoo. She is now the co-founder and editor-in-chief of The Cryptonomist and Econique.
She is also a marketing teacher at Digital Coach in Milan and she published a book about NFTs for the Italian publishing house Mondadori, while she is also helping artists and company to entering in the sector. As advisor, Amelia is also involved in metaverse-related project such as The Nemesis and OVER.
