23-9-2024 (HONG KONG) A striking yellow and blue abstract painting by Mark Rothko, formerly in the possession of the notorious Malaysian businessman Jho Low, is poised to make waves in the art world as it heads to auction in Hong Kong this November.
The piece, titled “Untitled (Yellow and Blue)”, is expected to fetch between US$30 million and US$45 million when it goes under the hammer at Sotheby’s. This 1954 work holds the distinction of being the first Rothko oil painting to be offered at auction in Asia, marking a significant moment for the region’s art market.
The upcoming sale, scheduled for 8 November, will take place at Sotheby’s newly opened Maison in Hong Kong’s prestigious Landmark Chater mall. This 24,000-square-foot retail and exhibition space, which debuted in July, will showcase the painting from Friday through 25 September, offering art enthusiasts a rare opportunity to view the masterpiece before the auction.
“Untitled (Yellow and Blue)”, with its striking resemblance to an inverted Ukrainian flag, stands at an impressive 2.4 metres tall and 1.8 metres wide. The painting’s provenance is as intriguing as its appearance, having passed through the hands of several notable owners since its creation.
Originally acquired by American philanthropists Paul and Bunny Mellon shortly after Rothko’s death in 1970, the painting later found its way into the collection of French luxury mogul Francois Pinault, the billionaire owner of Christie’s. In 2013, it became part of Jho Low’s extensive art collection.
This is not the painting’s first appearance at auction. In 2015, it achieved a staggering US$46.5 million (£37 million) at Sotheby’s New York, demonstrating its enduring value and appeal to collectors.
The reappearance of this Rothko piece at auction comes in the wake of recent legal developments involving its former owner, Jho Low. Earlier this year, the United States Department of Justice ordered Low to forfeit over US$100 million in assets, including a luxury Paris apartment and works by Claude Monet and Andy Warhol, as part of the ongoing 1Malaysia Development Berhad (1MDB) scandal investigations.
